(Toronto) Online investment firm Wealthsimple said Wednesday it had raised $ 114 million from a group of investors led by TCV, which specializes in technology-driven growth capital investments, in the part of a deal that estimates it at 1.4 billion.
Posted October 14, 2020 at 12:36 PM
Wealthsimple said it plans to use the proceeds from this transaction to enhance its market position, expand its product offering and grow its team in Canada. Founded in 2014, Wealthsimple offers commission-free stock trading, savings accounts and tax filing software.
David Yuan, General Partner at TCV, will join Wealthsimple's board of directors.
TCV owns investments in Airbnb, Facebook, Netflix, Peloton and Spotify.
Power Corporation of Canada has a controlling interest in Wealthsimple through investments of Power Financial, IGM Financial and Portag3 Ventures.