1 in 5 Canadians Under 40 Uses Wealthsimple and It Just Had a Record Quarter

Toronto-based fintech Wealthsimple just had its biggest RRSP season ever and the numbers back it up. The company ended the first quarter of 2026 with $124.8 billion in assets under administration, up 71 per cent from the same time last year, and now counts 3.4 million Canadians as clients. By its own data, one in five Canadians between 18 and 40 uses at least one of its products.

A lot of the Q1 momentum traces back to a promotion called ‘The Unreal Deal’ that launched in mid-January. Wealthsimple offered clients a contribution match of 1, 2, or 3 per cent on their deposits, and 85 per cent of participants went for the top tier, which came with a five-year commitment to the platform. The result was the highest number of account transfers in the company’s history, with overall deposits climbing more than 45 per cent year over year.

Here’s a map of Canada showing where Wealthsimple users reside, based on their addresses:

To keep up with the volume, Wealthsimple updated its app’s transfer process and leaned harder into AI-powered support tools during tax season. The company says the automation cut RRSP-related support tickets in half, freeing up its human agents for the trickier stuff.

On the physical side, Wealthsimple quietly built out a cash deposit network through a Canada Post partnership that now covers more than 5,500 locations, which technically gives it more deposit points than any of the big banks have branches it says.

The company is also rethinking how it hires. Two new programs reflect that shift. AI Builders asks applicants to submit working prototypes instead of résumés, while North Star targets senior Canadian tech talent currently living and working abroad. Recent additions to the leadership team include Jessica Oliver, promoted to VP of Government Relations, and Rachael Factor, who joined as VP of Communications.

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