Robo-advisor Wealthsimple has announced that it has raised a $50 million Series B investment from Power Financial Corporation. This brings Power Financial’s total investment in Wealthsimple to $100 million to date, announced the company May 11.

After two years in business, Wealthsimple says it now has over $1 billion in assets under administration and more than 30,000 clients in the U.S. and Canada.

Growing in the U.S. and Canadian markets

"It's been encouraging to see the response from both first-time and experienced investors, and we're looking forward to continuing our growth in the U.S. and Canada," said Michael Katchen, CEO and founder of Wealthsimple.

Wealthsimple intends to use the new funds from Power Financial to continue its expansion in Canada, the United States, and grow Wealthsimple for Advisors, its B2B platform, says the company.

"Wealthsimple is making investing approachable to people at all stages of their financial lives, and in particular younger investors who have traditionally been underserved by the financial industry," said Paul Desmarais III, Chairman of Wealthsimple and Senior Vice-President at Power Financial Corporation. "With our biggest investment in Wealthsimple to date, we're excited to see the company continue to grow and succeed."