News Summary

Toronto-based FinTech company Wealthsimple has announced a Series E funding round worth up to $750 million CAD, elevating its post-money valuation to $10 billion. This significant increase doubles the company’s valuation from the previous year and follows a period of substantial growth, including doubling its assets under administration to $100 billion. The funding round includes a $550 million primary offering and a $200 million secondary offering, led by Dragoneer Investment Group and GIC, with participation from CPP Investments, Power Corporation of Canada, and others. Wealthsimple plans to use the new capital to accelerate its product roadmap across various financial services and pursue strategic acquisitions. With over three million clients, Wealthsimple aims to build a comprehensive financial solution for Canadians. The company has also been named part of the Bank of Canada’s first batch of registered payment service providers.