Wealthsimple Closes $302 Million Led by GIC at $9.8 Billion Valuation

Oct 28, 2026 | By Nguyen Minh

Wealthsimple Closes $302 Mn Led by GIC at $9.8 Billion Valuation

Wealthsimple, a Canadian financial services company, has agreed to raise up to C$425 million ($302 million) in an equity round led by Singapore’s sovereign wealth fund GIC. The funding values the company at C$13.8 billion ($9.8 billion), marking an increase from its previous valuation of C$10 billion in October 2025.

The round includes C$300 million in primary funding and up to C$125 million through a secondary share sale. Existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments and Inovia also participated.

Funding to Support Product Expansion

Wealthsimple plans to use the new capital to expand its financial products and strengthen its technology infrastructure. The company aims to accelerate development across business banking, everyday spending, chequing accounts, trading and investment services.

Michael Katchen, co-founder and CEO of Wealthsimple, said the company would continue building products to help Canadians manage their financial lives through a single platform.

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Vinay Yarlagadda, managing director of GIC’s technology investment group, said Wealthsimple has built customer trust through its customer-focused approach and continued product innovation.

Wealthsimple Reports Growth in Users and Assets

Wealthsimple's latest funding follows its October 2025 round, when the company raised up to C$750 million at a C$10 billion valuation. The company said its investment business continues to grow, while its newer chequing, spending and business products are seeing increased adoption.

In the second quarter of 2026, new chequing account openings exceeded new investment account openings for the first time.

Over the past year, Wealthsimple launched more than 50 products and features. These include commission-free options and futures trading, Kids and Teens accounts, cash deposits at more than 5,300 Canada Post locations, portfolio lines of credit and business chequing accounts.

About Wealthsimple

Wealthsimple is a Canadian financial services company that provides investing, trading, spending, chequing and other financial products. Its platform aims to help individuals and businesses manage their money through digital financial services.