Wealthsimple raises $750M; now valued at $5 Billion

TORONTO- Canadian online investment platform Wealthsimple announced it has raised a landmark $750 million in its latest round of funding, making it one of the largest private tech investments in Canadian history. The Canadian robo-advisory and DIY trading platform is the latest beneficiary of an interest in Canadian tech as well as global affinity to self-directed investment platforms. It also marks a turning point in the growth of the Canadian fintech industry which has long been dominated by the ‘big 5’ banks.

The platform, which was launched in 2014 by Michael Katchen is on a mission to use technology and innovation to revolutionize the finance industry and make investment accessible to millennials and low/middle-income retail investors. It has continued to grow and add new users inspite of the pandemic as more Canadians now invest than ever before, and has even added Crytpocurrency trading and tax filing capabilities recently.

Rumours of a large raise have been circulating since last week.

The round was led by Meritech and Greylock, and included a group of diverse investors; DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital and others. Canadian actors Ryan Reynolds and Michael J. Fox, and Toronto based Rapper Drake were among the high profile celebrities who also invested in this round.

Continue Reading Wealthsimple raises $750M; now valued at $5 Billion

Clearbanc rebrands as Clearco, raises $100 Million

TORONTO – The company formerly known as Clearbanc raised an additional $100 million in Series C equity funding, bringing its total valuation close to $2 Billion. The New York and Toronto based company, now officially Clearco, has rebranded itself to include its expanded business interests.

The company also received US$250M of debt from Credigy. It intends to use the funds to accelerate growth plans.

Clearco was co-founded in 2015 by Michele Romanow of Canada’s Dragons’ Den fame, Andrew D’Souza, Ivan Gritsiniak, Charlie Feng, and Tanay Delima. It offers non-dilutive capital solutions for e-commerce, apps and SaaS startups and established companies, as well as a full suite of products and access to a global network, insights and data, and recommendations.

Continue Reading Clearbanc rebrands as Clearco, raises $100 Million

Coinbase goes public with a $86 Billion valuation

NEW YORK – The cryptocurrency exchange Coinbase (NASDAQ: COIN) went public Wednesday afternoon at a valuation of nearly $100 Billion after many days of speculation among analysts and the general public. The exchange garnered interest due to its reputation and the recent surge in popularity of anything crypto based, particularly Bitcoins.

The company listed its shares directly on the Nasdaq, as opposed to selling new stock through an initial public via a so-called direct listing, a technique used Spotify (NYSE: SPOT) and Palantir (NYSE: PLTR) in recent years. Stock prices surged to a record high of $430 at one point, an almost 50% increase from its reference point of $250 per stock.

The IPO made Coinbase CEO Brian Armstrong a multi-billionaire overnight, while many early investors were also rewarded handsomely. Mr. Armstrong wrote a brief message on the company website; thanking Satoshi Nakamoto and stating “We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences for you, our community.” sending a message of confidence to a market that may be on the verge of a crypto bubble, according to some analysts.

Continue Reading Coinbase goes public with a $86 Billion valuation

Canva valuation increases to $15 Billion

SYDNEY – Australian design platform completed its latest round of funding, raising $71 million led by T. Rowe Price and Dragoneer, which includes several previous investors, at a $15 billion valuation. Canva, which says it remains profitable, also announced that its business passed $500 million in annualized revenue, up 130% from the year before, and surpassed more than 55 million monthly active users.

With the new funding, cofounder/CEO Melanie Perkins, and cofounder/COO Cliff Obrecht, are now likely worth several billion. According to estimates by Forbes; Perkins and Obrecht, who married in January 2021, owned about 15% of Canva each prior to the investment. 

According to Obrecht, the reason for this round of funding, which brought in a relatively small amount of cash for growth, was twofold: employee and investor liquidity, as well as funding for future acquisitions.

Launched in 2013, Canva is a free online visual communications platform with a mission to empower everyone in the world to design. Featuring a simple drag-and-drop user interface and a vast range of templates. Canva is available on desktop, web, iOS, and Android.

Continue Reading Canva valuation increases to $15 Billion