Online investment management platforms are exploding in the US and have already secured more than $3 billion in assets under management.
Wealthsimple is poised to disrupt the financial services sector as it targets an underserved segment of the market: millennials and mobile users.
Wealthsimple was founded by technology entrepreneurs and financial industry experts. Their team includes Y Combinator alumni and founders of 1000memories, DayForce, and Workbrain, Michael Katchen (founder of Wealthsimple) and Brett Huneycutt (an American Rhodes Scholar) and financial thought leaders like Eric Kirzner, professor at Rotman School of Management.
Wealthsimple’s original goal was to raise a $500,000 seed round but within six weeks they raised $1.9 million from industry icons including Joe Canavan, Roger Martin, David Ossip, Dan Debow, and Impression Ventures – a new Canadian Venture Capital firm.
Wealthsimple’s mission is to create a smart, simple, low-fee way for everyone to invest. One of the ways they have achieved this is by building each part of the business themselves. They say this has allowed them to deliver a better product and keep costs down.
Wealthsimple is currently registered and operating in Ontario and British Columbia.