The Canadian digital wealth manager will sell its assets and transfer its 16,000 UK customers to rival Moneyfarm.
Canadian robo advisor Wealthsimple is exiting the UK after four years to concentrate on its home market.
Wealthsimple was founded in Canada in 2014 by Michael Katchen (CEO), Rudy Adler (CMO) and Brett Huneycutt (CPO) and entered the UK market in 2017.
Rival digital wealth fintech Moneyfarm, which recently announced it has passed £2bn of assets under management, is set to acquire WealthSimple’s 16,000 customers and £272m in client assets.
Caroline Murphree, CEO Europe of Wealthsimple said: “As we shift our focus to our Canadian business for the time being, finding a partner for our UK clients that shared our belief in making investing affordable and accessible was our top priority. It’s been a privilege to serve our UK clients, and we’re confident that their investments will continue to be in good hands with Moneyfarm."
Giovanni Daprà, Co-founder and CEO of Moneyfarm said: "We look forward to welcoming Wealthsimple customers to Moneyfarm. This is exciting news for us and will have a significant impact on our business, not only from the point of view of growing our customer base and assets under management, but it is also clear evidence of our commitment to the UK market. We have a lot in common with Wealthsimple UK as both firms provide a simple, cost effective and transparent service. We are confident that customers who migrate to Moneyfarm will find our service the best on the market and an ideal solution for them. In particular our use of technology through our app and having access to a dedicated consultant."