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Power Corporation's FinTech Strategies Creating Shareholder Value - Wealthsimple announces $114 million investment led by TCV
Power Corporation's FinTech Strategies Creating Shareholder Value - Wealthsimple announce...
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[{"type":"text","content":"\n \n \n \n Power Corporation's FinTech Strategies Creating Shareholder Value - Wealthsimple announces $114 million investment led by TCV\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnsbbs{\nBORDER-BOTTOM:black 1pt solid\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n MONTRÉAL, Oct. 14, 2020\n \n \n \n \n \n \n \n \n \n Readers are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.\n \n \n \n \n \n \n \n MONTRÉAL,\n \n Oct. 14, 2020\n \n /CNW Telbec/ - Wealthsimple Financial Corp. (\"Wealthsimple\"), a member of the Power Corporation Group of Companies, today announced it had raised\n \n $114 million\n \n on a pre-money valuation of\n \n $1\n \n .4 billion (the \"Investment\"). The Investment was led by TCV, one of the largest growth equity investors focused on technology, along with Greylock Partners, Meritech Capital, Allianz X and Two Sigma Ventures. Additional details of the Investment are disclosed in Wealthsimple's press release from earlier today at\n \n https://www.newswire.ca/news-releases/wealthsimple-announces-cad-114-million-investment-led-by-tcv-to-transform-financial-services-in-canada-889996456.html\n \n .\n \n \n \n \n As a result of the Investment, these investors acquire an ownership interest of 7.5% on a fully diluted basis. The purchase price associated with the Investment values the equity of Wealthsimple at\n \n $1.5 billion\n \n (versus a\n \n $1\n \n .4 billion pre-money valuation).\n \n \n Wealthsimple is one of\n \n Canada's\n \n leading financial technology companies and operates one of the country's largest and fastest-growing digital investing services. Prior to th...