Power Financial “power-charges” Wealthsimple with additional $50M

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By Ted Liu

Wealthsimple Inc. has raised $50 million in Series B funding from the Power Financial Corporation group of companies, bringing Power’s total investment in Wealthsimple to $100 million to date.

Wealthsimple has over $1 billion in assets under administration and more than 30,000 clients in the U.S. and Canada, the company said.

Wealthsimple is an online investment manager that combines user-friendly digital tools and personal financial advice to make smart, automated investing available to everyone.

“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 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.

photo credit: Wealthsimple