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Wealthsimple gets C$100M boost from Allianz X, Power Financial

Wealthsimple Financial Inc. is set to receive a C$100 million co-investment from Allianz X GmbH and financial management and holding company Power Financial Corp.

The Canadian financial technology company will use the funding to develop its existing services, create new products and evolve its business-to-business platform for advisers and institutions, and accelerate its market expansion in Canada, the U.S. and the U.K. Wealthsimple will add Allianz X to its board as part of the transaction.

Separately, Allianz X is acquiring Finanzen.de AG from financial services group Eli Global LLC in a deal scheduled to close during the third quarter of the current fiscal year.

Berlin-based Finanzen.de offers a proprietary online platform for consumer business-to-business insurance and financial services leads in Europe. It serves as an online broker for certain insurance products in Germany and Switzerland.

Allianz X is a unit of Allianz Group that invests in digital companies across the globe. Finanzen.de will become part of Allianz Group, operating independently.