Canadian firm buys platform less than a year after its public launch
A US fintech that helps couples to invest and plan for their future together has been acquired by Canada’s Wealthsimple.
Plenty was founded by fintech veterans and newlyweds Emily Luk and Channing Allen when they struggled to find a way to manage their investing and financial planning needs together. It uses a simple Yours/Mine/Ours approach to money management and includes features such as goals-based planning and easy cashflow monitoring.
The acquisition aligns with Wealthsimple’s product range for couples and families including joint accounts, and spousal RRSPs and RESPs.
“The Plenty team shares our belief that financial services can and should be simpler. They have built an incredible product focused on improving the financial lives of families - an area we've been investing in,” said Tim Kalimov, VP of Product at Wealthsimple. “Their expertise in this space makes them a natural fit for Wealthsimple, and we’re excited to bring their insights and innovation into what we’re building.”
Luk and Allen have previously been involved in fintechs. They met at on-demand payment firm Even, Luk was an early member of the Stripe team, and Allen was involved in software engineering at Homebase.
"When we got engaged, Channing and I couldn't find a product that made it easy for us to work together on financial decisions, so we decided to build one," said Luk, who is CEO of Plenty, in a release last year. "The landscape of traditional financial planning or single player fintech just doesn't work for couples like us. Today's couples expect easy collaboration, affordable prices, and are savvy enough to know that there are better investment products out there."
In May 2024, Plenty its public debut with a $5 million seed investment led by Inovia Capital, with contributions from Garage Capital, Otherwise Fund, and Interplay.
The terms of the Wealthsimple acquisition have not been disclosed. Earlier this year, Wealthsimple added margin trading to its Canadian offering and last year reaffirmed its commitment to the domestic market having exited the US and UK markets.
