Toronto-based fintech Wealthsimple closed the second quarter of 2026 with $155.6 billion in assets under administration, up 24.7 per cent from the previous quarter and 84.1 per cent from a year ago, said the company on Thursday. Wealthsimple now has 3.6 million clients, not including tax filers, and says nearly a quarter of Canadians between 18 and 40 use at least one of its products.
Net inflows came in around $17 billion for the quarter. For the first time, new chequing account openings outpaced new investment accounts. That’s a notable shift for a company that started out as a robo-advisor and built its name on investing.
“We built our everyday chequing and spending products by listening to clients and understanding when, how, and where they need their financial institution to show up for them,” said Mike Katchen, co-founder and CEO of Wealthsimple, in a statement to iPhone in Canada on Thursday. “If you’re closing on a home, we’ll deliver your bank draft straight to your door. When you’re traveling, you can withdraw cash at any ATM without worrying about the fee, and make purchases on your credit card with no FX fees. It’s clearly resonating with Canadians, and we’re excited to keep building for them.”
Two new products landed in the quarter, including Spend Insights, which gives clients real-time analytics on their chequing accounts and credit cards, and Business Chequing is an interest-paying spending account aimed at small business owners.
The company also launched a brand campaign called It’s Over, built around the tagline “Banking Is Over,” which basically is taking shots at the traditional Big Five banks in Canada.
On the investing side, Wealthsimple rolled out IPO Access in May, letting regular clients buy into IPOs at the offering price rather than waiting for shares to hit the open market J.D. Power also ranked Wealthsimple the top brokerage in Canada for customer satisfaction for the third consecutive year.
Also launched in May was Monthly Millionaire, which enters clients into weekly cash draws with a $1 million monthly grand prize. Wealthsimple says it paid out $2.18 million through the program in Q2.
After launching in 2014, Wealthsimple says it now serves more than four million Canadians.
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