Wealthsimple Cash allows Canadians to easily send and receive money without fees, plus offers cash back on spending. The app from Toronto-based Wealthsimple has now vaulted to the number one spot in the App Store’s Finance category, in what it says is thanks to downloads from university students across the country.
“We know Canadians have been looking for a better and more seamless way to instantly send money. This is especially true amongst students who are living away from home for the first time and are newly responsible for their own finances,” said Sam Newman-Bremang, Product Management Lead for Wealthsimple Cash, in an email to iPhone in Canada.
The company says it marketed the app at campuses across Canada, from the University of Toronto to the University of British Columbia. It said downloads and most new users last week came from over 17 different universities.
Wealthsimple says it’s currently running a $100,000 cash giveaway, where anyone sending money to a friend in the app that includes the pie emoji can get a portion of the cash prize.
“Wealthsimple Cash is our mobile app that allows you to send, request and receive money all from one place. Over the past few months our team has been hard at work visiting campuses and introducing students to Wealthsimple Cash, and we’re thrilled to see so much interest across the country,” added Newman-Bremang.
Update: Wealthsimple hit the number one overall free app download in the App Store–not just in the Finance category–as seen below:
Essentially, Wealthsimple Cash is like the Canadian version of Venmo in the U.S.–it allows you to easily send and receive money to friends, with accounts easily funded from your bank account. You also get a physical reloadable card to use in stores, plus the card supports Apple Pay.
Click here to download Wealthsimple Cash and get $10 free for signing up.
Disclosure: Wealthsimple is an affiliate partner of iPhone in Canada and allows readers to support the site.