Toronto’s Wealthsimple Reaches $400M in Assets, Over 10,000 Users

Toronto-based Wealthsimple launched an iPhone app this summer, to allow the opening of an investment account “with the push of a button”. The app develops and manages portfolios for users, with the assistance of their accessible Wealth Concierges.

Screenshot 2015 12 03 11 34 00

Today, the start up has announced their managed assets have now reached $400 million, with over 10,000 people using the service, in 14 months since their launch. The company also noted their recent acquisition of ShareOwner, a brokerage and financial services technology company.

A recent study by TD Direct Investing noted younger Canadians in the 18 to 34 age bracket are “significantly more likely than other age groups to use a smartphone for self-directed investing.” Apps like Wealthsimple surely are helping to push this growing mobile trend, because ain’t nobody got time to visit a branch anymore.

Click here to download Wealthsimple for iPhone in the App Store. You can sign up for Wealthsimple here and get an extra $5,000 managed free (referral link).

Founder and Editor-in-Chief of Follow me on Twitter, and @iPhoneinCanada, and on Google+.