Asset management giant Allianz backs Wealthsimple in $75 million round
Last year, the company branched out into trading, launching a commission-free stock trading app. The race toward such zero-fee investment services has become particularly heated with the arrival of new players like U.S. firm Robinhood.
But it's also been partnering with financial institutions, plugging its technology into their back end or powering their service on the front end, taking care of everything from investment management to regulatory compliance. Katchen said Wealthsimple is looking to "ultimately replace banks" in becoming the "primary financial partner" for clients.
With Power Financial and now Allianz on board as backers, Katchen added, that "helps us partner with others by bringing credibility and institutional knowledge" to enable the firm to win more partnership deals in the future. The investment from Allianz's venture arm is significant, given the firm is a behemoth in the world of asset management. The company has over $2 trillion in assets under management.
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