Betterment Acquires Wealthsimple’s U.S. Book of Business

Betterment, a NYC-based online financial services company, acquired Wealthsimple’s U.S. book of business.

The amount of the deal was not disclosed.

In the coming months, Wealthsimple will transfer all of their existing U.S.-based customers to Betterment, and will no longer support accounts based in the U.S. Wealthsimple customers who decide to move forward with transferring their accounts over to Betterment will receive access to technology and personalized, expert advice to help them continue to reach their financial goals.

Accounts will be transitioned by June of 2021. Wealthsimple customers will have the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Wealthsimple’s U.S. based customers and their account assets; they will not be acquiring their technology, employees, or operations as a part of this deal.

Led by Sarah Levy, CEO, Betterment is a technology driven financial services company that offers automated services for spending and saving, alongside their core investing and retirement solutions. Since 2010, Betterment has used technology, to allow hundreds of thousands of customers to manage their money through personalized, expert advice; automated money management tools; and tax smart strategies that help keep taxes low across accounts.

Led by Sarah Levy, CEO, Wealthsimple is a Toronto, Canada-based financial company providing products and advice using smart technology.