Wealthsimple reported $17 billion in net flows in the second quarter, its largest quarter ever, as assets under administration nearly doubled year over year. The Toronto fintech says growth was driven by demand for chequing and spending products, not only investing.
The update follows a product push into household finance, business chequing, kids and teens accounts, authorized trading, spending insights, and monthly rewards. Wealthsimple ended the first quarter with $124.8 billion in assets and 3.4 million clients, including one in five Canadians aged 18 to 40 using at least one product, according to the company nationally.
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