Canada's Wealthsimple Valued at $10 Billion
Wealthsimple Financial Corp. raised $750 million in its latest equity round, valuing the financial services firm at $10 billion, making it one of Canada's most valuable startups.
The capital raise, announced on Monday, is co-led by Dragoneer Investment Group and GIC. The round includes a $550 million primary offering and a secondary offering of up to $200 million.
- Canada Pension Plan Investment Board is investing in Wealthsimple for the first time.
- Existing investors, including IGM Financial Inc., ICONIQ, Greylock, Meritech, and Power Corp., also participated in the round.
No specific statements were made by the investors.
Power Corp., which controlled 54% of the firm as of June 30, reported that its portion remains about the same after the new round.
Author's summary: Wealthsimple valued at $10 billion after equity round.