Digital wealth manager Wealthsimple exits UK
Wealthsimple, a Canadian digital wealth manager, is shutting up shop in the UK. It has announced to its clients that it will be transferring all eligible accounts to Moneyfarm, a fellow digital wealth management firm.
Wealthsimple withdraws from UK, refocuses on Canada
Wealthsimple arrived in the UK four and a half years ago, seeking “to make investing human, simple, and extremely low-cost”. However, it has now decided to shift its focus back to Canada.
As of 6 December 2021, the Wealthsimple mobile app no longer works for UK users, but accounts can still be accessed via a web browser.
Wealthsimple will transfer the accounts in cash over to Moneyfarm, which will then be reinvested. The transfer date is planned for 28 January 2022.
Wealthsimple was launched in 2014 – initially as a robo-advisor – and is based in Toronto. Earlier this year it raised $610 million (one of the largest technology investments in Canada at the time), tripling its valuation to over $4 billion. In comparison, its previous round was $87 million.
Among the investors are Canadian actor Ryan Reynolds and Toronto-born artist Drake.
