Wealthsimple Raises $750 Million Financing Round, Valuation Hits $5 Billion

Toronto-based Wealthsimple announced on Monday it has raised a $750 million CAD financing round, now valuing the online investment firm at a whopping $5 billion CAD.

The latest funding round was led by Meritech and Greylock, along with DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital and others.

Canadian celebrity investors part of this round include Drake, Michael J. Fox, Ryan Reynolds, Kelly Olynyk, Dwight Powell, and Patrick Marleau.

Wealthsimple says the new funding comes during the company’s “biggest period of growth to date in its seven years in business.”

“The financial services industry is in the midst of a massive transformation, and our continued growth, and the interest from some of the world’s leading investors, proves that Wealthsimple is poised at the leading edge of that transformation in Canada,” said Mike Katchen, co-founder and CEO, Wealthsimple, in a statement.

Wealthsimple says it now has more than 2 million Canadian users, that use the platform to “grow their money, file their taxes, pay their friends, and make their financial lives better.” The platform can be fully managed from the Wealthsimple mobile app.

The company that targets millennials allows for automated investing, saving and spending, tax filing and also investments in cryptocurrency and peer-to-peer transfers.

Click here to sign up for Wealthsimple and get a $50 bonus when you open and fund your first Invest account.

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