Wealthsimple says it has nearly doubled its assets under management since this time last year, according to a new quarterly report.
The news: The Toronto FinTech company released its Q2 2026 business update on Wednesday evening. The report says the company increased its assets under administration by nearly 25 percent from last quarter, up to $155.6 billion CAD, which is just over 84 percent more than this time last year.
The report also says Wealthsimple now has 3.6 million users, roughly 200,000 more than last quarter, and claims that nearly a quarter of Canadians between the ages of 18 and 40 now use at least one of its products.
From the source: Wealthsimple saw approximately $17 billion CAD in net deposits in the second quarter, marking the company’s “biggest quarter ever,” according to chief growth officer Simon Lejeune in a LinkedIn post. Additionally, for the first time ever, more chequing accounts were opened with Wealthsimple than investment accounts, according to the report.
Following the thread: Founded in 2014 as a robo-adviser, Wealthsimple has been on a quest to build “a full-service financial solution.” The quest has borne a slew of new banking features over the past year. Back in May, the company unveiled new family and business products, added early access to IPO trading, and just launched a new app for the popular but controversial prediction markets.
The new features come as the firm faces intensifying competition in Canada, with fellow Canadian FinTech Questrade also beefing up its offerings, and Wealthsimple’s US-based analog Robinhood entering the Canadian market earlier this year.
Final thought: Wealthsimple is Canada’s largest FinTech company, last valued at $10-billion. It has previously said its goal is to go public one day, but has never indicated a timeline. Wealthsimple CMO Paul Teshima addressed the possibility of an IPO again last month on the Between Two Brunettes podcast, saying it’s really clear that going public would increase the “trust level” with most Canadians.
Disclosure: Wealthsimple vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKit’s board of directors.
Feature image courtesy Wealthsimple.