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Robo Wealthsimple raises £37m in new funding round

Robo Wealthsimple raises £37m in new funding round

Wealthsimple, the Canadian robo-advice firm that launched in the UK in September 2017, has raised a further £37 million from Power Financial Group. 

Power Financial, a financial conglomerate, had previously invested in the company when it first opened its doors in Canada in September 2014. This takes its total investment to £94 million.

Wealthsimple manages £1.2 billion for over 65,000 clients across the US, Canada and the UK. 

It will use the money to explore new products, accelerate growth across its three markets and further develop its B2B platform. 

Earlier this year it launched a range of socially responsible investing portfolios for clients with a minimum of £5,000. 

Chief executive and co-founder Michael Katchen said: 'Wealthsimple had an incredible 2017. We expanded to our first international markets, and tripled the number of clients who invest with us.

'We're looking forward to building on this momentum, making an even better product for even more clients in the months and years ahead.'

The company's European boss Toby Triebel added: 'Our relationship with Power Financial has allowed us to act on our ambitions to be a global player and bring our simple and accessible investing approach to Europe.

'In the UK we're looking forward to adding more products to our line-up in the coming year and making it even easier for people to invest in their values through offerings like our SRI (Socially Responsible Investing) portfolio.'

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