Wealthsimple has its eyes on expansion after the Toronto-based firm announced it had raised $100 million in an investment round on Wednesday.
Munich-based Allianz X, the digital investment arm of Allianz Group, led the round. A member of Allianz X will join Wealthsimple’s board.
“We’re now backed by companies that represent trillions of assets globally,” Wealthsimple CEO Michael Katchen said in a statement. “We believe their deep expertise, plus the product, the brand and the team we’ve built, are a winning combination to further our mission to make great financial products and advice accessible to everyone.”
In a release, Wealthsimple said it plans to use the new capital to further develop its existing services, explore new product offerings and evolve its B2B platform for advisors and institutions.
Wealthsimple manages more than $4.5 billion for 150,000 clients in Canada, the U.S. and the U.K. It launched a zero-commission trading app, Wealthsimple Trade, in March.