Drake is on his way to making millions thanks to a smart investment and a app called Wealthsimple.
Seems like Drake has been watching Nas and Jay-Z’s investment game.
The Toronto rapper invested in a local Canadian online brokerage company called Wealthsimple.
The company is now valued at $4 billion after its last round of funding that yielded a cash influx of $610 million and the growth means Drizzy is set to take in a substantial amount of loot for his initial contribution.
Drake is not the sole celebrity investor in this company. Fellow Canadians Michael J. Fox (actor), Ryan Reynolds (actor), and Dwight Powell (professional baseball player) are also benefiting from dropping serious investments into the company.
The growth rate of this fintech enterprise is extraordinary.
It has tripled its value in only half a year. A brokerage that was once only an investment manager and trading app, now offers crypto trading, commission-free stock trading, peer-to-peer cash transfers, and automated investing.
Moreover, it services over 2 million different users, mostly average people who just want to learn how to invest in stocks and stuff, who have trusted them with $8.4 billion to trade, manage and protect.
In a statement, CEO Mike Katchen said that “More than two million Canadians use Wealthsimple to grow their money, file their taxes, pay their friends, and make their financial lives better.”
“This investment will fuel our growth so we can reach millions more and ensure that everyone has access to the simplest, most powerful financial products and services, no matter who they are or where they are in their financial lives.”
But what exactly is Wealthsimple? Think of a Canadian version of Robinhood or Cash App.
According to Business Insider, the company is the online brokerage part of the Power Corporation of Canada.
Drake is working!
In 2020, he was ranked the 25th highest-paid celebrity in the world.
He has more Top 10 hits than The Beatles, Prince, and Michael Jackson.
He also put up $100,000 for the winner of the Ultimate Rap League’s Ultimate Madness tournament on Caffeine.tv, as an incentive to inspire the most elite battle rappers in the culture to participate.
