In addition to its original robo-advisory tools, the company also provides automated tax filing and savings and investment products. Wealthsimple will “increase its market position, develop out its product suite, and grow its team” using the money it has raised so far. Since the Wealthsimple app is free and separate from the company’s stock trading and cryptocurrency platforms, it has been rapidly adopted by users. Features-wise, the software is comparable to Venmo and Square’s Cash app, both of which are unavailable in Canada. Wealthsimple Cash, a peer-to-peer (P2P) money transfer app, had a soft launch before the end of last year and was made available to all Canadians in March. Its commission-free retail investment platform has expanded “rapidly” over the past 14 months, and its cryptocurrency trading platform, launched in August 2017, has also had great acceptance, the company adds. The company claims it expanded rapidly during the epidemic, which is a major factor in the dramatic increase in its valuation between the previous round of funding and this one. The Toronto-based firm has pioneered the process of making previously inaccessible stock trading, cryptocurrency sales, and P2P money transfers more widely available to the general public. Fox were among the individual investors that participated in the round, which was headed by Meritech and Greylock (basically, all the most famous Canadians).Ī post-money valuation of $1.5 billion CDN ($1.22 billion USD) was included in the last investment round disclosed in October, for which Wealthsimple raised $114 million CAD (about $93 million). Wealthsimple, a major player in the Canadian fintech space, has raised $750 million CDN ($610 million) at a post-money valuation of $5 billion CAD ($4 billion).
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