Toronto-based robo-advisor Wealthsimple has raised $15.25m from Power Financial Corp to launch in the US.
The roll out will be the first by a foreign company in the US market where it will target inexperienced, millennial investors.
The company uses algorithms instead of human investment advisors to create diversified portfolios at a lower cost.
Wealthsimple charges a 0.5% fee for investments up to $100,000 with a fee of 0.4% above that sum.
It also aims to appeal to young and first time investors by offering no account minimum and offering the first $5,000 for free.
The company says more than 20,000 users signed up to its launch in 2014 and it expects to see more than $1bn in exchanged traded funds reached soon.
It will launch in the US with a Super Bowl ad.
Power Financial has now invested more than $50m in Wealthsimple.
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