Wealthsimple has agreed to an equity financing round of up to $425 million at a $13.8 billion post-money valuation as it expands across Canadians’ financial lives.
GIC is leading the round, alongside existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments, and Inovia. All figures are in Canadian dollars.
The financing comprises $300 million in primary capital and up to $125 million in secondary transactions, giving employees an opportunity to sell shares. New funding will support product expansion and technology infrastructure.
The valuation is 38% above the $10 billion attached to Wealthsimple’s previous financing announcement in October 2025. That round, covered by Fintech.ca exactly one year ago, totalled up to $750 million and was co-led by Dragoneer and GIC.
“These investors know our business deeply and chose to increase their commitment,” said Michael Katchen, Wealthsimple’s CEO and co-founder.
As of September 30, Wealthsimple reported $169.2 billion in assets under administration, more than four million Canadian users, and over 30,000 business clients. The company says it remains profitable.
The investment builds on Wealthsimple’s expansion into family and business banking, announced in May. That rollout included household financial management, business chequing, and plans for accounts serving children and teenagers—part of its push to become a more comprehensive financial provider.
The shift is showing up in customer activity: new chequing account openings surpassed new investment accounts for the first time in the second quarter.
Wealthsimple will unveil further releases at its next Wealthsimple Presents event on November 5.
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