Wealthsimple raises C$425M at a C$13.8B valuation led by GIC

Wealthsimple has agreed an equity round of up to C$425 million at a post-money valuation of C$13.8 billion, led by GIC. The round combines a C$300 million primary offering with a secondary of up to C$125 million. Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments and Inovia are participating as existing investors, and closing is expected in the fourth quarter.

The Toronto company has grown from an investing app into a platform with chequing, spending, trading and business accounts, and says it launched more than 50 products in the past year. In the second quarter of 2026, new chequing openings outpaced new investment accounts for the first time.

Assets under administration reached $169.2 billion at 30 September, up from $100 billion at its October 2025 raise of C$750 million at C$10 billion. More than 4 million Canadians use it. CEO and co-founder Michael Katchen said partners chose to increase their commitment. IGM's stake rose by $341 million to $2.93 billion.