Drake-Backed Online Brokerage App Valued At $4B
Wealthsimple, a Toronto-based online brokerage company backed by Drake, is now valued at $4B after its latest fundraising round.
Drake’s been getting to the bag lately, as fans eagerly await the release of a new album. The Canadian artist’s rollout for Certified Lover Boy has so far been accompanied by the launch of NOCTA, his official clothing line with Nike, and a new collection with Chrome Hearts that apparently includes a customized Rolls Royce that you can check out in Miami.
Behind the scenes, he’s been putting his money into budding companies like sports media start-up Overtime. However, it turns out one company that he put his money behind has raised upwards of $4 billion in its latest round of fundraising. Per Business Insider, WealthSimple, a Canadian brokerage firm similar to Robinhood, has raised another $610M, bringing its valuation at roughly $4B. The Toronto-based financial app has tripled its $1.2B value since October with funding mainly coming from Meritech Capital and Greylock Partners.
Drake is among the other investors behind WealthSimple along with Ryan Reynolds, Michael J. Fox, and Dwight Powell, among many others. The company currently boasts 2M users with $8.4B in assets under its management.
“More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better,” said Wealthsimple CEO Mike Katchen in a statement. “This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”