After launching in the U.S. last year, Wealthsimple is now expanding into the U.K.
Wealthsimple says an “invitation-only beta version” of the service is open in the U.K., which will launch in September. The robo-advisor now has more than 30,000 clients in Canada and the U.S. and $1 billion in assets under administration. It expanded to the U.S. at the end of January.
“Our mission is to make smart financial services accessible to everyone in the world,” Michael Katchen, founder of Wealthsimple, says in a statement. “There are a lot of people in the UK who aren’t getting the tools and advice they need to live their best financial lives, and in particular young and first-time investors.”
In May the company raised another $50 million from its main financial backer, Power Financial Corporation, bringing Power’s total investment in the two-year-old startup to $100 million.