Wealthsimple

Wealthsimple has officially launched margin trading, allowing eligible clients to borrow funds against their portfolios for greater trading power. Vice President of Product Swapnil Parikh called it a highly requested feature, emphasizing a rigorous approval process and built-in risk management tools like a margin health tracker.

The Toronto-based fintech, led by CEO Michael Katchen, continues its mission to make sophisticated investing products more accessible. Wealthsimple, which is profitable and growing, will also roll out educational materials to ensure clients understand margin trading risks and rewards.

Want to know more? Check out the source code on Fintech.ca.

Wealthsimple marked a decade of growth in 2024 by unveiling products addressing Canadians’ evolving financial needs. The company introduced its first lending product, margin trading, attracting over a third of waitlisted clients.

It expanded access to private investments for clients with $50,000 or more and enhanced Wealthsimple Cash with features like ATM fee reimbursement and joint accounts. The company also became a leader in First Home Savings Accounts, opening over one-third of Canada’s accounts. Looking to 2025, Wealthsimple plans to launch USD chequing accounts, a credit card, and enhanced advisory services.

Want to know more? Check out the source code on Fintech.ca.

Wealthsimple has reached a $5-billion valuation in a secondary financing led by Iconiq Capital, solidifying its position as one of Canada’s top private tech firms. The deal, worth $100 million, allows employees to monetize holdings without diluting shareholders. Wealthsimple’s AUA has doubled to $58 billion, driven by Gen Z-focused services and a growing client base of high-net-worth users.

CEO Mike Katchen noted Wealthsimple’s “record momentum,” including November’s projected $3 billion in new deposits. With Silicon Valley veterans joining its executive team, the fintech giant continues expanding its offerings, from credit cards to cross-border payments.

Want to know more? Check out the source code on The Globe and Mail.

Power Corp. has raised its valuation of Wealthsimple to $2.2 billion, surpassing its previous 2021 peak. The century-old conglomerate’s 55.1% stake in the Toronto-based fintech now outvalues its $2.1 billion mark from March 2021. This valuation boost reflects Wealthsimple’s turnaround, doubling since December 2022 when Power Corp. valued it at $1.1 billion.

Wealthsimple, which celebrated its tenth anniversary in September, reached profitability this year under CEO Michael Katchen. Assets under administration surged to $52.1 billion, a 68.1% increase from $31 billion at the end of 2023.

Want to know more? Check out the source code on The Logic.

Wealthsimple, a Toronto-based fintech giant, has announced plans to triple its workforce in Alberta by the end of 2025. The expansion will increase the company’s Alberta-based employees to 105, roughly 10% of its total workforce. Wealthsimple is recruiting for roles in engineering, product development, sales, and client experience.

Alberta’s young population and high average income have made the province a key market, with more than 400,000 Albertans trusting the platform. The Alberta government supports Wealthsimple’s growth, viewing it as a boost to the province’s fintech sector.

Want to know more? Check out the source code on Calgary.tech.

A new survey from The Logic reveals that Canadians are warming up to fintech, but trust remains a big barrier. Wealthsimple tops the list, with 46% of respondents using its services—more than double any other fintech. Still, 42% of respondents see fintechs as less trustworthy than big banks. Users want regulation, stability, and transparency to feel more comfortable switching.

Many cited data security concerns, while others pointed to shady practices at traditional banks. With 56% of respondents calling for more regulation, the industry faces challenges in earning public trust.

Want to know more? Check out the source code on The Logic.

Wealthsimple, marking its tenth anniversary, has revealed it is now profitable, with revenue and assets surging. The financial platform, known for its low-fee robo-advisory services, has expanded into mortgages and banking, amassing over $50 billion in assets—double from a year ago.

CEO Michael Katchen confirmed that Wealthsimple’s second-quarter revenue rose 88%, reaching $129 million. Despite facing skepticism, Wealthsimple has maintained profitability since last year. The company, backed by Power Corp. of Canada, plans to continue growing its services to rival traditional banks, with future expansions into credit and insurance.

Want to know more? Check out the source code on The Canadian Press.

Toronto-based fintech Wealthsimple has made significant strides in integrating into Canada’s payment systems. Achieving firsts, Wealthsimple has secured membership with Payments Canada, established a direct settlement account with the Bank of Canada for the Real-Time Rail, and gained direct access to the Interac e-Transfer network.

According to Hanna Zaidi, Wealthsimple’s VP of Payments Strategy and Chief Compliance Officer, the goal is to become the “primary financial relationship” for customers, offering seamless financial transactions. Zaidi attributes these accomplishments to proactive collaboration with regulators during product development, ensuring compliance and innovation go hand in hand.

Want to know more? Check out the source code on The Logic.