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Allianz X and Power Financial Corporation invest in Wealthsimple

Allianz Group's digital investment unit, Allianz X, and Canada's Power Financial Corporation, a finance and holding company, are investing C $ 100 million in financial technology company Wealthsimple. Wealthsimple offers the leading Canadian online investment services and commission-free trading app. The company will use the additional capital to deepen customer relationships, to further expand existing services and new product offerings, and to further develop the existing B2B platform for consultants and institutes.

Allianz X invests in digital companies around the world. The portfolio includes the US insurtech company Lemonade, the microinsurer BIMA and the ride-hailing providers GO-JEK and Safeboda.

"As a digital 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 underscores our commitment to highly digital companies and is an excellent addition to our portfolio. We look forward to working with Wealthsimple in the area of ​​our digital asset management. "

Since its launch in September 2014, Wealthsimple has facilitated access to investment products through low fees and easy-to-use digital tools - including the portfolio management service, "Wealthsimple Invest", and the free trading app "Wealthsimple Trade".

“Allianz's participation in this financing round is a landmark transaction in the Canadian fintech landscape. The partnership between Wealthsimple, Portag3 Ventures and the Power Group since the company was founded in 2014 is unique, ”said Paul Desmarais, Chairman of the Board of Directors of Wealthsimple. "We believe that the collaboration of large established companies who understand how to build global asset managers with innovative, digitally-oriented companies is the future of financial services."

Source: Allianz Group press release

Allianz SE is an international insurance group based in Munich. Founded in 1890, the company employs over 142,000 people worldwide and manages investments worth more than 1.4 trillion euros for more than 92 million customers in more than 70 countries. Allianz X is the digital investment unit of the Allianz Group. (JF1)