Canada-based wealth management platform Wealthsimple has secured $51m in funding from financial services provider Power Financial, Reuters reported yesterday.
Founded in 2014, Wealthsimple operates a robo-advisor that automatically creates personalised, diversified portfolios based on each user’s risk tolerance. Investors can also seek the advice of financial experts, who offer a free portfolio review.
The platform does not have a minimum investment size and charges between 0.5% and 0.7% in fees. It is currently available to investors in the US, Canada and the UK.
Wealthsimple currently has $1.45bn under management for more than 65,000 clients. The fresh funding will allow the company to launch additional features and introduce more financial products.
Power Financial has so far invested a total of $165m in Wealthsimple, according to the latter’s website. The corporate previously supplied $37m in May 2017, after having provided $38m three months earlier.
Wealthsimple secured $24m in funding in 2015 from Power Financial, having already received $1.7m from Impression Ventures and angel investors Joe Canavan, Roger Martin, David Ossip and Dan Debow the previous year.