Wealthsimple, the Toronto financial app, has agreed an equity round of up to C$425m at a post-money valuation of C$13.8bn (about $9.8bn). The round is made up of C$300m (about $214m) of new primary capital and a secondary sale of up to C$125m that lets employees sell shares. The company announced it on 27 October 2026.
Singapore's sovereign wealth fund GIC, which co-led Wealthsimple's 2025 round, is leading. Existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments and Inovia Capital are also taking part. BetaKit, which calls the deal a Series F, reported that no new investors joined and that the company declined to say when the round would close.
The valuation is up from C$10bn in October 2025, when Wealthsimple announced a C$750m round.
“These investors know our business deeply and chose to increase their commitment. With their support, we will keep building and innovating until every Canadian can live their entire financial life on Wealthsimple.”Michael Katchen, CEO and co-founder, Wealthsimple
What Wealthsimple does
Wealthsimple launched in 2014 as a robo-adviser and now offers investing, trading, chequing, everyday spending and business accounts. As of 30 September 2026 it had C$169.2bn in assets under administration, up from C$100bn at the time of its 2025 raise. More than four million Canadians and more than 30,000 businesses use it.
The company says one in four Canadians aged 18 to 40, and one in nine aged 41 to 55, are customers. In the second quarter of 2026, new chequing accounts outnumbered new investment accounts for the first time.
Over the past year it has launched more than 50 products. They include commission-free options and futures trading, access to some IPOs at the offer price, accounts for children and teenagers, cash deposits at more than 5,300 Canada Post locations, a line of credit secured against investments, and a business chequing account with a prepaid business Visa card.
What the money is for
Wealthsimple says the primary capital will speed up its product roadmap across business, spending and chequing, trading and investment products, and strengthen its technology infrastructure. The company says it is profitable and fast-growing; it does not publish its revenue or profit figures.
BetaKit reported that Wealthsimple is targeting C$1 trillion in assets under administration by 2034 and has no current plans to seek a banking licence. It plans to show new products at an event on 5 November.
Katchen told BetaKit that despite strong demand the company saw no need to bring in new backers this time. He said there is still a lot of room to improve access to financial products and make financial services in Canada more competitive.
Funding history
The 2025 round was made up of C$550m in primary and C$200m in secondary capital, according to BetaKit, and doubled the C$5bn valuation the company held in 2024.
BetaKit said the new round appears to make Wealthsimple one of Canada's most valuable private technology companies, behind the Toronto AI firm Cohere. BetaKit also disclosed that a Wealthsimple executive sits on its board.
Company website: wealthsimple.com