Ottawa releases long-waited blueprint to usher in open banking in Canada vancouversun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vancouversun.com Daily Mail and Mail on Sunday newspapers.
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 load.
Try refreshing your browser, or
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 string of raises in recent years that featured investments from deep-pocketed actors, artists and athletes.