The Toronto-based fintech said the offering will be available to retail consumers by the end of the week. Typically, if Canadians want more than $100,000 in coverage from the Canadian Deposit Insurance Corp. (CDIC) on their cash, they themselves have to open multiple bank accounts with CDIC member institutions or pay a deposit broker or wealth manager to spread out their money, said Paul Teshima, chief client experience officer at Wealthsimple. (The Logic)

Talking point: The company can provide increased coverage like this because it’s not registered as a bank or a CDIC member institution, Teshima said. “Through our securities dealer, we can act as a deposit broker and hold your funds at multiple CDIC member institutions to offer up to $300,000 in CDIC coverage on eligible deposits.” Consumers have been skittish about keeping their money with financial institutions since the collapse of Silicon Valley Bank. In March, Ottawa released a formal statement that it will consider increasing the level of deposit insurance coverage.