Wealthsimple valued at $13.8B in new funding round

Toronto fintech company Wealthsimple has agreed to up to $425 million in new financing from existing investors at a $13.8-billion post-money valuation, up from $10 billion a year ago, the company announced Oct. 27.

The round is led by Singapore’s sovereign wealth fund GIC, with support from Power Corp. of Canada, its subsidiary IGM Financial, U.S.-based Iconiq, the Canada Pension Plan Investment Board and Montreal’s Inovia Capital, BetaKit reported.

It includes $300 million in new equity that Wealthsimple said it will use to speed up its product roadmap and strengthen its technology infrastructure. The remaining $125 million is a secondary offering in which the investors buy shares from Wealthsimple employees. The company declined to say when the round might close.

“This is an exciting vote of confidence in what we’re building at Wealthsimple from a group of globally respected technology investors,” co-founder and CEO Michael Katchen told BetaKit. He said that despite strong demand, the company saw no need to bring on new backers.

IGM Financial said it is adding $96 million and will remain Wealthsimple’s largest shareholder, with a 25.1-per-cent stake once the round closes, according to Benefits and Pensions Monitor.

The valuation has risen quickly. A year ago Wealthsimple raised $750 million in a Series E round at $10 billion, which itself doubled the $5-billion valuation it carried in 2024.

The company said its assets under administration have grown from $100 billion to more than $169 billion over the past year. As of the end of September, more than four million Canadians and 30,000 businesses were using the platform, up from three million Canadians in 2025.

Wealthsimple said it has launched more than 50 investing, spending, chequing and business products in that time, and that it remains profitable. It has set a target of $1 trillion in assets under administration by 2034. The company said new chequing accounts outpaced new investing accounts for the first time last quarter, a sign of its push beyond investing into everyday banking.

Founded in 2014 as a robo-adviser, Wealthsimple now competes directly with Canada’s big banks for deposits and day-to-day accounts. The round lands in a busy stretch for Canadian technology financing. Ottawa recently committed up to $1.6 billion to take a stake in Cohere, and Ottawa’s Solink raised US$100 million for its AI camera platform in the same week.

All figures are in Canadian dollars unless noted. This article is not investment advice.

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Sources: BetaKit; Benefits and Pensions Monitor; Investment Executive.