TORONTO- Canadian online investment platform Wealthsimple announced it has raised a landmark $750 million in its latest round of funding, making it one of the largest private tech investments in Canadian history. The Canadian robo-advisory and DIY trading platform is the latest beneficiary of an interest in Canadian tech as well as global affinity to self-directed investment platforms. It also marks a turning point in the growth of the Canadian fintech industry which has long been dominated by the ‘big 5’ banks.
The platform, which was launched in 2014 by Michael Katchen is on a mission to use technology and innovation to revolutionize the finance industry and make investment accessible to millennials and low/middle-income retail investors. It has continued to grow and add new users inspite of the pandemic as more Canadians now invest than ever before, and has even added Crytpocurrency trading and tax filing capabilities recently.
Rumours of a large raise have been circulating since last week.
The round was led by Meritech and Greylock, and included a group of diverse investors; DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital and others. Canadian actors Ryan Reynolds and Michael J. Fox, and Toronto based Rapper Drake were among the high profile celebrities who also invested in this round.