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.
Founded in 2014, Wealthsimple is Canada’s largest and most popular digital wealth manager.
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).