Toronto-based start-up Wealthsimple launched in the US yesterday (31 January). After under three years of building its presence in Canada, the robo-investment advisory service moved the US.
Wealthsimple’s CEO Mike Katchen said: "I remember very clearly when we first launched the business, I presented this grand vision of building a global financial services company."
"Our board, which is made up of some pretty accomplished entrepreneurs and financial services veterans, just about laughed me out of the room."
However, Wealthsimple went from about 20 clients to 20,000 and now has $750 million in assets. The firm is one of the biggest of its kind to have launched in Canada recently. Other Canadian robo-advisers include Nest Wealth, WealthBar, Bank of Montreal’s SmartFolio and Modern Advisor.
All are disrupting the banking industry – challenging big banks and investment firms that have dominated the business for decades.