Canadian Fintech Wealthsimple Touts $611M Funding Round

By Elise Hansen (May 3, 2021, 4:30 PM EDT) -- Canadian financial technology company Wealthsimple said Monday it raised 750 million Canadian dollars ($611 million) at a CA$5 billion valuation in what the company said is likely the largest private tech investment in Canadian history.

Wealthsimple offers an investment platform for stocks and cryptocurrencies, a cash payment service and online tax filing, according to its website. The company has over 1.5 million users and aims to challenge major banks to become Canada's largest consumer finance company, co-founder and CEO Mike Katchen said in a blog post announcing the investment.

Katchen said the latest funds will be used to add more financial...

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