Canadian robo-adviser Wealthsimple has raised $610m (C$750m) in a funding round led by Meritech and Greylock who were joined by star power.
The new financing round takes the robo-adviser’s valuation to $4bn (C$5bn).
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DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital also joined the fundraising.
Also participating were actors Ryan Reynolds and Michael Fox, NBA players Kelly Olynyk and Dwight Powell, NHL athlete Patrick Marleau as well as rapper Drake.
As part of the deal, Meritech general partner Max Motschwiller became part of the Wealthsimple board.
Wealthsimple plans to further build out its product offering, strengthen its team as well as expand its market position with the fresh infusion.
Motschwiller noted: “Wealthsimple has been able to capture a generation of financial consumers in Canada with financial products that are markedly different than anything offered by the incumbents — simpler, more human, and built with the kind of technology that delivers an experience consumers want.”
Wealthsimple reached the unicorn status in October 2020 after receiving C$114m in a fundraising led by growth equity firm TCV.
The firm offers Wealthsimple Trade, a commission-free stock trading platform, and P2P money transfers app Wealthsimple Cash. Besides, it offers Wealthsimple Crypto to enables users to buy, sell and hold cryptocurrency assets with a mobile app.
Wealthsimple co-founder and CEO Mike Katchen said: “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.”
Earlier this year, American robo-adviser Betterment acquired Wealthsimple’s US investment advisory book of business.
