Michael J Fox, Ryan Reynolds and Drake among the stars backing Wealthsimple’s C$750m latest funding round

Canadian FinTech company Wealthsimple has raised C$750m from a funding round led by Greylock and Meritech.

The round housed a vast range of companies and individual investors, with the former including DST Global, Redpoint, Steadfast, Iconiq, Alkeon, TSV, Sagard, Dragoneer, iNovia, Allianz X, Base 10 and Plus Capital. Individual investors included Drake, Ryan Reynolds, Michael J Fox, Dwight Powell and Patrick Marleau.

Following the recent funding round, Wealthsimple now has an overall valuation of C$5bn. This means the company’s valuation has more than doubled since its last funding round in October last year when Wealthsimple achieved unicorn status.

Wealthsimple began in 2014 as an online investment management service and trading app. However, the company has recently expanded into cryptocurrencies as well as rolling out a peer-to-peer money transfer service.

According to the firm, the new funding will be used to help it continue building out its product as well as expanding its team.

Wealthsimple CEO Mike Katchen said, “More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better.

“This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”

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