TORONTO and NEW YORK, May 11,
2017 /PRNewswire/ -- Wealthsimple , a leading online investing company, has raised a $37M Series B
($50M CAD) investment from the Power Financial Corporation group of companies, bringing their total
investment in Wealthsimple to $74M to date. The two-year-old company now has over $750M ($1B CAD) 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 $74M in capital to date. The Power Financial group of companies have invested more than $185M 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 the United States and
Canada.
For press images, screenshots, and other visual assets, please visit this Dropbox .
For more information about Wealthsimple, visit www.Wealthsimple.com // Wealthsimple's Digital Magazine
Wealthsimple is available for free download on the App Store and Google Play
.
About Wealthsimple
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.
For more information:
Rachael Factor
rachael@wealthsimple.com
647-802-6751
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wealthsimple-raises-37m-in-new-funding-announces-750m-in-assets-under-administration-300456392.html
SOURCE Wealthsimple