(Bloomberg) -- Investment-management startup Wealthsimple is in talks to raise financing at a valuation of at least $3.5 billion, according to people familiar with the matter.
That would more than triple the roughly $1 billion valuation the Toronto-based startup announced in October.
Several of the company's existing investors are expected to participate in the new round that is in the early stages of coming together, said the people, who asked not to be identified because the information was private. Wealthsimple is backed by Greylock Partners, TCV, Meritech Capital Partners and Two Sigma Ventures.
A spokesperson for Wealthsimple declined to comment.
Wealthsimple, which says it's “the world's most human financial company,” markets itself as a low-cost investment platform and adviser. It also has commission-free stock trading, with similarities to Robinhood Markets Inc.
Valuations for financial-technology businesses are skyrocketing, with companies such as Coinbase Global Inc. and Affirm Holdings Inc. going public this year. Robinhood said in March that it had filed confidentially for an IPO.
Wealthsimple's platform has 1.5 million users worldwide, according to its website. The business offers tiered pricing depending on account size.
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