Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Robo Adviser Wealthsimple Hits Unicorn Status With TCV Deal
Bloomberg | Gillian Tan, Sarah Syed, and Katie Roof | Oct 13, 2020
Wealthsimple Inc. raised money from an investor group led by Technology Crossover Ventures that will give the Canadian investment firm unicorn status.
The Toronto-based startup closed a fresh round of C$114 million ($87 million) in funding led by Menlo Park, California-based TCV that values it at more than $1 billion, the company said in a statement Wednesday, confirming a report by Bloomberg on Tuesday. Other investors in the round include Greylock Partners, Meritech Capital Partners, Two Sigma Ventures and Allianz X, the tech investment fund of Munich-based insurer and asset manager Allianz SE.
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“Wealthsimple’s ethos is about wealth generation over time, or getting rich slowly,” said David Yuan, a general partner at TCV, who is joining the Wealthsimple board. “The pandemic has been a strong tailwind for the business.”
The company, controlled by Montreal-based Power Corp. of Canada, last year raised capital from investors including Power and Allianz to enhance existing services and new product offerings, the company said in a statement at the time. Wealthsimple, led by Chief Executive Officer Michael Katchen, pitches itself as a low-fee way to invest through its robo-advisory services and commission-free stock trading. It has more than 175,000 users globally who sit in three tiers of membership based on deposit size, according to its website.
The company had previously raised about $190 million, valuing it at $743 million, PitchBook data show.
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