#WealthTech / Wealthsimple Announces $114mn Investment Led by TCV, Claims $1.4bn Valuation

TCV has backed over 350 technology companies, including Airbnb, Netflix, Peloton, Revolut, and Spotify. Greylock, a venture capital firm that focuses on enterprise and consumer software, has partnered with over 180 companies, while Meritech has partnered with 200 companies globally…

The new financing comes on the heels of a busy year for Wealthsimple, which began expanding into new financial services verticals, including crypto assets as well as saving and spending. Mike Katchen, CEO of Wealthsimple, told BetaKit the startup plans to use the new capital to continue building out its current products, as well as to add new products as part of its broader push to replace traditional banks.

“Achieving a unicorn valuation from some of the world’s most respected investors is not only an exciting moment for us, but an exciting thing for the Canadian technology scene,” Katchen told BetaKit…

The startup, which was founded in 2014, has previously stated plans to divide its offerings into three pillars: saving and investing, responsible credit, and smart insurance. When speaking with BetaKit recently, Katchen said that “responsible credit” products such as mortgages, as well as insurance offerings are still on Wealthsimple’s roadmap.

“It’s important to me that people understand we are building a financial services company that is set on being a public business someday, and so we started that process two years ago, when we raised from Allianz X,” Katchen added. “This is another step towards a broader shareholder base.”