The Toronto-based fintech’s clients will be eligible for cash rebates proportional to the amount of assets they hold on the platform that will lower their borrowing costs. Pine, a digital-first mortgage lender, will provide software to power the application process. (The Logic)

Talking point: Wealthsimple chief compliance officer Hanna Zaidi called mortgages “our next frontier” in a December LinkedIn post. In an interview with The Logic in January, Zaidi said the fintech is on a mission to become its customers’ “primary financial relationship.” Wealthsimple’s mortgage product will incentivize customers to transfer their money to the platform by reducing rates by 0.05 per cent for every $50,000, BetaKit reported. Wealthsimple’s assets under administration grew to $38.7 billion as of March 31, up from $31 billion on Dec. 31, 2023, according to shareholder IGM Financial—growth that CEO James O’Sullivan described as “ballistic” on an analyst call last week.