TORONTO — Online investment firm Wealthsimple says it has raised $114 million from a group investors led by U.S. technology venture capital firm TCV in a deal that values the company at $1.4 billion.
The firm says it will use the new cash to help grow its market position, build on its product offerings and grow its team in Canada.
Wealthsimple was founded in 2014 and offers commission-free stock trading, a savings account and tax filing software.
David Yuan, general partner at TCV, will join Wealthsimple’s board of directors.
TCV’s investments have included Airbnb, Facebook, Netflix, Peloton and Spotify.
Power Corp. of Canada holds a controlling stake in Wealthsimple through investments made by Power Financial, IGM Financial and Portag3 Ventures.
This report by The Canadian Press was first published Oct. 14, 2020.
Companies in this story: (TSX:POW)
The Canadian Press