Canadian robo-adviser Wealthsimple secures $51m investment from Power Financial
Wealthsimple, a Canadian digital investment management outfit, has raised C$65m ($51m) from the Power Financial group of companies.
The latest funding increases Power Financial’s investment in the robo-adviser to C$165m.
The firm plans to use the funds to speed up growth, expand its investing offering, explore new financial products, and develop its B2B platform.
Wealthsimple CEO and co-founder Michael Katchen said: “Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us. We’re looking forward to building on this momentum, making an even better product for even more clients in the months and years ahead.”
Wealthsimple, founded in Canada in 2014, forayed into the US market in January 2017.
In May 2017, the robo-adviser raised $37m in funding from Power Financial. In September of last year, the firm expanded into the UK.
At present, the firm oversees $1.45bn for over 65,000 clients in the three markets it operates.