Wealthsimple has raised $425 million in an investment led by the Singaporean sovereign wealth fund GIC Private Ltd. at a $13.8 billion post-money valuation.
The company said the new capital will fund its next phase of growth, including product expansion and investment in technology infrastructure .
The round includes both a $300 million primary offering and a secondary of up to $125 million. It said the secondary offering "gives employees the opportunity to share in the value they've helped create."
Along with GIC, existing investors Power Corporation of Canada , IGM Financial Inc. , ICONIQ, Canada Pension Plan Investment Board (CPP Investments) and Inovia , also participated in the equity round.
"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," said Wealthsimple chief executive Michael Katchen.
The company said it plans to accelerate its product roadmap, which includes expanding its business, everyday spending and chequing, trading and investment products.
Wealthsimple said the company's core investing business has kept growing since announcing a $750 million fundraise at a $10 billion valuation in October last year.
"Since co-leading last year's round, our conviction in Wealthsimple's ability to become Canada's leading financial services platform has only grown," said Vinay Yarlagadda, managing director of the technology investment group at GIC.
It had its best-ever RRSP season in Q1 2026, with the most account transfers in its history, it said. In Q2 2026, new chequing account openings outpaced new investment accounts for the first time.
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Canadian fintechs Wealthsimple, Questrade to offer pre-IPO access
In the past year, Wealthsimple, used by more than four million Canadians, has launched more than 50 new products, including commission-free options trading, futures trading and IPO Access, kids and teens accounts, a portfolio line of credit for individuals and businesses, among others.
It said more releases will be announced on Nov. 5.
• Email: dpaglinawan@postmedia.com
