Betterment Acquires Wealthsimple's U.S. Investment Advisory Book of Business

Through this strategic acquisition, Betterment grows their customer base and continues to accelerate growth.

March 4, 2021 11:45 AM EST

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NEW YORK, March 4, 2021 /PRNewswire/ -- Betterment, a leading online financial services company, today announced that it has acquired Wealthsimple's U.S. book of business. In the coming months, Wealthsimple will transfer all of their existing U.S.-based customers to Betterment, and will no longer support accounts based in the U.S.

Betterment, well known for being the first automated investing services to enter the market, was chosen in a competitive process as the partner for this acquisition. Wealthsimple sought out an established company with a strong reputation, as well as a company that emphasizes their customers' best interests.

Wealthsimple customers who decide to move forward with transferring their accounts over to Betterment will receive access to cutting-edge technology and personalized, expert advice to help them continue to reach their financial goals.

Accounts will be transitioned by June of 2021. Wealthsimple customers will have the option to opt out of this transfer if they choose to do so. Betterment will only be acquiring Wealthsimple's U.S. based customers and their account assets; they will not be acquiring their technology, employees, or operations as a part of this deal.

"We are excited to bring these customers on board and help them secure a better financial future," noted Sarah Levy, Betterment's CEO. "This was an excellent opportunity for us to grow our customer base, and we'll continue to be aggressive in opportunities that accelerate our business goals."

"As we shift our focus to our Canadian business for the time being, finding a partner for our US business that shared our commitment to putting clients first was our top priority," said Michael Katchen, Co-founder and CEO of Wealthsimple. "It's been a privilege to serve our US clients, and we're confident that their investments will continue to be in good hands with Betterment."

For more information, please visit www.Betterment.com.

About BettermentBetterment is a technology driven financial services company that offers everyday services for spending and saving, alongside their core investing and retirement solutions. Since 2010, Betterment has had one mission: to help people make the most of their money so they can live better lives. Using cutting-edge technology, they empower their hundreds of thousands of customers to manage their money – for today, tomorrow, and someday – through personalized, expert advice; automated money management tools; and tax smart strategies that help keep taxes low across accounts. Learn more www.betterment.com.

About WealthsimpleWealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using smart technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.

Contact InfoDanielle, danielle@betterment.com

Joe Ziemer, joe@betterment.com

Arielle Sobel, arielle@betterment.com

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SOURCE Betterment



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