Canada-based fintech and global digital investing service, Wealthsimple announced on Wednesday it received a $100 million through its latest investment round, which was led by Allianz X, a digital investment unit of the Germany-based Allianz Group, a global insurer and asset manager.
Wealthsimple reported that since launching in September 2014, it has engaged consumers with a product and brand that stands out in the financial services landscape. Through its managed portfolio service, Wealthsimple Invest, and its $0-commission trading app, Wealthsimple Trade, the company makes investing accessible to everyone with low fees and easy-to-use digital tools. Wealthsimple then noted that it manages more than $4.5 billion for more than 150,000 clients in Canada, the U.S., and the UK.
Speaking about the investment round, Michael Katchen, co-founder and CEO, Wealthsimple, stated:
“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.”
Nazim Cetin, CEO of Allianz X, also commented:
“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.”