May 23, 2019 11:30
The Allianz Group and Power financial Corporation have invested $ 100 million ($M) in the canadian financial services Wealthsimple. The latter, launched in 2014, has notably designed the application Wealthsimple Trade, allowing to realize trading without commission.
“We believe the combination of their extensive expertise, combined with the product, the brand and the team that we have built, will form a winning combination to advance our mission : to make accessible to all financial products and advice quality,” says Mike Katchen, founder and chief executive officer of the company.
This investment, according to the company, will improve the offering of its existing services and explore new products. Wealthsimple adds that this offers them the chance to improve their platform for business-to-business (B2B) to help advisors and institutions in the achievement of their work.
Paul Desmarais III, vice-president of Power Corporation of Canada and chairman of the board of directors of Wealthsimple, welcomes the involvement of Allianz. According to him, ” the future of financial services lies in the consolidation of large corporations in place that know how to build managers of world heritage with digital businesses and innovative “.
Wealthsimple and its digital financial services can greatly help Allianz, explains Nazim Cetin, chief executive officer of Allianz X, the investment subsidiary of digital of the German insurer. “As a provider of digital financial services focused on the client, Wealthsimple can complement the activities of Allianz in a number of areas. […] We look forward to working with Wealthsimple in our ecosystem of digital heritage, ” he says.
Note that this is not the first time that Allianz invests in technology companies. The insurer american online Lemonade and the microassureur BIMA , for example, is part of their investment portfolio.