Wealthsimple is introducing an AI assistant that can help Canadians move money, place trades, and manage everyday financial tasks—with client approval required before it takes action.
Called Penny, the assistant headlines a dozen products and features announced today at Wealthsimple Presents: Something Good Is Going to Happen. The rollout also includes an advanced trading platform, a business credit card, Canadian-dollar options trading, and instant transfers of up to $100,000 between Wealthsimple clients.
The announcements follow Wealthsimple’s financing round valuing the fintech at $13.8 billion, as the Toronto-based company expands across spending, saving, investing, and business finances.
“People don’t expect something good to happen at their bank, or with their money. We want to change that,” said Brett Huneycutt, Wealthsimple’s co-founder and Chief Product Officer.
“Canadians can turn to Wealthsimple whenever they want to do something with their money, knowing it will be easy and delightful. Everything we introduced today, from our AI assistant to advanced trading tools, helps take friction and fear out of money.”
Penny is designed to turn financial goals into steps clients can approve. A request to max out an RRSP by March, for example, could prompt the assistant to check accounts securely linked from other financial institutions, set up recurring investments, and adapt the plan as circumstances change.
The assistant can also help send e-Transfers and wires, identify duplicate credit card charges, manage expenses, pay invoices, and buy or sell investments. Wealthsimple says Penny will never move money, place a trade, or complete another action without client confirmation, and that interactions remain within its secure environment.
The company also plans to let clients connect their Wealthsimple accounts to ChatGPT or Claude in early 2027. Clients will determine access levels, approve connections during setup, and face an additional check for critical actions.
For payments, Wealthsimple Pay is available now, allowing instant transfers of up to $100,000 to other Wealthsimple clients. Temporary virtual cards are expected by year-end, with clients able to hold up to five cards, each with separate details, a custom expiry, and a spending limit.
A Wealthsimple Business credit card offering no foreign exchange fees and 1% cashback is scheduled for early 2027.
Active traders will see Wealthsimple Pro in late November, bringing positions, watchlists, and Level 2 market data together in an advanced trading platform. Wealthsimple says improvements available now reduce the mobile trading process from eight steps to two and from 21 seconds to four.
Commission-free options trading on Canadian stocks is also available now. Perpetual futures, which allow leveraged trading on asset prices without owning the underlying asset or an expiry date, are scheduled for late November.
That month will also bring CADD, which Wealthsimple describes as the first Canadian-dollar-backed stablecoin issued by a regulated financial institution. The token is designed to track the Canadian dollar and be redeemable one-for-one, with Wealthsimple offering a 3.25% annual reward on holdings.
Clients can now buy Wealthsimple’s four direct indexes within existing accounts or convert an existing ETF. The company says automated tax-loss harvesting in non-registered accounts can improve after-tax returns.
A rebuilt iOS and Android app will follow in early 2027, featuring customizable home screens, pinned trading positions, and a trade mode that keeps pending orders visible. Wealthsimple says the new app launches five times faster.
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