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Wealthsimple raises $100M from Allianz X and Power Financial

By The IJ Staff | May 23 2019 01:30PM

Wealthsimple, a robo-advisor company, has raised one hundred million dollars in an investment round. Allianz X, the digital investment unit of the Germany-based Allianz Group, led the round.

"We're thrilled to welcome Allianz as an investor and partner in Wealthsimple, which is a major endorsement of our company and growth trajectory," said Michael Katchen, co-founder and CEO, Wealthsimple. "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."

Wealthsimple says it will use the new capital to further develop its existing services and explore new product offerings. It also plans to evolve its B2B platform for advisors and institutions.

"As a digitally-enabled financial services provider with a strong customer focus, Wealthsimple can complement Allianz's business in a number of areas," said Nazim Cetin, CEO of Allianz X. "This investment underlines our commitment to truly digital companies and is an excellent addition to our portfolio. We look forward to collaborating with Wealthsimple in our digital wealth management ecosystem."

Allianz X invests in digital companies around the world. A member of Allianz X will be joining the Wealthsimple board.

"Bringing Allianz into this investment is a landmark transaction in Canadian Fintech. The partnership between Wealthsimple, Portag3 Ventures and the Power group since the founding of the company in 2014 is unique," said Paul Desmarais III, Chairman of Wealthsimple. "We believe the coming together of large incumbent companies that understand how to build global asset managers, with innovative, digital-first companies, is the future of financial services."

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