Online investment platform Wealthsimple has acquired San Francisco-based wealth management platform for couples Plenty, Wealthsimple announced this month.
Terms of the deal were not disclosed. Plenty was founded three years ago to help couples budget and track financial goals.
Wealthsimple said in an email that Plenty’s customers will not be onboarded as it will be shut down.
“As excited as we are, it’s bittersweet. It means saying goodbye, for now, to the thousands of couples who are currently using Plenty,” Emily Luk, CEO and co-founder of Plenty, wrote in a blog post.
Five people from Plenty will join Wealthsimple remotely from the U.S., Wealthsimple said in an email. Luk will join Wealthsimple’s product team, while chief technical officer and co-founder Channing Allen and three software developers will join the engineering team.
Wealthsimple did not announce any upcoming products related to this acquisition, but confirmed that it intends to use Plenty’s experience to help expand its offerings in the future.
“Supporting households [and] families is a growing part of our product roadmap,” Wealthsimple said.