Digital investing service Wealthsimple raises $100m
Canadian fintech Wealthsimple – which aims to make investing accessible to everyone – has raised $100 million investment, Jane Connolly writes.
Crowdfund Insider reports that the round was led by Allianz X, a digital investment unit of Germany-based global insurer and asset manager, Allianz Group.
With its managed portfolio service Wealthsimple Invest and zero-commission trading app Wealthsimple Trade, the fintech has attracted more than 150,000 clients in Canada, the US and the UK since its launch in 2014.
Wealthsimple CEO and co-founder, Michael Katchen, tells Crowdfund Insider: “We’re thrilled to welcome Allianz as an investor and partner in Wealthsimple, which is a major endorsement of our company and growth trajectory.”
“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.”
Nazim Cetin, Allianz X CEO, states that Wealthsimple complements the company’s business in a number of areas.
He adds: “This investment underlines our commitment to truly digital companies and is an excellent addition to our portfolio.”
Wealthsimple claims to manage more than $4.5 million for its clients.
