Backed by $50 million in funding from Power Financial Corporation group, Wealthsimple becomes one of the first Canadian fintechs to expand globally
TORONTO and NEW YORK, Jan. 31, 2017 /CNW/ - Wealthsimple, Canada's leading online investment manager, has expanded its service to the United States. U.S. residents in all 50 states can create a personalized, diversified portfolio in minutes by going to wealthsimple.com or downloading the iOS or Android app.
"Our smart, simple approach to investing has resonated with Canadians, and we look forward to introducing it to U.S. investors," said Michael Katchen, founder and CEO of Wealthsimple. "Furthermore we hope our growth will inspire Canadian companies to think beyond our borders. This country has all the ingredients to build great businesses — there is no reason the next big global company can't come out of Canada."
Wealthsimple has a partnership with the Power Financial group of companies, who have invested $50 million in capital to date. The Power Financial groups of companies manage over $1 trillion globally and have invested more than $125 million in emerging financial advice leaders.
"Canada is at the forefront of innovation in fintech, and we are proud to help bring that innovation to the world," said Paul Desmarais III, Vice-President at Power Financial Corporation. "Wealthsimple's innovative model has enabled them to grow quickly here in Canada, and we are pleased to continue to support their growth as they expand globally."
Wealthsimple stands out from other financial services companies with its beautiful, intuitive digital tools and editorial content that tells human stories about money. Its website was awarded Best Financial Services Website in the world at the 2016 Webbys. Wealthsimple's approach of combining great technology with a human touch has resonated with young and first-time investors, and 85 per cent of its clients are under the age of 45.
In just over two years, Wealthsimple grown to serve more than 20,000 clients with $750 million in assets. The U.S. launch marks the company's first expansion outside of Canada.
Wealthsimple is an online investment manager that combines user-friendly digital tools and personal financial advice to make smart, automated investing available to everyone. With no minimum account size and low fees, Wealthsimple makes investing simple, accessible, affordable and personalized. Available in the U.S. and Canada, Wealthsimple is founded by a team of financial experts and technology entrepreneurs, and backed by Power Financial Corporation (TSX:PWF), a diversified management and holding company that has interests in financial services companies in Canada, the United States and Europe. To learn more, visit www.wealthsimple.com.