Wealthsimple, a Canadian online investment management service focused on millennials, announced that it has raised $610 million (C$750 million) in a funding round. This latest investment has pushed its valuation to about $4 billion (C$5 billion).
The round was led by existing investors Meritech Capital Partners and Greylock Partners.
DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital and others had also participated in the round.
Wealthsimple also had prominent Canadian actors Ryan Reynolds and Michael J. Fox, and athletes Kelly Olynyk, Dwight Powell, and Patrick Marleau as well as Canadian rapper Drake investing in its firm.
Michael Katchen
The funding announcement came from a blog post by Michael Katchen who is the Co-Founder and CEO of Wealthsimple.
“I’m going to get to the part where I say that getting this investment isn’t an accomplishment, it’s just ammunition to accomplish what we set out to do.
We will use this investment to give Canadians more, and more powerful, financial products; more efficient ways to grow and manage their money; and make sure that the door to financial freedom is open to every single one of us.”
Featured image credit: Screengrab from Wealthsimple
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