Canada-based online wealth manager WealthSimple has confirmed it has received C$50m ($38m) in funding from financial services provider Power Financial Corporation.
WealthSimple runs an automated investment platform that combines digital tools and personalised financial advice with low management fees and no minimum investment size.
It formally disclosed the size of Power Financial’s commitment at the same time as it announced its entry into the US market. It has so far managed more than $570m in capital for some 20,000 clients.
Power Financial vice-president Paul Desmarais III said: “Everyone should have access to financial products and advice, and Wealthsimple has been successful at delivering these services to a new generation of investors in an innovative way.
“We are proud to support Wealthsimple’s long-term growth as it expands to new markets globally.”
WealthSimple raised C$1.9m from Impression Ventures and angel investors Joe Canavan, Roger Martin, David Ossip and Dan Debow when it launched in 2014. Power Financial provided C$30m the following year before WealthSimple confirmed its extra investment this week.