19 September 2017
Visit http://response.ncr.com

Robo-advisor Wealthsimple raises C$50m

11 May 2017  |  6023 views  |  0 toronto

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Robo-advisor Wealthfront moves into lending

Robo-advisor Wealthfront moves into lending

19 April 2017  |  10340 views  |  0 comments | 17 tweets | 7 linkedin
OCBC Bank partners WeInvest for robo-advisory pilot

OCBC Bank partners WeInvest for robo-advisory pilot

07 March 2017  |  6145 views  |  0 comments | 8 tweets | 4 linkedin
Carney accused of "lack of understanding" in remarks on robo-advisors

Carney accused of "lack of understanding" in remarks on robo-advisors

31 January 2017  |  6739 views  |  0 comments | 9 tweets | 5 linkedin
Singapore gets robo-advisor for women

Singapore gets robo-advisor for women

05 January 2017  |  6517 views  |  0 comments | 17 tweets | 6 linkedin
Robo-advisor Munnypot soft launches in UK

Robo-advisor Munnypot soft launches in UK

21 December 2016  |  13807 views  |  0 comments | 15 tweets | 11 linkedin
Wells Fargo partners SigFig on robo-advisor service

Wells Fargo partners SigFig on robo-advisor service

15 November 2016  |  7785 views  |  0 comments | 9 tweets | 3 linkedin
Robo-advisors not ready to replace humans - Credit Suisse exec

Robo-advisors not ready to replace humans - Credit Suisse exec

26 October 2016  |  13110 views  |  6 comments | 20 tweets | 21 linkedin
US Bank joins robo investment movement with FutureAdvisor

US Bank joins robo investment movement with FutureAdvisor

25 August 2016  |  7111 views  |  0 comments | 6 tweets | 3 linkedin
Nearly half of North Americans open to robo-advice

Nearly half of North Americans open to robo-advice

01 July 2016  |  9483 views  |  0 comments | 21 tweets | 14 linkedin
Big banks join $40 million SigFig round

Big banks join $40 million SigFig round

24 May 2016  |  6364 views  |  0 comments | 8 tweets | 6 linkedin
Krawcheck launches robo-advisory service for women

Krawcheck launches robo-advisory service for women

11 May 2016  |  5375 views  |  0 comments | 6 tweets | 5 linkedin
Robo-advisor Betterment raises $100m

Robo-advisor Betterment raises $100m

29 March 2016  |  5867 views  |  0 comments | 13 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comdownload the paper nowvisit www.vasco.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10505 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
9918 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
8894 views comments | 6 tweets | 3 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
8803 views comments | 19 tweets | 39 linkedin
ING moves into digital wealth management with Scalable CapitalING moves into digital wealth management w...
7359 views comments | 14 tweets | 15 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job