Toronto-headquartered money management fintech Wealthsimple has raised CAD 750 million (around $538 million) in an equity funding round co-led by Dragoneer Investment Group and GIC at a valuation of CAD 10 billion (around $7.2 billion).
The investment round, which consists of a CAD 550 million ($395 million) primary offering and a secondary offering of up to CAD 200 million ($143 million), also featured participation from previous backers ICONIQ, IGM Financial, Greylock and Meritech, and Power Corporation of Canada, alongside new investor CPP Investments.
Founded in 2014, Wealthsimple offers a suite of wealth management products covering investing, trading, digital assets, tax filing, spending, saving, and advisor services. The company says it currently serves three million users in Canada and has doubled its assets under administration from CAD 50 billion to CAD 100 billion over the last year.
Wealthsimple says its latest cash injection will be used to accelerate its product roadmap “across investing, spending, and credit”, with the company currently rolling out its first credit card offering. It adds that the funds will also help “support strategic opportunities to expand its platform”.
The fintech acquired Canadian investing start-up Fey for an undisclosed sum back in August with the aim to “bridge the gap between basic trading apps and complex brokerage platforms”, the company said upon announcing the deal.
Source: https://www.fintechfutures.com/
