Digital investing platform Wealthsimple has closed a $65m investment from ‘Power Financial group of companies’.
Toronto-based Wealthsimple an online investment platform that uses both digital tools and personal financial advice to help consumers make automated investments. The platform is available in Canada, the US and the UK, and manages around $1.9bn assets for 65,500 users.
Wealthsimple makes investments available to everyone by having no minimum account size, low fees and advice to create a diverse portfolio.
The company will use thie equity to invest in its product, explore new offerings for its platform and growing its presence across the market.
Wealthsimple CEO and co-founder Michael Katchen said, “Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us,” “We’re looking forward to building on this momentum, making an even better product for even more clients in the months and years ahead.”
This investment brings Wealthsimple’s total funding efforts from Power Financial group to $165m. The company’s previous equity injection was a $37m Series B last May, which was used to support its expansion in the North America and developing more solutions.
Prior to its Series B, the company secured a $15m investment from Power Financial Corporation.
Last year, Wealthsimple was responsible for the third biggest funding round in Canada, being beaten by FreshBooks and Tulip Retial, which raised $45.1m and $40m, respectively.