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Wealthsimple Raises $302 Million For Financial Platform

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Wealthsimple Raises $302 Million For Financial Platform

Wealthsimple has raised $302 million to expand its investment and digital finance platform.

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The new funding round, announced Tuesday (Oct. 27), values the Canadian company at $9.8 billion, or $13.8 billion CAD, and will help Wealthsimple expand its spending, checking, trading and investment offerings.

“This raise reflects the deep conviction our partners have in Wealthsimple’s mission and in our role as the company defining the future of financial services in Canada,” Michael Katchen, co-founder and CEO of Wealthsimple, said in a news release. “These investors know our business deeply and chose to increase their commitment. With their support, we will keep building and innovating until every Canadian can live their entire financial life on Wealthsimple.”

The release noted that Wealthsimple saw record account transfers during the first quarter of this year, with new checking account openings outpacing new investment accounts for the first time during the second quarter.

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In the last year, the company said it has introduced more than 50 new products across investing, spending, checking and business, including commission-free options trading, futures trading and IPO Access, which helps Canadians invest in select initial public offerings (IPOs) at their offering price.

Wealthsimple also launched a stablecoin settlement partnership with Visa Canada in May, bringing Visa’s stablecoin strategy to Canada for the first time, PYMNTS reported.


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