The Toronto fintech ended the second quarter with client assets up almost 94 per cent compared to the previous year. Wealthsimple grew its non-tax-filing client base by more than 13 per cent over the past year, the company said in a release. (The Logic)
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The Toronto fintech ended the second quarter with client assets up almost 94 per cent compared to the previous year. Wealthsimple grew its non-tax-filing client base by more than 13 per cent over the past year, the company said in a release. (The Logic)
Talking point: The newly released figures add context to Power Corp.’s disclosure last week that it had marked up the value of its 54.2 per cent stake in the fintech by 21 per cent in the second quarter to $2.7 billion. In June, Wealthsimple launched a suite of products meant to replicate traditional retail banking services, putting it in direct competition with banks and other fintechs offering similar services beyond the investing products the firm is best known for. About five per cent of Canadian adults are Wealthsimple customers, according to Ipsos research, up from less than three per cent in 2021.
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