TORONTO — Wealthsimple Inc. says it has raised $425 million in financing from its existing investors, which will help it expand its services and challenge incumbent lenders.
The company announced in a news release Tuesday that the equity round, which includes a $300 million primary offering and a $125 million secondary offering, will put its valuation at $13.8 billion. The company says the secondary offering will give employees an opportunity to “share in the value they’ve helped create.”
GIC, the Singapore sovereign wealth fund, led the round along with participation from Power Corp. of Canada, IGM Financial Inc., the Canada Pension Plan Investment Board and others.
“This raise reflects the deep conviction our partners have in Wealthsimple’s mission and in our role as the company defining the future of financial services in Canada,” said Michael Katchen, Wealthsimple’s CEO and co-founder, in the news release.
“These investors know our business deeply and chose to increase their commitment. With their support, we will keep building and innovating until every Canadian can live their entire financial life on Wealthsimple.”
The company says it plans to use the money to help grow its business, including personal banking as well as trading and investment products.
John Aiken, an analyst at Jefferies, said in a note to clients that the additional round of financing lifts the company’s valuation by 38 per cent compared with its equity raise last year.
“The current financing ... illustrates both confidence in the outlook for its strategy and outlook but also the need to fund its growth,” the note reads.
Wealthsimple said it has launched more than 50 products over the past year across various segments including investing, spending, chequing and business.
In June, Wealthsimple also announced that it would launch prediction market trading through a new app called Wealthsimple Predict. The launch was made possible through a partnership with U.S.-based Kalshi.
As of Sept. 30, the Toronto-based fintech had $169.2 billion in assets under management, up from $100 billion about a year ago. It said it has more than four million Canadian users, with more than 30,000 businesses using the platform.
---
Daniel Johnson, The Canadian Press
This report by The Canadian Press was first published Oct. 28, 2026.
