Canadian fintech Wealthsimple has hit a C$5 billion valuation off the back of a C$750 million funding round led by Meritech and Greylock. DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, Steadfast, Alkeon, TSV, Plus Capital, plus celebrities Drake, Michael J Fox, Ryan Reynolds, Kelly Olynyk, Dwight Powell, and Patrick Marleau joined the round, which sees Wealthsimple more than double its valuation from its last funding round in October.
Toronto-based Wealthsimple began life as an online investment manager and trading app but has been busy expanding. The firm moved into crypto last year and has also recently rolled out a P2P money transfer service.
The new funding will be used to continue building out the product suite and to make hires.
Mike Katchen, CEO, Wealthsimple, says: “More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better.
“This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”
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