Wealthsimple, a Toronto, Canada-based fintech company that provides a millennial-friendly digital investing service, raised a $51m ($65MCAD) in funding.
Backers included the Power Financial group of companies.
The round brought total investment in the company to $131m ($165MCAD).
The company will use the new capital to extend its investing product, explore new financial product offerings, accelerate growth across its three markets, and further develop its B2B platform.
Led by Michael Katchen, CEO and co-founder, Wealthsimple is an online investment manager that combines user-friendly digital tools and personal financial advice to make automated investing available to everyone. It now manages approximately $1.45 billion for over 65,000 clients in Canada, the United States, and the United Kingdom.
Clients can sign up through Wealthsimple’s award-winning website or app, and invest in a personalized, diversified portfolio.
Wealthsimple also has offices in London, Toronto and New York.