On Monday, Wealthsimple announced that the company has raised $750 million with the help of multiple investment firms and celebrities. This investor interest resulted in an increased company valuation to $5 billion. Some of the investment firms include Greylock, Meritech, Drogoneer, and iNovia. Celebrity investors include rapper Drake, Actor Ryan Reynolds, and Micheal J. Fox. Athletes from the NBA, Kelly Olynyc and Dwight Powell, as well as Patrick Marleau from the NHL are also among the high-profile investors.
CEO Mike Kitchen plans to use the new cash to broaden the company’s market position, expand its offerings of products, and grow its team.
Wealthsimple started as an online investment manager and has branched out into other directions. They have Wealthsimple Trade, which is a commission-free stock trading platform. Wealthsimple Crypto, a platform for buying, selling, and holding crypto assets. Lastly, Wealthsimple Cash was launched allowing users to do peer-to-peer money transfers.
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