Allianz X, the digital investment unit of the Allianz Group, and Canada-based Power Financial Corporation, a financial management and holding company, announced that they will invest C$100 million in Wealthsimple, a financial technology company that offers Canada's leading online investing service and commission-free trading app. Wealthsimple will use the new capital to deepen its customer relationships by developing its existing services and new product offerings, as well as evolving its B2B platform for advisors and institutions.
Allianz X invests in innovative digital companies around the world. Its portfolio includes U.S. insurtech Lemonade, micro-insurer BIMA, and ride hailing companies GO-JEK and SafeBoda.