Singapore sovereign wealth fund GIC has co-led the up to C$750 million (about $538 million) new funding round for Canadian fintech Wealthsimple, according to an announcement.
The round, which is a combination of a C$550 million primary issue and a secondary sale of up to C$200 million by existing shareholders, values Wealthsimple at a post-money C$10 billion.
US investor Dragoneer Investment Group joined GIC as co-lead in the funding round. New backer Canada Pension Plan Investment Board will join existing investors Power Corporation of Canada, IGM Financial, ICONIQ, Greylock, and Meritech.
Founded in 2014, Toronto-based Wealthsimple offers managed and self-directed investing, commission-free stock trading, regulated cryptocurrency trading, and everyday banking services, including a chequing account with no monthly, foreign exchange, or ATM withdrawal fees.
It said a waitlist for its first credit card surpassed 300,000 sign-ups within six months of launch in 2025. The firm also runs TLDR, a money-and-markets newsletter that it says reaches about 4 million weekly readers.
Wealthsimple said it was profitable in 2024 and remains profitable in 2025. Assets under administration doubled to C$100 billion this year from C$50 billion in 2024, per the announcement.
The company said the fresh capital will accelerate its product roadmap in investing, banking, and credit, support strategic opportunities, and deepen the value it delivers to Canadian clients.
“This raise reflects deep confidence from new and returning investors in our mission and our role as a defining Canadian company,” said Michael Katchen, CEO and co-founder, Wealthsimple.
The financing follows Wealthsimple’s May 2021 round, co-led by Meritech and Greylock, that ranked among Canada’s largest tech fundraises at the time at C$750 million. Dragoneer also invested in that round.
GIC’s Choo Yong Cheen said the company’s product velocity and consumer trust position it to build a “defining, generational” Canadian financial-services platform.
GIC is a leading global investment firm delivering long-term, sustainable returns across diverse market landscapes. It is one of two new investors in this raise, alongside CPP Investments.
