Canadian online investment manager Wealthsimple has expanded its service across all 50 states in the US.

The foray into the US market marks the first expansion outside of Canada for Wealthsimple that serves young and first-time investors.  The robo-adviser currently serves over 20,000 clients with $750m in assets.

Wealthsimple founder and CEO Michael Katchen said: "Our smart, simple approach to investing has resonated with Canadians, and we look forward to introducing it to U.S. investors.

"Furthermore we hope our growth will inspire Canadian companies to think beyond our borders. This country has all the ingredients to build great businesses — there is no reason the next big global company can't come out of Canada."

Wealthsimple is backed by the Power Financial group of companies, who have hitherto invested $50m in the company.

Power Financial vice-president Paul Desmarais III said: "Wealthsimple's innovative model has enabled them to grow quickly here in Canada, and we are pleased to continue to support their growth as they expand globally."