Canada-based fintech and global digital investing service Wealthsimple announced on Monday it raised CAD$750 million through its latest investment round and now has a post-money valuation of CAD$5 billion. According to Wealthsimple, The round is led by Meritech and Greylock, with participation from DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital, as well as celebrities including Drake, Michael J. Fox, Ryan Reynolds, Kelly Olynyk, Dwight Powell, and Patrick Marleau.
As previously reported, Wealthsimple was founded in2014 and claims it is investing “on autopilot” is building its users a personal, low-cost portfolio, and putting users’ money to work like the “world’s smartest investors.”
“We’re on a mission to bring smarter financial services to everybody, regardless of age or net worth.”
The investment round comes less than a year after Wealthsimple launched Wealthsimple Crypto, which allows users to securely buy, sell and hold cryptocurrency assets using a simple mobile app, and Wealthsimple Cash, a peer-to-peer money transfers app. Wealthsimple also raised CAD$114 million last fall. Speaking about the funding, Mike Katchen, Co-Founder and CEO, Wealthsimple, stated:
“More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better. This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”
Max Motschwiller, General Partner of Meritech, added:
“We invest in companies with the potential to revolutionize industries and become enduring market leaders. Wealthsimple has been able to capture a generation of financial consumers in Canada with financial products that are markedly different than anything offered by the incumbents — simpler, more human, and built with the kind of technology that delivers an experience consumers want.”