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 Betterment
Betterment 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 Wealthsimple
Wealthsimple 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 Info
Danielle, danielle@betterment.com
Joe Ziemer,
joe@betterment.com
Arielle Sobel,
arielle@betterment.com
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SOURCE Betterment