Digital wealth management startup Wealthsimple raised $75mn from the digital investment arm of Germany’s Allianz, Allianz X, along with early investor Power Financial; the company has plans to go public some time in the next few years and they see this round as helping them to stay on that path; the startup is looking to replace banks and become the primary financial partner for clients according to their CEO Michael Katchen who spoke with CNBC; the company plans to use the capital for new product offerings and to grow further into their three markets in the U.S., UK and Canada. Source.
