The Toronto-based fintech’s assets under management rose to $18.8 billion, as of Dec. 31, 2021, a 97.9 per cent increase from $9.5 billion in 2020. The disclosure in Power Corporation’s year-end report also showed Wealthsimple had 1.6 million customers, excluding tax clients. (The Logic)

Talking point: Wealthsimple’s increase in assets came the same year the company raised a $750-million round that valued it at $5 billion. The report from Power, a major shareholder of Wealthsimple, also provided new details on Portage Ventures, the venture platform of Power’s subsidiary Sagard. As of Dec. 31, 2021, the fintech-focused investment firm had $4.2 billion in assets across three of its funds. Portage’s latest fintech fund, which has raised US$577 million so far, also includes more outside capital than its previous two. Roughly 81 per cent of the money came from third parties not affiliated with Power, while that figure was 70.8 per cent for its second fund, and zero per cent for its first.