Business · Companies · 2 hrs ago
Wealthsimple raises up to $425 million at $13.8 billion valuation
Toronto-based Wealthsimple secured up to $425 million from existing investors at a $13.8 billion valuation.
The deal includes $300 million in new funding and up to $125 million for investors to buy shares from employees.
Its valuation has risen from $10 billion a year ago, when it last raised funds.
Wealthsimple began as an online investment adviser in 2014 and has since added banking and other financial services.
The company says assets it manages reached $169.2 billion at the end of the third quarter, up from $100 billion a year earlier.
It aims to offer a wider alternative to Canada’s major banks and has set a goal of $1 trillion in assets, without giving a firm timeline.
The new money will support product development and technology, while Wealthsimple says it has no short-term plans to seek a banking licence.
Wealthsimple has agreed to raise up to $425 million from existing investors at a $13.8-billion post-money valuation.
The financing includes $300 million in new equity and up to $125 million for investors to buy shares from employees.
Singaporean sovereign wealth fund GIC is leading the round, which also includes several existing backers.
The valuation is up from $10 billion a year ago.
Wealthsimple says it will use the new capital to expand its products and strengthen its technology infrastructure.
- Who
- Toronto-based fintech firm Wealthsimple and its existing investors, led by Singaporean sovereign wealth fund GIC.
- What
- Wealthsimple agreed to financing of up to $425 million at a $13.8-billion post-money valuation. The deal includes new equity and a secondary share sale by employees.
- When
- The financing was announced Tuesday, October 27, 2026.
- Where
- Toronto, Canada. The investors include GIC, Power Corporation of Canada, IGM Financial, ICONIQ, the Canada Pension Plan Investment Board and Inovia Capital.
- Why
- The company plans to use the new equity to accelerate product development and strengthen its technology infrastructure as it expands its financial services.
This story does not have two clearly opposing sides.
Wealthsimple launched as a robo-adviser.
Wealthsimple was valued at $5 billion.
The company announced a $750-million financing at a $10-billion valuation.
Wealthsimple announced plans for a prediction markets app.
Wealthsimple announced the new financing at a $13.8-billion valuation.
- Financing
- Up to $425 million
- Valuation
- $13.8 billion post-money
- New equity
- $300 million
- Employee share sale
- Up to $125 million
- Assets under administration
- $169.2 billion at the end of the third quarter
- Users
- More than four million Canadians and 30,000 businesses at the end of September
3 sources
What people are saying
This gives us a balance sheet that reflects the ambition of the business
This raise reflects the deep conviction our partners have in Wealthsimple’s mission and in our role as the company defining the future of financial services in Canada
We really have a broad product portfolio because we’re trying to help clients leave the banks
tremendous vote of confidence
Posts on X
Wealthsimple Q3 update: we grew client assets to $169B (+68% YoY), and this week we announced a $425M raise at a $13.8B valuation. In the past 12 months we launched credit cards, business accounts, and kids accounts. Our mission hasn’t changed. It’s just gotten bigger. So