Wealthsimple raises $425M at a $13.8B valuation

Wealthsimple valuation

13.8 $ billion

The Toronto fintech is now valued at $13.8 billion, up 38 per cent from $10 billion a year ago.

The $425M round

300 $M new equity 125 $M secondary sale

GIC, Singapore's sovereign wealth fund, led the round, joined by Power Corp., IGM Financial and the CPP Investment Board. It is $300 million in new equity and up to $125 million in shares sold by employees and existing shareholders.

Wealthsimple is profitable, with $169.2 billion in assets under administration, up 69 per cent in a year. Its CEO says the money goes to new products and to regulatory capital, not marketing.

And us?

CEO Michael Katchen wants the ban on bank fees for moving investments out, which cost Canadians an average of $150. Ottawa promised it in the 2025 budget but has not put it in place.