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.