Allianz X and Power Financial Corporation co-invest C$100 million in Wealthsimple

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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.

“As a digitally-enabled financial services provider with a strong customer focus, Wealthsimple can complement Allianz's business in a number of areas,” said Nazim Cetin, CEO of Allianz X. “This investment underlines our commitment to truly digital companies and is an excellent addition to our portfolio. We look forward to collaborating with Wealthsimple in our digital wealth management ecosystem.”

Since launching in September 2014, Wealthsimple has made investing more accessible through low fees, and easy-to-use digital tools, including its managed portfolio service, Wealthsimple Invest, and its $0-commission trading app, Wealthsimple Trade.

“Bringing Allianz into this investment round is a landmark transaction in Canadian Fintech. The partnership between Wealthsimple, Portag3 Ventures and the Power group since the founding of the company in 2014 is unique,” said Paul Desmarais III, Chairman of Wealthsimple. “We believe the coming together of large incumbent companies that understand how to build global asset managers with innovative, digital-first companies is the future of financial services.”

About Wealthsimple

Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using cutting-edge technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. Wealthsimple manages over C$4.5 billion for more than 150,000 clients in Canada, the U.S. and the UK. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. The brand has been recognized for its innovative approach to design and storytelling — it's been recognized as a Most Innovative Company by Fast Company magazine, and has won awards from the Director's Guild of America, the Webby Awards, the Society of Publication Designers, and Elevate. 
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. It has a portfolio of over 25 companies and AuM of more than 1.5 billion euros. Allianz X has counted 12 unicorns among its portfolio so far. The heart and brains behind it all are a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and realize their full potential. Keep up with the latest at Allianz X on Medium, LinkedIn, and X (formerly Twitter)
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.

Press contacts

Daniela Markovic
Allianz SE
Gregor Wills
Allianz X
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

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