Wealthsimple, a Canadian financial innovator, has agreed an equity round worth up to CAD $425m, which values the company at CAD $13.8bn post-money.
The deal combines a CAD $300m primary component with a secondary sale of up to CAD $125m. GIC, which was a co-lead on Wealthsimple’s 2025 round, is heading this raise. Returning backers Power Corporation of Canada, IGM Financial Inc., ICONIQ, Canada Pension Plan Investment Board (CPP Investments) and Inovia are also taking part.
Wealthsimple will use the capital to fuel its next stage of expansion, speeding up a product pipeline that spans business services, everyday spending and chequing, trading and investments. The secondary portion allows staff to benefit from the value they have helped build.
The raise comes roughly a year after Wealthsimple secured CAD $750m at a CAD $10bn valuation in October 2025. Since then its core investing operation has continued to expand quickly, and its newer chequing, spending and business offerings have gained significant traction. The first quarter of 2026 delivered the firm’s strongest RRSP season to date, with a record number of account transfers. In the second quarter, new chequing accounts outnumbered new investment accounts for the first time.
Over the last 12 months, the company has rolled out more than 50 products. These include commission-free options and futures trading, and IPO Access, which lets Canadians buy into selected IPOs at the offer price. It also introduced Kids and Teens accounts and QESI grant access for Quebec families via its RESP. Clients can now deposit cash at more than 5,300 Canada Post locations and receive cheques and same-day bank drafts for free. Other launches include a Portfolio Line of Credit for individuals and businesses to borrow against their investments, a business chequing account, and a prepaid Business Visa card offering 1% cash back.
As of 30 September 2026, Wealthsimple held CAD $169.2bn in assets under administration, up from CAD $100bn at the time of its October 2025 round. More than four million Canadians use the platform, including one in four people aged 18 to 40 and one in nine aged 41 to 55. Over 30,000 businesses are also customers.
Wealthsimple CEO and co-founder Michael Katchen said, “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.
“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.”
GIC managing director of the Technology Investment Group Vinay Yarlagadda said, “Since co-leading last year’s round, our conviction in Wealthsimple’s ability to become Canada’s leading financial services platform has only grown.
“Through a customer obsessed approach, Wealthsimple has earned deep trust by building products people love and making their financial lives simpler. The team complements that customer focus with an uncommon pace of product innovation, qualities we see in exceptional companies globally. We are excited to lead this financing and support the company as it helps more Canadians build a stronger financial future.”
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