On February 21, 2018, Wealthsimple announced that it has raised $65 million from the Power Financial group of companies, bringing their total investment in Wealthsimple to $165 million.
Wealthsimple plans to use the new capital to evolve its investing product, explore new financial product offerings, accelerate growth across its three markets, and develop its B2B platform.
Wealthsimple is a Toronto based online investing company. Wealthsimple manages approximately $1.9 billion for over 65,000 clients in Canada, the United States, and the United Kingdom. More than 80 per cent of people who use digital investing in Canada use Wealthsimple.
Power Financial is a Montreal-based diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States, Europe and Asia.
Osler, Hoskin & Harcourt LLP represented Wealthsimple with a team consisting of Chad Bayne, Blair Wiley and Justin Dharamdial (Corporate).