Canada's Wealthsimple expands into US robo-adviser market

By Lisa Walls-Hester on 1st February 2017

Robo-Advice

Wealthsimple, the Toronto-based robo-adviser has expanded into the US. The expansion follows a $15.25m investment from Power Financial Corp. According to industry analysts, Wealthsimple is the first foreign robo-adviser to enter the US market.

Canada's Wealthsimple expands into US robo-adviser market

Wealthsimple claims to have acquired over $580m in assets from 20,000 customers in Canada since its launch a little over two years ago.

Founder and chief executive Mike Katchen said it is the right time for the company to push into US territory. Given the size of the market, it is a major opportunity for growth, but he also said it was too soon to set any US targets or specify the total of assets under management the company would need to become profitable.

The company also has a platform for financial advisers in Canada but said it has no immediate plans to launch this service in the United States.

Wealthsimple has 75 staff globally, up aggressively from roughly 25 people at the beginning of last year. Katchen is expecting the firm to grow at a similar pace in 2017.

Wealthsimple has also recently opened an office in London and says a push into Europe is possible, but it will focus on the Canadian and US territories in the short-term.

Comments

AltFi London Summit 2019

The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.

18th March 2019


Companies in this Article:

Wealthsimple

More like this:

WiseAlpha launches robo-manager

23rd October 2018
George Geddes

Moneyfarm snaps up German robo adviser

22nd November 2018
Daniel Lanyon

Intuit partners with LendingClub and Wealthfront

19th October 2018
George Geddes

Scalable Capital lands deal with banking giant

27th September 2018
Daniel Lanyon