Wealthsimple raises $75 million and says it's closer on path toward an IPO
The round was led by the digital investment arm of Germany's Allianz, with additional backing coming from early investor Power Financial. Wealthsimple CEO Michael Katchen tells CNBC he sees the funding as a "great step" in bringing the firm closer to a stock market debut. Katchen says Wealthsimple is looking to "ultimately replace banks" in becoming the "primary financial partner" for clients.