Fintech app Wealthsimple plans to use the funds in its quest to become Canada's largest consumer finance company. Here are the top-line bullets you need to know.
Wealthsimple, a provider of tools for money management and portfolio investment, has raised $610M in its latest fundraise, valuing it at $4B. Investors include Greylock Partners, Inovia Capital, Redpoint Ventures, as well as celebrities Drake and Ryan Reynolds.
HOW’S THE COMPANY PERFORMING?
- Canada-based Wealthsimple provides an array of financial services, like a commission-free stock trading platform, cryptocurrency trading, P2P money transfers, and tax filing services.
- The company has over 1.5M users, with more than $10B in assets under management.
- Since the Covid-19 pandemic, the company has seen significant growth on its retail investment platform, Wealthsimple Trade, and its crypto trading platform, Wealthsimple Crypto.
Source: Wealthsimple
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides an enormous opportunity for growth to service providers and first movers.
- Recently, the market is witnessing an increase in investments, with Q1’21 representing the largest funding quarter on record.
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