Toronto based robo-advisor Wealthsimple has raised a $51m funding round from Power Financial Corp, after raising a $37m Series B in May 2017.
The company last year became the first foreign robo-adviser startup to enter the U.S. market and later in 2017 opened in the UK. It currently manages $1.45 billion for more than 65,000 clients in the three markets it operates in. Wealthsimple charges a 0.5 percent fee for investments up to $100,000. The latest round of funding brings the total investment of Power Financial, a Canadian company that owns financial services businesses, in Wealthsimple to $131 million.