The funding round represents one of the biggest investments in a Canadian fintech company, said Wealthsimple CEO Michael Katchen. Investments include $30 million from Power Corporation, which, along with its subsidiaries Portag3 and IGM, owns a 88.6 per cent stake in the robo-adviser. Wealthsimple did not disclose how much Allianz, a Germany-based global insurance and investment company that manages close to €2 trillion in assets, invested, or what its stake in Wealthsimple will be. (Globe and Mail)

Talking point: The company’s partnerships with Power Corporation and Allianz are a departure from tech companies’ typical approach to fundraising. Rather than seeking out venture capital, Wealthsimple has gone after bigger investments with an eye on the longer term. “Financial services is a different kind of animal that requires building very long-term trust with clients and institutional partners,” said Katchen during the announcement on Wednesday. “And because of that, strategic financial services partners make a lot of sense for the type of business we’re building.” Wealthsimple plans to use the investment—and its partners’ credibility—to expand its product line beyond investing, savings and trading, said Katchen, and to move into more markets as it plans an IPO within the next few years.