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.
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