Briefing

Wealthsimple’s largest shareholder cuts its valuation by nearly half

Power Corp subsidiary IGM Financial cut the value of its stake in the Toronto-based fintech company from $925 million at the end of March to $492 million as of June 30. Wealthsimple’s growth has also slowed. Its clientele, excluding those using its tax services, grew just two per cent in the second quarter, compared to nearly 20 per cent for the same period last year. It’s the second quarter in a row that IGM has written down the asset. (The Logic)

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