The century-old conglomerate’s valuation of its 55.1 per cent stake in the Toronto-based fintech is now higher than the $2.1 billion it was worth on March 30, 2021, when its ownership share of the company was 54.7 per cent, according to a filing. (The Logic)
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The century-old conglomerate’s valuation of its 55.1 per cent stake in the Toronto-based fintech is now higher than the $2.1 billion it was worth on March 30, 2021, when its ownership share of the company was 54.7 per cent, according to a filing. (The Logic)
Talking point: Beating its 2021 valuation is a coup for Wealthsimple, which has mounted a strong comeback over the past year. Power Corp., the primary source of the Desmarais family fortune, wrote down its fintech investments in 2022, as Wealthsimple and other firms struggled during a tech downturn and crypto winter. On the company’s tenth anniversary in September, CEO Michael Katchen disclosed that the firm is profitable. Power Corp. has doubled its valuation of Wealthsimple since December of last year, when it valued its stake at $1.1 billion. The fintech’s total assets under administration were $52.1 billion at the end of September, a 68.1 per cent jump from $31 billion at the close of 2023, filings reveal.
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