Power Financial invests $50 mln in robo-adviser Wealthsimple: Reuters
Power Financial Corp has invested $50 million in "robo-adviser" Wealthsimple, bringing its total investment in the two-year-old financial technology company to $100 million, Reuters reported. Toronto-based Wealthsimple provides automated investment advice to consumers and helps manage personalized portfolios based on responses to an online questionnaire about investment goals. It entered the U.S. market at the end of January. The company said it now has more than 30,000 clients in Canada and the United States, up from 20,000 earlier this year. Wealthsimple, which is led by Founder and CEO Michael Katchen, said it will use the funds raised to continue its North American expansion and grow Wealthsimple for Advisors, its B2B platform.
11 May 2017•2 mins read
