Wealthsimple announces $425-million Series F at $13.8-billion valuation

Toronto FinTech firm Wealthsimple has agreed to up to $425-million CAD in Series F financing from existing investors at a $13.8-billion post-money valuation—up from $10 billion a year ago. Wealthsimple revealed the round late Tuesday. Singaporean sovereign wealth fund GIC is leading with support from Power Corporation of Canada, Power subsidiary IGM Financial, US-based Iconiq, the Canada Pension Plan Investment Board, and Montréal’s Inovia Capital. “This is an exciting vote of confidence in what we’re building at Wealthsimple from a group of globally respected technology investors.” It will include $300 million in fresh equity funding. Wealthsimple plans to use this primary capital to accelerate its product roadmap and bolster its technology infrastructure. The round will also feature a secondary offering through which those investors will buy $125 million worth of shares from Wealthsimple employees. When reached by BetaKit, Wealthsimple declined to share more detail regarding the secondary offering or when the round might close. “This is an exciting vote of confidence in what we’re building at Wealthsimple from a group of globally respected technology investors,” Wealthsimple co-founder and CEO Michael Katchen told BetaKit over email. Despite strong demand, Katchen said the company saw no need to bring on new backers at this time. “Since co-leading last year’s round, our conviction in Wealthsimple’s ability to become Canada’s leading financial services platform has only grown,” Vinay Yarlagadda, managing director of GIC’s Technology Investment Group, said in a statement. Wealthsimple launched in 2014 as a robo-adviser. Since then, the company has broadened its investment capabilities and moved into other areas of money management, like banking, wooing wealthier clients and more sophisticated traders as part of its quest to build “a full-service financial solution” for Canadians, as it targets $1 trillion in assets under administration (AUA) by 2034. During the last quarter, Wealthsimple said new chequing accounts outpaced new investing accounts for the first time. This round comes one year after Wealthsimple announced a $750-million Series E financing round consisting of $550 million in primary and $200 million in secondary capital at a $10 billion valuation. That was double the $5 billion the company had been valued at in 2024. RELATED: Wealthsimple hits $10-billion valuation in new round backed by Dragoneer, GIC, CPP Investments Wealthsimple has since launched more than 50 new investing, spending, chequing, and business products. The company also claims it has remained profitable and seen its total AUA soar from $100 billion to more than $169 billion. As of the end of September, more than four million Canadians (up from three million in 2025) and 30,000 businesses were using the company’s platform. The company also claimed that a quarter of Canadians aged 18 to 40, and one in nine Canadians between the ages of 41 and 55, are using Wealthsimple. “Today, people can live their whole financial lives on Wealthsimple, and we’re seeing more and more Canadians choose us,” Katchen said.  As it competes with Canada’s big banks, Wealthsimple currently has no plans to seek a banking license of its own. Wealthsimple plans to reveal what else it has built and plans to develop at its product showcase next week on Nov. 5. “There’s still a lot of opportunity to improve access to financial products and make financial services in Canada more competitive,” Katchen added. “We started with low-cost investing, and today, serve more than four million Canadians across a full suite of financial products. We have big ambitions, and there’s still work to be done to make financial services more accessible and affordable for Canadians.” This Series F also advances Wealthsimple’s status as one of Canada’s most valuable private tech companies, appearing to put it below only Toronto AI firm Cohere, which is joining forces with Germany’s Aleph Alpha at a reported $27-billion valuation. UPDATE (10/28/26): This story has been updated to include additional information and commentary shared by Wealthsimple. Disclosure: Wealthsimple vice-president of payments strategy and chief compliance officer, Hanna Zaidi, sits on BetaKit’s board of directors. Feature image courtesy Wealthsimple.The post Wealthsimple announces $425-million Series F at $13.8-billion valuation first appeared on BetaKit.