Venture-backed Wealthsimple adds Inovia’s Pichette to board

Toronto-based financial technology company Wealthsimple has appointed Patrick Pichette to its board of directors.

Toronto-based financial technology company Wealthsimple has appointed Patrick Pichette to its board of directors. Pichette is a partner with Inovia Capital and a former CFO of Google. The appointment follows Wealthsimple’s C$750 million financing earlier this year, led by Meritech and Greylock, with participation from Inovia and others.

PRESS RELEASE

TORONTO, July 27, 2021 /CNW/ – Wealthsimple, the company behind some of Canada’s leading digital financial products, today announced Patrick Pichette has joined the company’s Board of Directors. Pichette is a Partner at Inovia Capital, current Board Chair at Twitter and Lightspeed POS Inc., and former CFO of Google.

As CFO of Google from 2008 to 2015, Patrick had a leading role in the company’s growth agenda and the creation of the Alphabet structure. As part of the executive committee, Patrick was involved in Google’s corporate M&A agenda, engaging in close to 150 acquisitions including Nest ($3B) and Motorola ($13B).

“Patrick is a leader I’ve looked up to for some time and it’s exciting to have the opportunity to work with him and the entire Inovia team. He will be a tremendous resource for our team, putting us in an even stronger position to seize the opportunity in front of us,” said Michael Katchen, Co-founder and CEO, Wealthsimple. “The financial services industry is in the midst of an incredible transformation. Patrick’s experience guiding innovative companies through periods of rapid change will help position Wealthsimple for long-term success.”

“Wealthsimple has revolutionized how Canadians interact with their finances by bringing smart, simple, and innovative digital financial products to market,” said Patrick. “Inovia was excited to become an investor in Wealthsimple in May, and I am thrilled to be joining the Board and work with a team that is passionate about the mission of helping Canadians achieve financial freedom.”

In May 2021, Wealthsimple raised CAD $750 million on a $5 billion valuation. Meritech and Greylock led the funding round of world class investors and were joined by Inovia Capital, DST Global, Sagard, Iconiq, Dragoneer, TCV, among others. Drake and his company DreamCrew were investors in the round, as well as Canadian actors Ryan Reynolds and Michael J. Fox, and athletes Kelly Olynyk, Dwight Powell, and Patrick Marleau also participated.

About Wealthsimple
Wealthsimple is a financial company on a mission to help everyone achieve financial freedom, no matter who they are or how much they have. 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.