User-friendly investing service secures new funding from Power Financial Corporation group
TORONTO and NEW YORK, May 11, 2017 /CNW/ - Wealthsimple has raised a $50 million Series B investment from the Power Financial Corporation group of companies, bringing Power's total investment in Wealthsimple to $100 million to date. The two-year-old company now has over $1 billion in assets under administration and more than 30,000 clients in the U.S. and Canada.
Wealthsimple brings professional investing to everyone, using an incredibly simple digital platform and low fees. Wealthsimple's Magazine tells human stories about money, from money diaries with interesting people like Anthony Bourdain and Maria Bamford, to advice on moving in with your partner and asking your parents for money. Wealthsimple's mission is to democratize wealth by making the best tools and advice accessible to everyone, regardless of who they are or how much they have to invest.
"Many people don't know where to start when it comes to investing, and Wealthsimple is looking to solve that problem by making investing a really simple experience," said Michael Katchen, CEO and founder of Wealthsimple. "It's been encouraging to see the response from both first-time and experienced investors, and we're looking forward to continuing our growth in the U.S. and Canada."
Wealthsimple has a partnership with the Power Financial group of companies, who have invested $100 million in capital to date. The Power Financial groups of companies have invested more than $250 million in emerging financial companies.
"Wealthsimple is making investing approachable to people at all stages of their financial lives, and in particular younger investors who have traditionally been underserved by the financial industry," said Paul Desmarais III, Chairman of Wealthsimple and Senior Vice-President at Power Financial Corporation. "With our biggest investment in Wealthsimple to date, we're excited to see the company continue to grow and succeed."
Wealthsimple will use the new funds to continue its expansion in Canada and the United States, and grow Wealthsimple for Advisors, its B2B platform.
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 was founded by a team of financial experts and technology entrepreneurs, and is backed by the Power Financial group of companies. Power Financial Corporation (TSX: PWF) is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. To learn more, visit www.wealthsimple.com.