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Wealthsimple raises C$100m

Wealthsimple raises C$100m

Toronto-based online investment manager and trading app Wealthsimple has raised C$100 million in a funding round led by German giant Allianz.

Allianz's digital investment unit Allianz X was joined by Power Financial Group, which has already pumped C$100m in the Canadian firm.

Since launching in 2014, Wealthsimple has established itself as the leading robo-advisor in Canada and has also entered the US and UK markets, managing over $4.5 billion for more than 150,000 clients.

The company offers a managed portfolio service as well as a no-commission trading app, promising to "democratise wealth".

The latest funding will be used to invest in new product offerings and build out a B2B platform for advisors and institutions.

Mike Katchen, CEO, Wealthsimple, says: “We're now backed by companies that represent trillions of assets globally. We believe their deep expertise, plus the product, the brand and the team we’ve built, are a winning combination to further our mission to make great financial products and advice accessible to everyone.”

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