The robo-adviser fintech increased its AUA by over $900 million in the first three months of 2019. Over the same period, Power Financial and its subsidiaries invested an additional $30 million, bringing the firm’s total voting interest in Wealthsimple up to 88.6 per cent. (The Logic)
Skip to content
The robo-adviser fintech increased its AUA by over $900 million in the first three months of 2019. Over the same period, Power Financial and its subsidiaries invested an additional $30 million, bringing the firm’s total voting interest in Wealthsimple up to 88.6 per cent. (The Logic)
Talking point: Wealthsimple is growing, in part, because of its new offerings like Wealthsimple Invest, Wealthsimple Save, Wealthsimple Trade, Wealthsimple for Advisors and Wealthsimple for Work. Earlier this month, CEO Michael Katchen spoke with David about the company’s push for open banking in Canada. The same day, the firm launched a foundation to help one million low-income children save for school. All these new offerings—not to mention the marketing spend accompanying them—require a fair bit of cash. Power Financial is providing that money. So far, the firm has invested $238 million in the fintech.
Clarification: This story has been updated to clarify Power Financial’s 88.6 per cent voting interest.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
Exclusive
Canada’s new AI strategy includes $500M fund to back key firms
Briefing
U of T researchers use free AI models to create dangerous cyberattack ‘worm’
Canada to strengthen forced labour ban after U.S. threatens 10% tariffs
Shopify ups share buy-back program to US$5B
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
