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Article content The news this week that Wealthsimple Technologies Inc. was raising $750 million in a funding round that valued the financial upstart at $5 billion — up from $1.4 billion in October — sent jaws dropping in Canada’s wealth management industry. What made the valuation particularly shocking is that Wealthsimple currently has about $9.7 billion in assets under management, meaning the deal valued the firm at 52 per cent of AUM, an unheard-of figure in an industry that typically sees asset managers sold for two to five per cent of AUM. We apologize, but this video has failed to...

Article content Investment from some of the most famous celebrities has been flowing into Canada’s startups, with entrepreneurs eager to add the allure of the rich and famous to their roster of investors. Some of Canada’s most famous celebrities and athletes — Toronto rapper Drake, Vancouver-born actor Ryan Reynolds and NBA Houston Rockets player Kelly Olynyk — backed online Canadian bank challenger Wealthsimple Technologies Inc.’s funding round on Monday, which is believed to be the largest private technology investment in Canada. The celebrity-studded deal is the latest in a strin...

The Toronto-based company has more than tripled the $1.2 billion valuation it received in October 2020. Drake isn’t the only celebrity investor in Wealthsimple, as actors Ryan Reynolds, Michael J. Fox and NBA player Dwight Powell have poured money into the operation. Wealthsimple brands itself as an “investment manager and trading app,” but has significantly expanded its business expertise to other avenues as the company continued to grow in recent years. Market Insider says they’ve added the capabilities for stock trading, crypto trading, automated investing and peer cash transfers t...

Online Brokerage Backed by Drake Reportedly Valued at $4 Billion VladTV 3,092 views   •  comments According to reports, a Toronto-based online brokerage company backed by Drake is valued at $4 billion.  The company, Wealthsimple, received roughly $610 million during its last round of funding. However, Drake isn't the only famous Canadian investing in the company. Some of the other investors include actors Michael J. Fox, and Ryan Reynolds, in addition to former pro-baseball player Dwight Powell. The app is positioned to be a Canadian version of Robinhood. “More than two million Canadi...

Online Brokerage Company Backed By Drake Valued At $4 Billion May 5, 2021 Wealthsimple, the company that has other famous Canadian investors including Michael J. Fox and former pro-baseball player Dwight Powell, received over $600 million during its last funding season. According to the report, the app for the company will be the Canadian version of Robinhood. “More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better,” said CEO Mike Katchen. “This investment will fuel our growth so we can reach milli...