Wealthsimple Raises $538 Million to Expand Full-Service Wealth Platform

Toronto-based fintech Wealthsimple has secured CAD $750 million (approximately USD $538 million) in new equity funding, led by Dragoneer Investment Group and GIC, valuing the company at about USD 7.2 billion. The round included a CAD 550 million primary raise and a secondary offering of up to CAD 200 million, with participation from ICONIQ, IGM Financial, Greylock, Meritech, Power Corporation of Canada, and new investor CPP Investments. 

Founded in 2014, Wealthsimple offers a comprehensive suite of digital wealth products encompassing investing, trading, tax filing, saving, and advisor services. Wealthsimple has consistently set the pace for innovation in Canadian finance and reimagined how Canadians build wealth. The company broke down barriers to the markets for a new generation of investors with its managed and self-directed investing platforms and led the charge on many investing firsts for the country including commission-free trading, regulated crypto trading and 24/5 trading. The platform currently serves three million Canadian users and has doubled its assets under administration to CAD 100 billion in the past year. The company’s product roadmap includes expanding across investing, spending, and credit, highlighted by the launch of its first credit card and the acquisition of start-up Fey to enhance its investing experience. 

Wealthsimple’s latest funding marks a significant step in its evolution from a digital brokerage into a full-service wealth platform. By integrating investment management, cash flow tools, and credit offerings, the company continues to blur the lines between traditional financial institutions and modern fintechs, positioning itself as a central hub for clients seeking an all-in-one financial experience. 

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