Wealthsimple heads across the pond

The fintech brand's CEO says there is an opportunity in the U.K. with underserved millennials.

Canadian fintech brand Wealthsimple is expanding overseas to the United Kingdom, the third market for the company.

The investment services website and mobile app are now available to U.K. residents, following the brand’s expansion to the United States earlier this year.

In an emailed statement to strategy, Wealthsimple co-founder and CEO Michael Katchen said the U.K. presents an opportunity for the brand because much like it was in Canada, that market is underserved when it comes to financial services options, particularly for younger people without much money to invest.

“They’re either not getting the advice they need, or they’re paying too much for it, and we think our service will resonate with this group and fill an important gap,” he said, adding that the U.K. expansion is a step towards Wealthsimple’s global expansion goals. Wealthsimple’s marketing began with a focus largely on millennials and has since branched out, with its main message around making investing uncomplicated. It’s current campaign is centred on the notion of it “Investing for Humans.”

The expansion comes following what Wealthsimple says have been positive results from early testers in the U.K. The team there, based in London, is being led by Toby Triebel, who joined the company a year ago and has led it through initial beta testing in the U.K., through which more than five thousand people signed up for early access, according to the brand.
Wealthsimple currently services more than 40,000 clients, managing more than $1 billion in assets. Power Financial has backed the company, investing $100 million in Wealthsimple to date.