Power Corporation of Canada said the value of its majority stake in fintech firm Wealthsimple increased 21% in Q2, crediting “strong business performance.” The Montreal-based conglomerate owns 54.2% of the Toronto company, alongside IGM Financial and Portage Ventures.
Power last valued Wealthsimple at $2.2 billion in late 2023, reversing writedowns made in 2022. The company, controlled by the Desmarais family, reported $772 million in quarterly profit—up 5.8% year-over-year. Wealthsimple’s valuation bump comes amid improving fintech sentiment after a turbulent post-pandemic period.
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