In an online post, Michael Katchen, CEO of the Toronto-based fintech firm, said the company has nearly doubled its client assets to $50 billion since last year, and has added nearly $20 billion in deposits over the past 12 months. (The Logic)
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In an online post, Michael Katchen, CEO of the Toronto-based fintech firm, said the company has nearly doubled its client assets to $50 billion since last year, and has added nearly $20 billion in deposits over the past 12 months. (The Logic)
Talking point: Katchen’s post on Wealthsimple’s tenth anniversary noted how much has changed since it launched as a no-frills robo adviser. The company mostly managed smaller accounts at first, but million-dollar accounts are now Wealthsimple’s fastest-growing segment, Katchen said. Power Corp., the holding company of Montreal’s wealthy Desmarais family, has been marking up the value of its 55 per cent stake in Wealthsimple for the last three quarters as the fintech sector recovers from its post-pandemic rout. Wealthsimple aims to have $1 trillion in assets, rivalling big banks, under administration within the next 10 years, Katchen told The Canadian Press.
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