Wealthsimple has completed a new financing round. On Oct. 14, the fintech announced that it has raised $114 million in investment.

The round was led by TCV, a technology-focused growth equity investor, alongside Greylock Partners, Meritech Capital and Two Sigma Ventures, as well as existing investor Allianz X, the digital investment unit of the Allianz group.

Wealthsimple aims to democratize wealth by granting everyone, particularly young investors, access to financial services, including stock market investments, via its digital application. The fintech says it will use this new capital “to expand its market position, build out its product suite, and grow its team in Canada.”

Power Corporation retains control

Wealthsimple is part of the Power Corporation of Canada group of companies, parent company of Power Financial Corporation​, owner of Great-West Lifeco and IGM Financial.

Power Corporation of Canada reports that as a result of this round of investment, investors “acquire an ownership interest in Wealthsimple of 7.5% on a fully diluted basis.” Wealthsimple remains under the control of the Power Corporation of Canada group, which "now has an ownership interest in Wealthsimple of 61.7% on a fully diluted basis, of which PCC’s interest is 23.1%.”

Prior to this investment, Power Corporation of Canada, IGM Financial and Great-West Lifeco "together had a controlling interest in Wealthsimple of 70.1%, on a fully diluted basis, of which PCC’s interest is 26.2%," Power Corporation of Canada explains.

IGM Financial claims that it is the largest shareholder of Wealthsimple. The asset and wealth manager, which operates primarily through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel (IPC), holds, directly and indirectly, a 36% direct and indirect fully diluted interest in Wealthsimple at the end of the financing round, versus 41% prior to the round.