In partnership with our subsidiaries Great-West Lifeco and IGM Financial, Power Corporation has been actively participating in the emerging fintech industry. The group believes that fintech will change business models in financial services, making financial advice, insurance and investment services more accessible to consumers and available to them by the means and at the times that best suit them.
The fintech strategy is comprised of two components:
1) Making significant investments in critical future capabilities through direct ownership of innovative companies – Wealthsimple and Personal Capital – that have a high impact on the group’s existing financial services business models.
2) Deepening our knowledge and accelerating early adoption of innovations. Through Portage, now one of the leading fintech venture capital firms in the world, the Power group gains:
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.
Personal Capital, an Empower Company, is an industry-leading digital wealth management company that helps people transform their financial lives through technology and advisory services. The company's state-of-the-art tools and technology provide consumers with a holistic financial picture. Its wealth management advisors provide expert guidance, and customized strategies, based on a personal understanding of an investor's financial picture and goals.
Portage Ventures, the venture capital arm of Sagard, is a global fintech investor focused on identifying visionary entrepreneurs building the next generation of financial services companies. Its global focus enables the leveraging of market insights from one region to another. Through its funds, Portage Ventures has invested in more than 60 fintech companies and investment funds.