Robo-advisor Wealthsimple raises C$50m

Robo-advisor Wealthsimple raises C$50m

Toronto-based online investment manager Wealthsimple has raised C$50 million from Power Financial to fund its growth ambitions in Canada and the US.

In around two and a half years, Wealthsimple has established itself as Canada's leading robo-advisor, with more than 30,000 customers and $1 billion in assets under management.

Earlier this year the firm made its move over the border and is now open to investors in all 50 US states, enabling Americans to create personalised, diversified portfolios in minutes online and through mobile apps.

Unlike other robo-advisors, Wealthsimple does not require a minimum amount to open an account. The firm trumpets its mission to "democratise wealth", charging a 0.5% fee for all assets under management, with no trading fees.

This is the second C$50 million investment in the startup from Canadian financial giant Power Financial.

Michael Katchen, CEO and founder, Wealthsimple, says: "Many people don't know where to start when it comes to investing, and Wealthsimple is looking to solve that problem by making investing a really simple experience."

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