Toronto FinTech firm Wealthsimple has agreed to up to $425-million CAD in financing from existing investors at a $13.8-billion post-money valuationâup from $10 billion a year ago.
Wealthsimple revealed the round late Tuesday. Singaporean sovereign wealth fund GIC is leading with support from Power Corporation of Canada, Power subsidiary IGM Financial, US-based Iconiq, the Canada Pension Plan Investment Board, and MontrĂ©alâs Inovia Capital.
âOur mission hasnât changed. Itâs just gotten bigger.â
Michael Katchen, Wealthsimple
It will include $300 million in fresh equity funding. Wealthsimple plans to use this primary capital to accelerate its product roadmap and bolster its technology infrastructure. The round will also feature a secondary offering through which those investors will buy $125 million worth of shares from Wealthsimple employees.
âThis raise reflects the deep conviction our partners have in Wealthsimpleâs mission and in our role as the company defining the future of financial services in Canada,â Wealthsimple co-founder and CEO, Michael Katchen, said in a statement. âThese 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.â
Wealthsimple launched in 2014 as a robo-adviser. Since then, the company has broadened its investment capabilities and moved into other areas of money management, like banking, wooing wealthier clients and more sophisticated traders as part of its quest to build âa full-service financial solutionâ for Canadians, as it targets $1 trillion in assets under administration (AUA) by 2034.
This round comes one year after Wealthsimple announced a $750-million Series E financing round consisting of $550 million in primary and $200 million in secondary capital at a $10 billion valuation. That was double the $5 billion the company had been valued at in 2024.
RELATED: Wealthsimple hits $10-billion valuation in new round backed by Dragoneer, GIC, CPP Investments
Wealthsimple has since launched more than 50 new investing, spending, chequing, and business products. The company also claims it has remained profitable and seen its total AUA soar from $100 billion to more than $169 billion. As of the end of September, more than four million Canadians (up from three million in 2025) and 30,000 businesses were using the companyâs platform.
âIn the past 12 months we launched credit cards, business accounts, and kids accounts,â Katchen wrote in an X post. âOur mission hasnât changed. Itâs just gotten bigger.â
This round also advances Wealthsimpleâs status as one of Canadaâs most valuable private tech companies, appearing to put it below only Toronto AI firm Cohere, which is joining forces with Germanyâs Aleph Alpha at a reported $27-billion valuation.
Disclosure: Wealthsimple vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKitâs board of directors.
Feature image courtesy Wealthsimple.