Canada’s favourite Investing Platform started as an Excel Sheet
As of 2021, Wealthsimple held over C$15B in assets under management.
Most Canadian millennials now do their spending, investing & taxes on this platform.
Earlier, you had to be rich and smart to invest.
Wealthsimple made it “simple” and beautiful.
After selling his startup, Michael Katchen set out to build a robo-advisor.
A sophisticated self-managed portfolio that you can set and forget.
Their first product? not a beautifully designed app — but an excel sheet he built in 3 hours.
It was a portfolio construction tool.
Input your age, income & risk profile. It spat out a set of instructions on how to build your portfolio.
Sent it to 10 friends. They loved it but said — “won’t use unless it tracked performance too”.
Got some validation.
Onto next iteration.
Built a simple web app. Added portfolio tracking. It would tell how your portfolio is doing on a regular basis.
Sent to friends. They loved it but said — “please just do the trading for me”.
Perfect validation to build the robo-advisor.
Built a team. Launched Wealthsimple Invest.
And soon, went on to build a portfolio of financial products & services like Trade, Crypto, Cash and Tax.