📝 Wealthsimple raises $750 CAD

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Toronto-based Wealthsimple has secured up to $750 million CAD in a Series E round, split between $550 million in primary funding and $200 million in secondary sales, propelling its valuation to $10 billion; double what it was a year ago. The round, co-led by Dragoneer Investment Group and Singapore’s GIC, with participation from CPP Investments, Power Corporation, IGM Financial, Iconiq, Greylock, and Meritech, cements Wealthsimple as Canada’s most valuable private tech company. Profitable and serving over three million clients with $100 billion in assets under administration, Wealthsimple plans to use the new funding to accelerate its expansion across investing, credit, and spending while exploring acquisitions to broaden its offerings. Having evolved from a robo-adviser into a full-service financial platform for Canadians, the company’s strong product momentum and global investor confidence may delay an IPO, but CEO Michael Katchen says the firm remains focused on building “a defining Canadian company” on its path toward $1 trillion AUA by 2034.

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