Canadian digital investment management outfit Wealthsimple has raised C$100 m ($74.55m) capital in a funding round led by Allianz X, the digital investment arm of German insurer Allianz.
The funding round was also joined by the Canadian startup’s early investor Power Financial.
Wealthsimple funding round
Wealthsimple, which was launched in 2014, manages more than $4.5bn for more than 150,000 clients in Canada, the US and the UK.
The Canadian robo adviser said it intends to use the proceeds to further develop its existing services and explore new product offerings.
Funds will also be utilised by the company enhance its B2B platform for advisers and institutions, and accelerate growth across its three markets.
Wealthsimple co-founder and CEO Michael Katchen said: “We’re thrilled to welcome Allianz as an investor and partner in Wealthsimple, which is a major endorsement of our company and growth trajectory.
“We’re now backed by companies that represent trillions of assets globally. We believe their deep expertise, plus the product, the brand and the team we’ve built, are a winning combination to further our mission to make great financial products and advice accessible to everyone.”
Allianz X CEO Nazim Cetin said: “As a digitally-enabled financial services provider with a strong customer focus, Wealthsimple can complement Allianz’s business in a number of areas.
“This investment underlines our commitment to truly digital companies and is an excellent addition to our portfolio. We look forward to collaborating with Wealthsimple in our digital wealth management ecosystem.”
The company makes investing accessible to everyone with low fees and easy-to-use digital tools through its managed portfolio service, Wealthsimple Invest, and its $0-commission trading app, Wealthsimple Trade.