Technology has carved a great divide in Canada.
While many older Canadians still bank almost exclusively in-person at brick-and-mortar institutions, a majority of the nation’s younger investors are managing their financial assets using entirely digital processes supported by financial firms that often don’t even attempt to offer physical branches.
Among Canada’s pioneers in the rapidly evolving fintech space is Wealthsimple.
Founded in Toronto in 2014, Wealthsimple has experienced steady growth as the fintech has continued to add features to its app over the years.
Even more recently, Wealthsimple revealed an ambitious growth target: the company wants to quadruple assets to $100 billion within five years, according to chief executive officer Michael Katchen at an investor conference this week.
The CEO cited one billion dollars in monthly deposits as a reason for confidence that Wealthsimple is on pace for its five-year goal.
The conference was hosted by IGM Financial, which owns roughly one-quarter of Wealthsimple. IGM is controlled by the Power Corporation of Canada.
“I’m proud of what we’ve built here in Canada in eight short years,” Katchen stated in May, when the fintech reached three million users.