Looking outside of the capital of finance
The UK has garnered its fair share of headlines over the past five years, with Brexit and referenda and elections and all sorts. Maybe it’s time to look elsewhere.
After the people of the UK slightly decided that leaving the European Union was the best option for them, there has been a lot of talk from the financial sector about moving elsewhere. A bank? Operating outside of London? Unspeakable.
Everywhere in Europe has been considered, from Frankfurt to Amsterdam, and even further afield. Dublin has been heavily touted as the future of finance with lovely tax laws and a booming fintech scene. We look at some of the benefits in this very issue.
Even closer to home are the Channel Islands, considered in this issue. What is it offering that is making the location so exciting for private banks?
Exciting new players
Canadian fintech company Mogo concluded its acquisition of local saving and investing app Moka Financial Technologies. This brings its total members to about 1.6 million.
The all-stock transaction was first announced by the companies in March this year.
Moka manages $250m in assets and holds registered portfolio management capabilities throughout Canada and in Europe. The deal expands Mogo’s wealth offerings to include saving and investing offerings.
In addition, the acquisition will accelerate Mogo’s plan to roll out a free stock trading solution for Canadians later this year.
Furthermore, Canadian robo-adviser Wealthsimple has raised $610m (C$750m) in a funding round led by Meritech and Greylock who were joined by star power.
The new financing round takes the robo-adviser’s valuation to $4bn (C$5bn).
DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia, Allianz X, Base 10, Redpoint, STEADFAST, Alkeon, TSV, Plus Capital also joined the fundraising.
Also participating were actors Ryan Reynolds and Michael Fox, NBA players Kelly Olynyk and Dwight Powell, NHL athlete Patrick Marleau as well as rapper Drake.
As part of the deal, Meritech general partner Max Motschwiller became part of the Wealthsimple board.
Wealthsimple plans to further build out its product offering, strengthen its team as well as expand its market position with the fresh infusion.
Canada is looking to be the centre of a lot of wealthtech development. Always a bold region, this new direction will be an exciting one to follow.
Patrick Brusnahan, Editor