Chances are, you’ve seen an advertisement for Wealthsimple at some point.
Whether that be on Tik Tok, Instagram, Twitter, YouTube, or even while watching television — the Toronto-based financial services business has been hellbent on making sure everyone knows they exist.
Today, the company announced a new financing deal worth $750 million involving multiple Canadian celebrities and venture capital investors has pushed the company’s valuation to $5 billion.
Along with more than 15 investments from venture capital investment firms including Meritech, Greylock, Dragoneer and iNovia, rapper Drake, actors Ryan Reynolds and Michael J. Fox, NBA players Kelly Olynyk and Dwight Powell, and San Jose Sharks forward Patrick Marleau are also all investors as well.
“We invest in companies with the potential to revolutionize industries and become enduring market leaders,” said Meritech’s general partner Max Motschwiller, in a release.
“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 began as an online investment manager but has most notably grown to add Wealthsimple Trade, a commission-free stock trading platform, and Wealthsimple Crypto, which allows users to buy, sell and hold cryptocurrency assets.
Wealthsimple says they plan to use their new influx of money to expand their market position, build out the products it offers even further, and grow its team.
“The financial services industry is in the midst of a massive transformation, and our continued growth, and the interest from some of the world’s leading investors, proves that Wealthsimple is poised at the leading edge of that transformation in Canada,” Wealthsimple co-founder and CEO Mike Katchen said in a release.
It’s safe to say you shouldn’t expect to stop seeing all those Wealthsimple advertisements in your social media feeds anytime soon.