Wealthsimple Secures $50 million in New Funding
Wealthsimple has raised a $51 million investment from the Power Financial group of companies. According to the millennial-friendly digital investing service, it now manages approximately $1.45 billion for 65,000 clients in Canada, the United States, and the United Kingdom.
Wealthsimple seeks to make it easy for everyone to invest like an expert — no matter who they are or how much they have — with no minimum account size, with low fees, and using simple digital tools. Clients can sign up through Wealthsimple’s website or app and be invested in a personalized, diversified portfolio in minutes. According to the company, 80 percent of Wealthsimple’s clients are younger than 45, and 40 percent are first-time investors.
The company will use the new capital to continue developing its investment approach, explore new financial product offerings, accelerate growth across its three markets, and further develop its B2B platform.