Technology

Wealthsimple Completes $ 114M Funding Round

Posted on 10/14/2020 2:10 PM

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(Photo: 123RF)

Online investment firm Wealthsimple said on Wednesday it had raised $ 114 million from a group of investors led by firm TCV, which specializes in technology-driven growth capital investments, as part of a deal. which puts it at $ 1.4 billion.

Wealthsimple said it intends to use the proceeds of this transaction to improve its market position, expand its product offering and grow its team in Canada.

Wealthsimple was founded in 2014 and offers commission-free stock trading services, savings accounts, and tax preparation software.

David Yuan, General Partner at TCV, will join the board of directors of Wealthsimple.

TCV holds investments in Airbnb, Facebook, Netflix, Peloton and Spotify.

Power Corporation of Canada holds a controlling interest in Wealthsimple through investments made by Power Financial, IGM Financial and Portag3 Ventures.

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