Canadian firm Wealthsimple launched in US today

By anna smith

Toronto-based start-up Wealthsimple launched in the US yesterday (31 January). After under three years of building its presence in Canada, the robo-investment advisory service moved the US.

Wealthsimple’s CEO Mike Katchen said: "I remember very clearly when we first launched the business, I presented this grand vision of building a global financial services company."

"Our board, which is made up of some pretty accomplished entrepreneurs and financial services veterans, just about laughed me out of the room."

However, Wealthsimple went from about 20 clients to 20,000 and now has $750 million in assets. The firm is one of the biggest of its kind to have launched in Canada recently. Other Canadian robo-advisers include Nest Wealth, WealthBar, Bank of Montreal’s SmartFolio and Modern Advisor.

All are disrupting the banking industry – challenging big banks and investment firms that have dominated the business for decades.
 

Follow @BizReviewCANADA

Read the January 2017 issue of Business Review USA & Canada magazine

Source: CBC

Share
Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI