Wealthsimple has announced a new financing deal involving a group of star-powered investors and venture capitalists that includes Drake and Ryan Reynolds.
The Canadian online investment service says it has secured $750 million in a funding round that now values the Toronto-based company at “about $4 billion” — more than three times what it was worth in the fall.
“Wealthsimple has received what is to our knowledge the largest private tech investment in Canadian history,” says a company press release. “Meritech and Greylock, two of the world’s premier tech investors, are leading a $750 million investment round to help Wealthsimple do what we always believed it could: revolutionize the way we do money, and become the biggest consumer finance company in Canada in the process.”
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Wealthsimple says it has raised $750 million from more than 15 private investors and investment firms. Besides Drake, Reynolds, Meritech, and Greylock, the group also includes Dragoneer, iNovia, Michael J. Fox, NBA players Kelly Olynyk and Dwight Powell, and NHLer Patrick Marleau.
We just raised one of the biggest investments in Canadian history.
We’re going to use it to revolutionize the way we do money.
Oh, and did we mention @Drake chipped in?
— Wealthsimple (@Wealthsimple) May 3, 2021
Mike Katchen, the co-founder and CEO of Wealthsimple, says the company will use the new investment to “give Canadians more, and more powerful, financial products; more efficient ways to grow and manage their money; and make sure that the door to financial freedom is open to every single one of us.”
He says he plans to use the new cash to expand Wealthsimple’s market position, expand its product offering, and grow its team across the country.