Robo-advisor Wealthsimple has raised $65 million, bringing the company’s total investment to $165 million.
The company raised the funding from Power Financial, a notable investor in the FinTech space and a backer of companies like Borrowell, Clearbanc, Koho, and LEAGUE.
The plan is to use the new capital to evolve its investing product, explore new financial product offerings, accelerate growth across its three markets, and develop its B2B platform.
“Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us,” said Michael Katchen, CEO and co-founder of Wealthsimple. “We’re looking forward to building on this momentum, making an even better product for even more clients in the months and years ahead.”
The company entered the US, its first international market, in February 2017 before expanding to the UK less than six months later
In between that time, the company raised $50 million from Power Financial.
Wealthsimple said that it manages manages approximately $1.9 billion for over 65,000 clients in Canada, the US, and the UK.
“Two years ago, we had no assets and no funding, and asking people to trust us with their life savings was a lot harder than now, where we have a billion in assets,” Katchen said at the time of Wealthsimple’s $50 million raise.
“We at Power Financial are proud to be Wealthsimple’s greatest champion as it becomes a global leader in marrying unique digital technology with great content and service,” said Paul Desmarais III, chairman of Wealthsimple and SVP at Power Financial. “Wealthsimple is delivering the benefits of financial advice to more and more people to help them create a better future.”