The financial services platform has seen significant expansion of its services in 2025
The bold ambition of Wealthsimple continues unabated, with the Canadian financial services firm having recently surpassed a milestone $100 billion assets under administration three years ahead of target.
The platform’s latest enhancement focuses on international payments thanks to a new partnership with Wise. It will empower checking and joint chequing customers to access low-fee and fast international payments directly from Wealthsimple’s app and website. Secure payments can be made to 30 countries and in more than 10 currencies.
"To bring Canadians the best cross-border payment experience, it only made sense to partner with Wise,” says Hanna Zaidi, VP of Payments Strategy and chief compliance officer for Wealthsimple. “By integrating their global payments network directly into Wealthsimple chequing, we're giving our clients a faster, more affordable, and seamless way to move their money across borders. And there's no extra apps, no hidden markups and no friction to deal with.
The Toronto headquartered firm now has around three million customers and has been adding capabilities through partnerships and acquisitions this year.
Last month, Wealthsimple unveiled a suite of new investing tools designed to meet the growing sophistication of Canadian retail investors and it has also been calling on policymakers in Ottawa to curb the transfer fees charged by financial institutions on savings accounts.
Founded in 2014 by Michael Katchen, Brett Huneycutt (currently chief executive officer and chief product officer, respectively) and Rudy Adler, the business is essentially controlled by Power Corporation of Canada, which holds 55% of the company’s stock through its investments including Power Financial and IGM Financial.
Recently, it secured big name backing to fuel its growth as CPP Investments joins existing investors in an equity funding round of up to $750 million, including a $550 million primary offering and a secondary offering of up to $200 million. The fundraise valued Wealthsimple at $10 billion.
Other developments this year include the acquisition of Plenty, a US fintech that helps couples to invest and plan for their future together.
