Wealthsimple Taps Wise to Help Deliver ‘Best Cross-Border Payments’ in Canada

Canadian financial technology firm Wealthsimple is working with Wise out of the United Kingdom on “an improved offering for sending money internationally.”

The Wise Platform, a global payments infrastructure for banks and enterprises based in the UK, this week announced the collaboration with Toronto fintech Wealthsimple, who recently raised nearly $1B at a $10B valuation.

The strategic fintech partnership enables Wealthsimple’s chequing and joint chequing customers in Canada to access fast, low-fee international payments directly from the app or website, according to Lauren Langbridge, who serves as Commercial Director for Wise Platform.

“As Canadians’ lives become increasingly global, there is a growing demand for fast, affordable, and transparent international payments,” she says.

The feature currently supports payments to 30 countries and a dozen currencies.

“Our partnership with Wealthsimple is a direct response to meet customers’ evolving expectations,” Langbridge stated, “demonstrating how financial institutions can modernise quickly to meet customers’ cross-border needs.”

According to a 2024 report from Payments Canada, one in five people sent money internationally using a Canadian bank account that year, which was up more than 30% over 2023 figures.

In response to rising demand, Hanna Zaidi, who functions as Vice President of Payments Strategy for Wealthsimple, says the company wanted “to bring Canadians the best cross-border payment experience.”

“We’re giving our clients a faster, more affordable, and seamless way to move their money across borders,” Zaidi said, noting how there’s “no extra apps, no hidden markups, and no friction to deal with.”

Wealthsimple last month launched a suite of other financial products designed to give Canadians “every advantage possible to grow their wealth.”

During “Wealthsimple Presents: For Nerds Only” at Evergreen Brick Works in Toronto, the firm unveiled a slew of new features.

Founded in 2014 and profitable since 2024, Wealthsimple today manages more than $100B in assets.