Toronto-based financial technology firm Wealthsimple this week celebrated its 10th anniversary.
Chief executive officer Mike Katchen penned a memo in honour of the milestone, admiring how far fintech has come in Canada over the past decade.
“Ten years ago, investing in Canada felt like something you needed a Ph.D. to understand,” the CEO said. “There was no online convenience—you had to fill out forms with an actual pen, send them in, and hope for the best … If you wanted to manage your own money, you were hit with hefty fees every time you made a trade.”
Wealthsimple launched in 2014 to make investing “easier, more accessible, and more human,” according to Katchen, with a motto to match: “Keep it simple.” That meant no “confusing jargon, hidden fees, [or] clunky product experience that defines traditional financial services.”
“In an industry that was defined by its complexity, simplicity was our differentiation,” said the CEO.
Today, more than three million Canadians use Wealthsimple, he says, and the company now manages over $50 billion in assets, including $20 billion in net deposits in the last 12 months.
In fact, Katchen says his company is “robustly profitable and continues to grow at a record pace,” with further ambitions.
“We’re aiming for $1 trillion in assets under administration in the next 10 years, and we’re laser-focused on getting there,” stated the CEO.
Katchen says Wealthsimple now offers “a full suite of financial services designed to meet your every need,” including investing stocks, trading crypto, filing taxes, and mortgages.
“We’re helping more and more people make serious strides toward financial freedom, and that’s something we’re really proud of,” wrote the chief. “We’ve proven that it’s possible to run a business that puts people first and still thrives.”
Moving forward?
“We’re in a position to keep investing, keep innovating, and keep delivering for you over the long term,” Katchen said.
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