Wealthsimple, a Toronto, Canada- and NYC-based online investing company, raised $37M ($50MCAD) in Series B funding.
The Power Financial Corporation (TSX: PWF) group of companies made the investment bringing total funding in Wealthsimple to date to $74M.
The company intends to use the funds to continue its growth in the U.S. and Canada.
Led by Michael Katchen, CEO and founder, Wealthsimple is an online investment manager that combines digital tools and personal financial advice to build a personal, low-cost portfolio bringing professional investing to everyone across the U.S. and Canada.
Available for free download on the App Store and Google Play, The service now has over $750M ($1B CAD) in assets under administration and more than 30,000 clients in North America.