The Interview

‘We knew we’d hit a market like this at some point’: Wealthsimple’s Michael Katchen on downturns, writedowns and the crypto winter

MONTREAL — Wealthsimple has undergone a major shift in strategy since last year, when it exited both the U.K. and U.S. markets in order to focus on Canada, and raised $750 million from investors including international players Meritech and Greylock. As it looks to compete with Canada’s largest banks for retail customers, the Toronto-based fintech has been investing in new products spanning tax, crypto, investing, stock trading and payments. At the same time, the company is contending with a market downturn that has hit fintech startups particularly hard, prompting layoffs and other cost-cutting measures at many companies.

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