Wealthsimple launched its robo-advisor service within the UK 4 and a half years in the past however has now determined to concentrate on its Canadian enterprise “in the interim”.
It has 16000 UK clients and £272 million in property underneath administration. Eligible clients shall be transferred to Moneyfarm in direction of the top of January.
In March, the agency offered off its US guide – about 17,400 clients with property underneath administration of $190 million – to Betterment.
In the meantime, Toronto-based Wealthsimple has been busy increasing its vary of companies in its dwelling market, transferring into crypto and rolling out a P2P cash switch service. Earlier this yr it raised C$750 million at a C$5 billion valuation.
Based in 2011, Moneyfarm has operations within the UK, serving 68,000 shoppers and managing greater than £2 billion in property.,Canadian fintech large Wealthsimple is pulling out of the UK funding market, transferring its clients to Moneyfarm.,
