Canadian online investment manager Wealthsimple has raised an additional $37m in funding from Power Financial.
The latest move raises Power Financial’s investment in the robo-adviser to $74m. Wealthsimple said that it plans to use the investment to continue its expansion in the US and Canada.
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Wealthsimple CEO and founder Michael Katchen said: “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 chairman and Power Financial senior vice-president Paul Desmarais III added: “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.
“With our biggest investment in Wealthsimple to date, we’re excited to see the company continue to grow and succeed.”
The robo-adviser currently manages over $750m in assets and has more than 30,000 clients in the US and Canada.
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