Wealthsimple

Fintech · Wealthtech · Banking

Funding

Wealthsimple raises $300M as valuation jumps 38% to $9.8B

GIC's third straight lead signals growing confidence in a Toronto fintech chipping away at Canada's bank-dominated market.

• Wealthsimple raised an equity round of up to CAD $425 million (about $303 million USD), led by GIC, at a post-money valuation of CAD $13.8 billion (about $9.8 billion USD), up 38% from the CAD $10 billion mark it hit in October 2025.
• Founded in Toronto in 2014 by CEO Michael Katchen, Wealthsimple has grown from a robo-advisor into a full financial platform spanning chequing, spending, trading and managed investing for over 4 million Canadians.
• The round splits into a CAD $300 million primary offering and up to CAD $125 million in secondary sales, letting employees cash out paper gains without an IPO.
• Assets under administration climbed to CAD $169.2 billion as of September 30, up 69% from CAD $100 billion at last year's raise, driven largely by existing customers adding funds.
• CEO Michael Katchen said no new investors joined despite strong outside demand, and the fresh capital will fund product development and balance-sheet regulatory requirements rather than marketing.
• Canadian challenger banking is heating up: Koho raised $130 million at a $1.33 billion valuation in June, and EQ Bank is absorbing PC Financial after an $800 million acquisition.
• The repeated re-rating shows investors betting fintechs can keep pulling younger customers away from Canada's dominant banks as Wealthsimple pushes toward a $1 trillion assets target.