AltFi.com uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Your daily download of all things alternative finance and fintech, from us at AltFi


 

Canada's Wealthsimple expands into US robo-adviser market




By Lisa Walls-Hester on 1st February 2017


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.

 

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


Enter your name:

Enter a comment in the box below:

More like this:

Nationwide is developing a robo-advice platform
6th December 2017
Daniel Lanyon
Is Monzo launching a robo advisor?
20th November 2017
Daniel Lanyon