A Canadian robo-advice giant with over £750 million in assets has officially launched in the UK, offering clients access to investment portfolios ‘in less than five minutes’.
Wealthsimple will be led by fintech entrepreneur Toby Triebel in London. During initial beta testing, over five thousand people signed up for early access, the company said. The service can be accessed through the company's website or through its iOS or Android apps.
The firm's intention to expand into the UK was revealed by Wealth Manager back in May after it received authorisation from the Financial Conduct Authority.
The company, founded by Michael Katchen, is backed by conglomerate Power Financial Corporation, which has invested $100 million in the company to date.
The UK will be the firm's second international market, after it rolled out its services in the US in January.
The company offers ISAs, JISAs and personal accounts to UK clients with a 0.7% management fee. There is no minimum to open an account and clients have the option to speak to an investment adviser.
It also has a premium service called Wealthsimple Black, which will be available to those who invest over £100,000. This will provide lower management fees of 0.5%, personalised investment advice and travel perks.
Toby Triebel, chief executive of Wealthsimple in Europe, said: ‘Wealthsimple was born out of the idea that everyone should have access to high-quality financial products and advice, no matter their age or income. Many people in the UK don't have access to investment services or are paying too much for them, and the initial response through our beta testing phase has been an incredible testament to the demand for an easy and transparent investment option’