Toronto based Wealth simple 610m Meritech Grey locke the rington tech crunch

Toronto based Wealth simple 610m Meritech Grey locke the rington tech crunch

Toronto-based Wealthsimple, a financial services provider for the modern day investor, has recently raised an impressive $610 million in an expansive round of funding. Led by Meritech Capital, Greylock Partners and Wellington Management, the financing places Wealthsimple’s market capitalization at a whopping $2.2 billion and cement support from the venture capital firms in its mission to create a gaming-changing financial services platform.

The Rise of Wealthsimple

In a time when the banking industry has yet to fully modernize, Wealthsimple has made a name for itself in the financial services market by being bold and innovative. Founded in 2015 by CEO and Chairman Michael Katchen, the platform has made tremendous strides in powering their efforts to make financial services accessible, affordable, and even enjoyable. 

Wealthsimple’s Vision and Product Offering

Wealthsimple is on a mission to build a sophisticated financial services platform without the complex jargon and high fees hindering the modern-day investor. The platform features an advanced suite of products to reduce the hassle, such as a low-fee, automated trading tool, a robo-adviser, and multi-currency accounts. In this way, Katchen envisioned dramatically improving the traditional customer experience.

The significant funding has allowed Wealthsimple to unroll new products and services, such as Wealthsimple Trade, their online stock trading platform. The platform has reduced the traditional barriers of entry to investing, allowing everyday Canadians a low-cost and straightforward access to buying and selling stocks directly from their mobile phones.

Meaningful Impact in Canada and Beyond

Having already made a name for itself in the Canadian market, Wealthsimple announced that the new funds will be directed towards building an infrastructure and presence in the U.S. and U.K. With a projected surge in demand and a customer base that has grown 10x over the last year, Katchen aims to make Wealthsimple a globally recognizable name in the financial services industry. 

Current Focus on Investing

The primary focus of Wealthsimple is to provide its customers with a variety of choice when it comes to investing. Whether it’s in stocks, cryptos, or ETFs, the platform has tailored its products to meet a variety of investment needs for even the most beginner of traders.

However, Wealthsimple is not limiting its vision to just the investing space. The platform is currently experimenting with the wealth management vertical and is looking to expand into additional markets such as lending, banking, and insurance.

Benefits of the Merger

As part of the massive funding round, three of the largest venture capital firms, Meritech, Greylock, and Wellington have come together in support of Wealthsimple’s growth ambitions. The benefits of such a merger as unprecedented as Wealthsimple can take advantage of industry expertise, connection and experience across a variety of sectors. 

Expanding Team

The influx of venture capital has allowed Wealthsimple to increase their headcount to over 800 employees. The hiring of seasoned professionals from various backgrounds and sectors has promoted development and knowledge-sharing across the organization and have allowed the company to expand their customer reach quickly.

Continued Momentum

Having recently launched their suite of products in the U.K. market, Wealthsimple’s mission of democratizing financial services has become even larger. This further cements their position as a disruptor in the industry and the platform continues to receive market support and interest both in the States and around the globe.

Conclusion

Wealthsimple’s tremendous success and growth in such a short time is remarkable and is a testament to Katchen’s vision of improving customer experience. This merger brings an unprecedented level of resources and expertise that has allowed the brand to significantly expand their services in both the domestic and international markets. Only time will tell if Wealthsimple can realize its million-dollar ambitions, but for now, the financial services industry is certainly taking note of the platform’s impressive achievements.

Related FAQs

Q: What is Wealthsimple? 

A: Wealthsimple is a financial services provider for the modern day investor. 

Q: Who are Wealthsimple’s venture capital partners? 

A: Wealthsimple’s venture capital partners are Meritech Capital, Greylock Partners, and Wellington Management. 

Q: What range of products does Wealthsimple offer? 

A: Wealthsimple offers automated trading tools, a robo-adviser, multi-currency accounts and more.

Q: About torontobased wealthsimple 610m 4b greylocketheringtontechcrunch.

A: Wealthsimple, a Toronto based financial services provider, raised $610 million in an expansive round of funding. This places the company’s market capitalization at a whopping $2.2 billion and cemented support from major venture capital firms including Meritech Capital, Greylock Partners, and Wellington Management.

Q: What is wealthsimple 610m 4b meritech greylocketheringtontechcrunch?

A: Wealthsimple, a financial services provider for the modern day investor, has recently raised an impressive $610 million in an expansive round of funding. Led by Meritech Capital, Greylock Partners and Wellington Management, the financing places Wealthsimple’s market capitalization at a whopping $2.2 billion.