Wealthsimple Inc. has raised a $65 million investment from the Montreal-based Power Financial group of companies, the Toronto-based online investment manager announced Wednesday.
The robo-advisor has a strategic partnership with Power Financial, which has invested $165 million in capital since 2015.
Wealthsimple will use the new capital to evolve its investing product, explore new financial product offerings, accelerate growth across its three markets, and further develop its B2B platform, the company says in a news release.
“Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us,” explains Michael Katchen, CEO and co-founder, Wealthsimple, in a statement.
The company manages approximately $1.9 billion for over 65,000 clients in Canada, the United States, and the United Kingdom.