- General
- October 13, 2020
- 3 minutes read
Wealthsimple Eyes New Funding
Mike Katchen, CEO, Wealthsimple. Photo credit: Wealthsimple Wealthsimple, a Canadian digital investment service with nearly $4 billion in assets under…
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| Mike Katchen, CEO, Wealthsimple. Photo credit: Wealthsimple |
Wealthsimple, a Canadian digital investment service with nearly $4 billion in assets under management, is on the cusp of a deal to raise new funding that’ll value it at over $1 billion, according to a report [paywall] by Bloomberg. Wealthsimple is in the final stages of closing a fresh funding round of more than C$100 million ($76 million) that’ll be led by Technology Crossover Ventures, a famous late-stage technology investor, reports Bloomberg.
Before now, Wealthsimple as a company has raised C$267 million ($203 million) in total funding, with its last financing round occurring last year. Among the company’s current backers include the likes of Power Financial and Allianz X, the venture arm of insurance giant Allianz. Wealthsimple is basically an online investment manager that’s available to customers in Canada, the US, and the UK. The company currently manages C$5 billion ($3.8 billion) in assets for 175,000 people.
Wealthsimple as a company was founded in 2014. The company currently maintains offices in Toronto, New York, and London. According to PitchBook data, Wealthsimple was valued at $743 million from its most recent financing round.
