Power Corp subsidiary IGM Financial cut the value of its stake in the Toronto-based fintech company from $925 million at the end of March to $492 million as of June 30. Wealthsimple’s growth has also slowed. Its clientele, excluding those using its tax services, grew just two per cent in the second quarter, compared to nearly 20 per cent for the same period last year. It’s the second quarter in a row that IGM has written down the asset. (The Logic)

Talking point: IGM attributed the writedown in part to the stock-market decline as well as “Wealthsimple focusing on its core business lines and revising revenue expectations.” It follows cuts to Wealthsimple’s spending and workforce during the quarter. The company enacted a hiring freeze in June and announced it would lay off 13 per cent of its staff as it restructures its recruiting, marketing, client success and research teams, and reduces investments. Other Canadian fintechs have struggled, too. Merchant-financing firm Clearco is cutting about a quarter of its staff and cryptocurrency exchange Coinsquare laid off about 24 per cent of its workforce last month.