By Pietro Lombardi 
 

Allianz SE's (ALV.XE) digital-investment unit Allianz X and Canada's Power Financial Corporation will invest 100 million Canadian dollars ($74.5 million) in financial company Wealthsimple, Allianz X said Wednesday.

Wealthsimple, whose board Allianz X will join, will use the money to speed up growth in Canada, the U.S. and the U.K.

"As a digitally-enabled financial services provider with a strong customer focus, Wealthsimple can complement Allianz's business in a number of areas," Allianz X Chief Executive Nazim Cetin said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 22, 2019 12:45 ET (16:45 GMT)