Canadian robo-advisory firm Wealthsimple has achieved Unicorn status on a CA$114 million investment round led by by TCV, along with Greylock, Meritech, Two Sigma Ventures and existing investor Allianz X
Wealthsimple, which manages $8.4 billion and has more than 1.5 million users, pitches itself as a low-fee way to invest through its robo-advisory services and commission-free stock trading.
The company had previously raised about US$190 million, valuing it at US$743 million.
The purchase price associated with the latest fundraising values the common equity of Wealthsimple at $1.5 billion.
The firm continues to be controlled by the Power Corporation group of companies, which collectively hold 62% of its common shares, while IGM retains a 36% stake. The new investors will have an ownership stake of 7.4%.