Wealthsimple raising $750 million in latest financing deal, valuation hits $5 billion

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Wealthsimple says it has raised $750 million in a financing deal that includes several new venture capital investors as well as a star-studded list of celebrities including Drake and Ryan Reynolds.

The deal values the financial services company at $5 billion.

Wealthsimple says the financing was led by Meritech and Greylock and includes new investors DST Global, Sagard, Iconiq, Dragoneer, TCV and iNovia as well as others.

In addition to Drake and Reynolds, actor Michael J. Fox, NBA players Kelly Olynyk and Dwight Powell and NHL player Patrick Marleau are also investing in the company.

Wealthsimple says it will use the money raised to expand its market position, build out its offering of products and grow its team.

Wealthsimple, which began as an online investment manger, has grown to add Wealthsimple Trade, a commission-free stock trading platform, and Wealthsimple Crypto, which allows users to buy, sell and hold cryptocurrency assets. It also launched Wealthsimple Cash, a peer-to-peer money transfers app, earlier this year.

 

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