Wealthsimple Raises Up to C$750 Million at a C$10 Billion Valuation

Wealthsimple signed an equity round of up to C$750 million at a C$10 billion post-money valuation, co-led by Dragoneer Investment Group and Singapore’s GIC, with CPP Investments joining as a new investor and Power Corporation and IGM Financial participating to hold their combined stake.

The round includes a C$550 million primary offering and a secondary of up to C$200 million. Wealthsimple said it was profitable in 2024 and 2025 and that assets under administration had doubled in a year to C$100 billion. Existing U.S. backers ICONIQ, Greylock, and Meritech also participated.

A C$10 billion private consumer-finance company in Canada is not a tech curiosity. It is a parallel bank that sits on top of the Big Five without carrying a full balance-sheet charter, taking deposits-like cash, brokerage, and now credit. When that platform raises primary capital, it is buying product speed. When it raises secondary, it is letting early holders out without an IPO.

The inflation link is direct. Wealthsimple’s customers are the households whose rent, groceries, and brokerage balances show up in the same month. A cheaper trading app does not cut the CPI. A consumer lender that underwrites those households might. This round funds that expansion. The public will see it in product launches, not in a prospectus — unless the C$10 billion price eventually needs a listing to stay honest.