Toronto-based Wealthsimple has announced an equity round of up to $425 million CAD that values the fintech at $13.8 billion CAD. That is a step up from the $10 billion CAD mark it hit after last October’s raise.
The deal includes $300 million CAD in new primary capital and a secondary sale of up to $125 million CAD, which lets employees sell shares. Singapore’s GIC is leading the round, with participation from existing backers Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments, and Inovia.
Power Corporation said it is putting in $68 million CAD through Power Financial, while IGM Financial is adding $96 million CAD, for a Power group total of $164 million CAD. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions.
Fresh capital is meant to speed up Wealthsimple’s product plans across business accounts, everyday spending and chequing, trading, and investing, plus more work on technology infrastructure. The company also pointed to strong uptake of newer banking-style tools after a year of heavy launches.
As of September 30, 2026, Wealthsimple reported $169.2 billion CAD in assets under administration, up from $100 billion CAD at the time of the October 2025 raise. More than 4 million Canadians use the platform, including about 1 in 4 people aged 18 to 40 and 1 in 9 aged 41 to 55. More than 30,000 businesses are on Wealthsimple as well.
Over the past year the company says it shipped more than 50 products spanning investing, spending, chequing, and business. That list includes commission-free options and futures trading, IPO Access, kids and teens accounts, cash deposits at Canada Post, a portfolio line of credit, and a business chequing account with a prepaid Visa card.
Readers who follow the app will recognize pieces of that roadmap from earlier coverage of family and business banking tools and from later launches such as index options trading and business cash deposits. Wealthsimple plans to unveil more at its fourth Wealthsimple Presents event on November 5.
CEO Michael Katchen said the raise reflects partners’ conviction in the company’s role in Canadian financial services, and that the firm will keep building until clients can run their full financial life on Wealthsimple. In a separate interview with The Globe and Mail, he said the company still has no short-term plans to seek a bank licence and instead partners with banks to hold deposits in trust.
Would you move more of your day-to-day banking to Wealthsimple if the product lineup keeps expanding this fast?
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I cheer for WealthSimple. A true alternative to the big 5 stagnant banks in Canada. Tangerine and whatever else showed some promise but still owned by legacy banks and it shows. Over the years I switched all banking, CC adn investments to WS for whole family and no regrets. The only limitation is to wait 2 business days for bank drafts which happen only once every 5-10 years when we buy a vehicle.