Canada Life parent invests £37m in robo-adviser

Canada Life parent invests £37m in robo-adviser

Robo-adviser Wealthsimple has received investment of nearly £37m which it will use to improve its platform.

The company, which was founded in Canada in 2014, raised the money from one of its existing investors, Power Financial, which is the parent of a number of financial services companies, including Canada Life.

The latest funding brings Power's total investment to CAN$165m (£93.5m).

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Toby Triebel, Wealthsimple's European chief executive, said: "Our relationship with Power Financial has allowed us to act on our ambitions to be a global player and bring our simple and accessible investing approach to Europe.

"In the UK we are looking forward to adding more products to our line-up in the coming year and making it even easier for people to invest in their values through offerings like our socially responsible investing portfolio."

The company has said it will use the new capital to "evolve its investing product" and explore new financial products as well as accelerate growth across its three markets, and develop its business-to-business platform.

Paul Desmarais III, chairman of Wealthsimple and senior vice-president at Power Financial Corporation, said: "Wealthsimple is delivering the benefits of financial advice to more and more people to help them create a better future."

Wealthsimple now manages £1.2bn for more than 65,000 clients in Canada, the UK and United States.

It launched its services in the UK in September 2017.