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The Toronto-based fintech reported approximately $17 billion in net inflows during the second quarter, lifting assets under administration to $155.6 billion, up 25 per cent from the previous quarter and 84 per cent year over year. (The Logic)
Talking point: Wealthsimple said new chequing-account openings exceeded new investment accounts for the first time, as it expands beyond investing into everyday banking and intensifies competition with Canada’s dominant Big Six banks. Canadian chartered banks held nearly $500 billion in personal chequable deposits as of May, according to Bank of Canada data. Wealthsimple ended the quarter with 3.6 million clients, excluding tax filers, and said nearly one-quarter of Canadians aged 18 to 40 use at least one of its products. The company has also been broadening its offerings and recently received regulatory approval to eventually offer prediction markets trading.
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