Wealthsimple has acquired a wealth management tech startup based out of San Francisco, the companies revealed this week.
“I’m excited to announce that Plenty has been acquired by Wealthsimple,” stated Emily Luk, who cofounded Plenty in 2022 alongside husband Channing Allen.
“Three years ago, we started Plenty with a vision of building the next generation of financial services company,” she said. “Joining Wealthsimple will bring us much closer to making that vision true for millions (and hopefully, tens of millions in the future).”
Moving forward Plenty’s team, five strong, will work for Toronto’s Wealthsimple remotely from their present base in San Francisco, according to a report from BetaKit.
Plenty’s platform will shut down in May.
Wealthsimple marked a significant year in 2024, introducing new features and products designed to address Canadians’ evolving financial needs.
After a decade of growth, the company has positioned itself as a comprehensive platform offering investment, savings, and spending solutions.
Founded in 2014, Wealthsimple “has spent the last several years unlocking access to sophisticated investing products like private equity and venture capital so that Canadians everywhere, not just the ultra-wealthy, can benefit,” according to Swapnil Parikh, who serves Wealthsimple as Vice President of Product.
The Canadian fintech is “robustly profitable and continues to grow at a record pace,” according to a statement last year from chief executive Michael Katchen.
Katchen, who has said he wants to grow Wealthsimple into something better than a bank, is a notable member of Build Canada, a recently formed movement targeting national prosperity.
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