Since its founding in 2014, Wealthsimple has persistently pushed for “The End of Banking,” with the Toronto company’s chief executive officer declaring repeatedly that the Canadian fintech does not want to become a bank—they want to be something better.
En route this end goal, Wealthsimple has consistently added features over the past decade, from crypto custodianship to margin trading and other alternative investment vehicles.
But the platform has also faced its fair share of criticism from users, who long lamented Wealthsimple’s rudimentary interface and limited offerings of insight into one’s own financial data.
Recently, that has changed, with Wealthsimple gradually rolling out a software update that directly addresses many of these longstanding complaints.
Specifically, the mobile app UI now features “Enhanced Performance Insights,” which enable clients to interact more richly with their investment data.
New metrics tracked in real-time include unrealized returns, time-weighted returns, historical dividends, realized returns, and deposits and contributions.
“See the complete picture of your financial performance with easy-to-read metrics, with the ability to break down your metrics across time ranges and assets,” states Wealthsimple online, noting how “Clear visualization of your performance metrics makes your financial information easier to understand.”
The fintech posits that, with access to enhanced insights, users will be able to make wiser financial decisions.
For now, the feature is available on mobile only, and the data can’t yet be exported.
Another big project Wealthsimple is working on is the launch of a credit card.
Currently in stealth with a rising waitlist, Wealthsimple’s forthcoming Visa Infinite card promises a 2% unlimited cash back rate on all purchases.
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