Wealthsimple, a Canadian financial services company, has agreed to an equity round of up to C$425 million ($302 million) at a post-money valuation of C$13.8 billion.

The round is led by Singapore’s sovereign wealth fund GIC, the fund said in a statement on Wednesday. The round also featured the participation from existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments, and Inovia. The round includes a C$300 million primary offering and a secondary sale of up to C$125 million.

The new capital will fund Wealthsimple’s next phase of growth, including product expansion and investment in technology infrastructure. It plans to accelerate its product roadmap across business banking, everyday spending and chequing, and trading and investment products.

Michael Katchen, co-founder and CEO of Wealthsimple, said the investors know the business well and chose to increase their commitment. The company would keep building until every Canadian can live their entire financial life on Wealthsimple.

Vinay Yarlagadda, managing director of GIC’s technology investment group, said Wealthsimple has earned trust through a customer-focused approach and an unusual pace of product innovation.

Yoonkee Sull, a general partner at ICONIQ, said Wealthsimple has grown from an investing app into a platform many Canadians rely on for everyday financial needs.

The valuation rises from C$10 billion in the company’s October 2025 round, which raised up to C$750 million. Wealthsimple said its core investing business has kept growing and that its newer chequing, spending and business products are seeing strong adoption.

The company said its chequing account openings outpaced new investment accounts for the first time in the second quarter of 2026. Over the past year it has launched more than 50 products, including commission-free options and futures trading, Kids and Teens accounts, cash deposits at more than 5,300 Canada Post locations, a portfolio line of credit, and a business chequing account.

As of September 30, 2026, Wealthsimple said it had C$169.2 billion in assets under administration, up from C$100 billion at the time of the 2025 raise. More than 4 million Canadians and 30,000 businesses use the platform, including one in four Canadians aged 18 to 40.

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