Power Financial invests $65 million in WealthsimpleBy The IJ Staff | February 21 2018 11:30AM
Wealthsimple, a robo-advice company, announced Feb. 21 that it has raised a $65 million investment from the Power Financial group of companies. This brings Power Financial’s total investment in Wealthsimple to $165 million.
"Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us," said Michael Katchen, CEO and co-founder, Wealthsimple. "We're looking forward to building on this momentum, making an even better product for even more clients in the months and years ahead."
Plans to accelerate growth across three markets
Wealthsimple says it will use the new capital to “evolve its investing product, explore new financial product offerings, accelerate growth across its three markets, and further develop its B2B platform.”
In its announcement, the company stated that Wealthsimple now manages about $1.9 billion for over 65,000 clients in Canada, the United States, and the United Kingdom. Wealthsimple says 80 per cent of its clients are under age 45, and 40 per cent are first-time investors.
Becoming a global leader
"We at Power Financial are proud to be Wealthsimple's greatest champion as it becomes a global leader in marrying unique digital technology with great content and service," said Paul Desmarais III, Chairman of Wealthsimple and Senior Vice-President at Power Financial Corporation. "Wealthsimple is delivering the benefits of financial advice to more and more people to help them create a better future."