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Robo Adviser Wealthsimple Hits Unicorn Status With TCV Deal

Bloomberg | Gillian Tan, Sarah Syed, and Katie Roof | Oct 13, 2020

Michael Katchen Wealthsimple - Robo Adviser Wealthsimple Hits Unicorn Status With TCV Deal

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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NCFA Jan 2018 resize - Robo Adviser Wealthsimple Hits Unicorn Status With TCV Deal The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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