#WealthTech / WealthSimple Attains Unicorn Status, Joining Rival FinTech Firms Revolut, and Robinhood

Unicorns are real – at least not in a traditional sense of the word. In today’s world, a ‘unicorn’ is a term used to describe a company which has attained a valuation greater than $1 billion.

[TCV General Partner, David Yuan:] “We have been watching Wealthsimple’s rise in the Canadian market and love the way the company is bringing simplicity, humanity, and delight to personal finance…TCV is focused on businesses that have the potential to transform industries, and we are thrilled to work with Mike and the Wealthsimple team to build a leader in financial services and an important consumer platform.”

In addition to growing in valuation, WealthSimple has broadly expanded its range of services… Most recently, WealthSimple announced the launch of its newly minted service, dubbed ‘WealthSimple Crypto’. This is a closed-loop service, which allows for its clients to trade both Bitcoin and Ethereum in a safe environment.

[Daglar Cizmeci, CEO of Red Carpet Capital:] “The entire financial services industry has been shaken by the technological revolution, which in turn, has shaped the world. Wealth management in 2020 is no exception to this trend. Fintech has reinvented the landscape of investment management by incorporating Big Data, Artificial Intelligence and machine learning to optimise portfolios, mitigate risks and evaluate investment opportunities.”