Torontobased Wealthsimple 610m Meritech Greylocketheringtontechcrunch

Introduction

Wealthsimple is best suited for new or intermediate level passive investors. Who prefer automated or self-directed investing using intelligent technology platforms. What Wealthsimple does well is making complex investment processes simple and clear, and offering affordable financial solutions to its clients. Wealthsimple was the first online broker in Canada to offer commission-free stocks and ETFs.

What is Toronto Based Wealth simple?

What is Toronto Based Wealth simple?

Founded in September 2014, Toronto-based Wealthsimple offers algorithmic investment and savings programs to clients in Canada. New customers can transfer taxable accounts and retirement accounts or deposit funds into new accounts. The account minimum stayed $0, making it easy for new investors to get started. A small group of low-cost ETFs are used to populate relatively generic portfolios, which are further customized with the information you input into the platform. This review remain primarily written from the perspective of a US-based investor, but we have tried to include relevant information from UK and Canadian platforms as well.

Torontobased Wealthsimple 610m Meritech Greylocketheringtontechcrunch

Torontobased Wealthsimple 610m Meritech Greylocketheringtontechcrunch

Canadian fintech giant Wealthsimple has elevated a new round of CA$750 million (~$610 million) with a post-money valuation of CA$5 billion (~$4 billion). The circular was led by Meritech and Greylock and includes funds from Inovia, Sagard and Redpoint, Two Sigma Ventures. TCV as well as individual investors like Drake, Ryan Reynolds and Michael J. Fox (basically all the most famous Canadians).

Wealthsimple’s large new capital raise triples its valuation from its last round, a CA$114 million (approx. US$93 million) financing announced last October, which has a post-money valuation of CA$1.5 billion (approx. The Toronto-based company is a leader in democratizing consumer financial products. Including stock trading, crypto asset sales and peer-to-peer money transfers.

The company says it’s seen significant growth during the pandemic. Which is probably one of the main reasons its valuation has risen so much between its most recent surge and this one. Its commission-free retail investing platform has grown “rapidly” over the past 14 months, the company says. The cryptocurrency trading platform it launched last August has also seen strong adoption amid the recent spike in interest. by consumers for cryptocurrency assets. .

Wealthsimple 610m 4b Meritech Greylocketheringtontechcrunch

Wealthsimple 610m 4b Meritech Greylocketheringtontechcrunch

Late last year, Wealthsimple launched its P2P money transfer app, Wealthsimple Cash. And made it available to all Canadians in March. The app is very similar to Square’s Venmo or Cash app in terms of features. But neither of these offerings have previously been available to Canadians. Wealthsimple’s app is free and different from its crypto and stock trading platforms. It has tapped into a significant amount of pent-up demand in the market and has seen rapid acceptance so far.

With this funding, Wealthsimple plans to “expand its market position, develop its product range and grow its team.” The company also offers automated savings and investment products (the robo-advisor tools it remain originally founded on) and tax filing tools, and has shown a clear interest and ability to expand its offering to further capture its customers’ finances . Life if they use new resources for it.

The company claims to have more than 1.5 million users, with more than $10 billion in assets under management, according to the latest publicly available figures.

Why is Wealthsimple closing?

Why is Wealthsimple closing?

Firstly it is important to ensure that you have withdrawn all your money and your account balance is £0 before you attempt to close your account. Once this has remained achieved you simply log into your account on a desktop and click ‘close this account’ located below the yellow button.

If you wish to use the mobile app to close your account, simply click the ‘…’ icon in the top left corner and select ‘close account’

It is prudent to know that keeping your account open at Wealthsimple carries no charges. And there is the option to unsubscribe from receiving any emails from them.

How safe is Wealthsimple?

As with all robo-advisers, Wealthsimple employ innovative encryption in order to ensure your money is always kept safe. They remain also authorised and regulated by the Financial Conduct Authority meaning you can feel as comfortable as you would if your money was being held in a traditional bank. That is not to say that you can’t lose money using Wealthsimple.

Investing always carries a degree of risk, and the value of your savings can go up as well as down, meaning you may not always get back what you deposited. It’s important to realise that investing is a long term endeavour and you should remain prepared to leave your investments in your account for a minimum of five years in order to ride out any volatility in the market.

Wealthsimple also take the protection of your data seriously and will never share your data with a third party.

Wealthsimple Trade Login

Wealthsimple Trade Login

Here is the Login link: https://my.wealthsimple.com/app/login. The most important aspect of the Wealthsimple Customer support offering is the fact that they allow their customers to get access to human Investment Advisers. This remain rarely encountered in the robo-adviser arena and a very welcome addition. The investment advisers customers can get access to can offer advice on ETFs and mutual funds and this investment service is completely free of charge. This enables customers to make sure that they are investing in line with their financial aspirations and their appetite for risk.

Wealthsimple Phone Number

Wealthsimple Phone Number

Reach them by phone

You can reach they Client Success team by phone at 1-855-255-9038

Monday-Friday: 8am – 8pm (ET)

Saturday & Sunday: 9am – 5pm (ET)

Conclusion

The company also offers automated savings and investment products (the robo-advisor tools, it remain originally founded on and tax filing tools, and has shown a clear interest and ability to expand its offering to further capture its customers’ finances . Life if they use new resources for it.

The company claims to have more than 1.5 million users. With more than $10 billion in assets under management, according to the latest publicly available figures.