LONDON, September 19, 2017 /PRNewswire/ --
Backed by $100m from Power Financial, leading North American online investing service expands to the UK
Wealthsimple, a leading digital wealth manager, continues to make smart investing accessible and low-cost to more people with today's announcement of the company's expansion to the United Kingdom. UK residents can now open an account and have access to diversified investment portfolios in less than five minutes on wealthsimple.com or by downloading the iOS or Android app.
Wealthsimple combines the best of technology and human expertise to build diversified investment portfolios aimed at helping people reach their financial goals, whether they're long-time investors or starting out for the first time. In less than three years, more than 40,000 clients have trusted Wealthsimple with their savings, with the company currently managing over £750 million assets globally.
"Wealthsimple was born out of the idea that everyone should have access to high-quality financial products and advice, no matter their age or income," said Toby Triebel, CEO Europe, Wealthsimple. "Many people in the UK don't have access to investment services or are paying too much for them, and the initial response through our beta testing phase has been an incredible testament to the demand for an easy and transparent investment option."
Wealthsimple stands out from the crowd with exceptional product design and engaging creative content that aims to humanise the world of money and investing. Wealthsimple's Magazine unpacks difficult financial decisions, uses unique subcultures to help people understand the way economies work, and talks to interesting people (like Elijah Wood) about their life-long relationship with money. With a commitment to product innovation, Wealthsimple's website has won the prestigious Webby Award for Best Financial Services/Banking website two years in a row.
At launch, clients are able to open ISAs (Individual Savings Account), JISAs (for children) and personal accounts with a 0.7% management fee. There is no minimum to open an account with Wealthsimple and all clients are set up with sophisticated investment portfolios, tailored to clients' financial goals, and have the option to speak with an accredited investment adviser. Wealthsimple's premium service, Wealthsimple Black, is available to UK residents who invest over £100,000 with the platform. The programme provides lower management fees (0.5%), personalised investment advice and travel perks. New product offerings will continue to be announced as Wealthsimple establishes itself in the UK market.
The London-based team is led by Fintech entrepreneur Toby Triebel, the former CEO and co-founder of the global online lending platform Spotcap. Triebel joined the Wealthsimple team in September 2016, leading the company through regulatory approval and initial beta testing, which saw over five thousand people sign up for early access to Wealthsimple through an online waitlist.
In May, Wealthsimple raised an additional C$50 million from Power Financial group of companies, a strategic partner, bringing Power's total investment to C$100 million thus far in support of Wealthsimple's global ambitions. Headquarted in Canada, with offices in London, Toronto and New York, this marks Wealthsimple's second international expansion, having launched in the US in January 2017.
Wealthsimple is an online investment manager that combines user-friendly digital tools and personal financial advice to make smart, automated investing available to everyone. With no minimum account size and low fees, Wealthsimple makes investing simple, accessible, affordable and personalised. Available in the US, the UK, and Canada, Wealthsimple was founded by a team of financial experts and technology entrepreneurs, and is backed by the Power Financial group of companies. Power Financial Corporation (TSX: PWF) is a diversified management and holding company that has interests, directly or indirectly, in companies in the financial services sector in Canada, the United States and Europe. To learn more, visit http://www.wealthsimple.com.
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