FFCON21 Breaking Barriers May 11-13, 2021

Wealthsimple Raises Money at $4 Billion Value; Drake Buys In

Bloomberg | Kevin Orland | May 3, 2021

Drake invests in wealthsimple - Wealthsimple Raises Money at $4 Billion Value; Drake Buys InPower Corp. of Canada’s Wealthsimple online brokerage raised C$750 million ($610 million) in a funding round that valued it about $4 billion, more than triple what it was worth in October.

The round was led by existing investors Meritech Capital Partners and Greylock Partners, the Toronto-based company said Monday. Also participating are Canadian celebrities including rapper Drake, actors Ryan Reynolds and Michael J. Fox and basketball player Kelly Olynyk.

Wealthsimple, which has more than 2 million users, is benefiting from surging valuations for tech companies and an increase in online trading that has fueled rivals like Robinhood Markets Inc. Wealthsimple offers commission-free stock trading as well as automated investing, cryptocurrency trading and tax services.

See:  Wealthsimple CEO Michael Katchen on his not-so-simple mission: to help people — especially youth — build the foundations of financial freedom

The financing announcement confirmed a Bloomberg report on April 30 that the company was in talks to raise money at a valuation of at least C$4.3 billion. Wealthsimple raised C$114 million at a C$1.5 billion post-money valuation in October, giving it unicorn status.

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