Wealthsimple says a new financing deal involving plenty of star power and venture capital investors has pushed the company’s valuation to $5 billion.
The Toronto-based financial services business announced Monday that it has raised $750 million from more than 15 venture capital investment firms including Meritech, Greylock, Dragoneer and iNovia and six celebrities.
The star-studded list of investors includes rapper Drake, actors Ryan Reynolds and Michael J. Fox, NBA players Kelly Olynyk and Dwight Powell and NHL athlete Patrick Marleau.
“The financial services industry is in the midst of a massive transformation, and our continued growth, and the interest from some of the world’s leading investors, proves that Wealthsimple is poised at the leading edge of that transformation in Canada,” Wealthsimple co-founder and CEO Mike Katchen said in a release.
He plans to use the new cash to expand Wealthsimple’s market position, build out its offering of products and grow its team.
Wealthsimple, which began as an online investment manager, has grown to add Wealthsimple Trade, a commission-free stock trading platform, and Wealthsimple Crypto, which allows users to buy, sell and hold cryptocurrency assets.
It also launched Wealthsimple Cash, a peer-to-peer money transfers app, earlier this year and offers automated investing, saving and tax filing products.
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