Innovative Online Investment Service Raises $5.5M in New Funding

VANCOUVER, BC--(Marketwired - May 10, 2016) -  WealthBar, Canada's premier full-service online wealth manager, has closed a round of financing of $5.5 million, with major contributions from some of Canada's most knowledgeable investment leaders.

This round is being led by Nicola Wealth Management, Canada's leading high net-worth investment firm. Other notable investors include Howard Atkinson, one of Canada's foremost exchange-traded fund (ETF) experts, and medtech entrepreneur Paul Geyer, CEO of LightIntegra Technology.

"WealthBar shows great promise as one of Canada's top startups; it's the future of investing," said Howard Atkinson, former President of Horizon ETFs. "Not only are they providing a service that will truly help Canadians, they're doing it in a way that no other digital wealth manager is doing it - by connecting clients with a dedicated online advisor. The level of service and value WealthBar is providing to clients is, to my knowledge, unmatched by any other Canadian investment firm."

The funding announced today will be used to expand WealthBar's reach and create new service offerings, including a platform for independent financial advisors and firms to use with their own clients.

WealthBar is the only Canadian online investment service that matches clients with a dedicated online advisor to coach them through a comprehensive financial plan tailored to their lives, while providing them with a low-cost, professionally managed ETF portfolio.

John Nicola, Chairman and CEO of Nicola Wealth Management, sees the value of WealthBar's technology for his own business: "We hope this partnership will not only bring better experience in investing for Canadians but look forward to bringing WealthBar's unique technologies to firms like our own."

WealthBar is about saving time and money for investing Canadians. By using technology to remove tedious, paperwork-heavy processes, WealthBar is 10 times more efficient than traditional brick-and-mortar counterparts. On average, a WealthBar client can open an account within 15 minutes online. And compared to the average mutual fund cost of 2.2%, WealthBar provides up to a 70% reduction in fees which can save hundreds of thousands over a lifetime.

Currently in Canada more than $1.23 trillion is invested in mutual funds producing tens of billions in revenue for large financial institutions. Unfortunately, many Canadians are unaware of the fees they are paying to fund managers. That could change as regulators bring in more progressive fee-disclosure requirements and clients start to see what they are paying.

WealthBar CEO and Co-founder Tea Nicola believes this will prompt Canadians to switch their investments to lower-cost ETF portfolios such as the ones offered by her company.

"We've come a long way in the last year and a half, and are just starting to see the beginning of what looks like a massive change in how Canadians will invest in their futures," she said. "The future looks overwhelmingly positive for the financial tech industry, both for our clients and the companies savvy enough to develop the technology to make it happen."

To learn more about WealthBar and its service, please visit www.wealthbar.com.

About WealthBar:

WealthBar is Canada's only full-service online financial advisory and investment service. Combining innovative technology with real financial advisors, WealthBar's online model brings private wealth management to any investor for less than half the cost. Aiming to help Canadians better save and plan for their futures, it offers diversified portfolios of low-cost ETFs, insurance and financial advice at substantially greater value than most traditional advisors. For more information on the company and how we're helping Canadians, please visit www.wealthbar.com.