U.S. wealthtech participant Betterment is increase its property underneath administration. That’s as a result of the corporate acquired the U.S. funding advisory enterprise of Canada-based Wealthsimple this week.
Phrases of the deal– which notably doesn’t embody Wealthsimple’s know-how, workers, or operations– weren’t disclosed.
“As we shift our focus to our Canadian enterprise in the interim, discovering a companion for our U.S. enterprise that shared our dedication to placing purchasers first was our prime precedence,” stated Wealthsimple Co-founder and CEO Michael Katchen. “It’s been a privilege to serve our U.S. purchasers, and we’re assured that their investments will proceed to be in good fingers with Betterment.”
To discover a appropriate dwelling for its U.S. accounts, Wealthsimple chosen Betterment in a aggressive bidding course of for its sturdy status and customer-first mentality. Wealthsimple’s U.S. purchasers will probably be moved over to Betterment in June of this yr.
“This was a superb alternative for us to develop our buyer base, and we’ll proceed to be aggressive in alternatives that speed up our enterprise objectives,” stated Betterment’s newly-appointed CEO Sarah Levy.