German insurer Allianz Group's digital investment unit, Allianz X GmbH, said May 22 that it will co-invest C$100 million in Canadian financial technology company Wealthsimple Financial Inc. with Canada-based Power Financial Corp.

Details of the transaction were not disclosed in the May 22 statement.

Under the deal, Allianz X will also join Wealthsimple's board of directors.

Wealthsimple, which mainly provides digital investment advisory services, will use the funds to accelerate its growth in Canada, the U.S., and the U.K.