Wealthsimple’s assets under administration surged to $84 billion in Q2, up 94% year-over-year. The Toronto fintech grew its non-tax-filing client base by over 13% during the same period. Power Corp., which holds a 54.2% stake, increased its valuation of the company by 21% to $2.7 billion.
In June, Wealthsimple launched banking-style products, intensifying competition with both traditional banks and fintech rivals. About 5% of Canadian adults are now clients, according to Ipsos, compared to under 3% in 2021. The firm remains best known for its investing products.
Want to know more? Check out the source code on The Logic.