Canadian robo advisor Wealthsimple gets authorisation to launch in UK

By AltFi on 2nd June 2017

The Toronto-based online wealth management firm is on an expansion spree.

 

 

An automated wealth management site is expanding to both the U.S. and the UK, as robo advice around the world is growing.

 

Wealthsimple, a robo advice firm in Canada, received full authorisation from the Financial Conduct Authority to operate in the UK.

 

The news, as reported by CityWire, comes just months after the company announced its plans to expand into the U.S. The two-year-old firm has £500m assets under management and 30,000 customers.

 

The firm recently raised C$50m (£28m) from Power Financial, a financial investment firm that has invested more than C$250m in startups, according to Reuters. That brings the total amount of investment in Wealthsimple to C$100m (£58m).
The platform is offering no fees on any investment under £5,000. After that, the company charges 0.75 per cent per annum in management fees until it reaches £100,000, when the fees call to 0.50 per cent.

 

This article was originally published on www.roboadvicenews.com.

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