Wealthsimple

Jared Sandler

— 3 min read
Wealthsimple
In this 3-minute read, you'll learn about the growth of Canada's best-known fintech. Enjoy.

What it is

A fintech that offers money and investing products in a simple, well-designed digital experience.

They say they're not a bank, but it's starting to look like it.

Let's go deeper ↓

The problem it solves

Problem

We shouldn't have to live and breathe finance to grow our money.

Solution

Wealthsimple is making all things money feel more accessible, less intimidating, and, true to the name, a whole lot simpler.

Zoom in

Here are some notable stats and news you should know:

Vitals

  • Recent-ish layoffs (~13% of staff in 2022)
  • Stopped operating in the US in March 2021

My take

Wealthsimple started as a robo-advisor, but today that’s just one slice of what they do.

They’ve expanded into nearly every corner of personal finance: tax filing, self-directed trading, crypto, private credit, and now, even a credit card. As they put it, they’ve got an “all-you-can-eat buffet of account types.”

They do a lot and “ambitious” feels like the right word to describe them.

For some companies, this level of expansion might seem unfocused. But in Wealthsimple’s case, it seems like smart experimentation.

They’re testing what actually helps Canadians build wealth. Private credit for everyday users? Not a typical offering, but if it gives people more options, it fits.

Even the interface of their app and website evolves often - a sign they’re always tinkering, refining, adjusting. Here, change is the name of the game.

Of course, growth hasn’t come without bumps.

They raised $750 million in 2021 and laid off a significant portion of the staff - 13% - in 2022. It’s a reminder that growth doesn't necessarily mean all sunshine and rainbows.

Still, they're in a position most companies would envy:

  • Strong brand recognition
  • Tens of billions in assets
  • A large Millennial/Gen Z user base
    • In fact, 1 in 11 Canadian adults are users. That's because they have 3M users out of 33M adults in the country. And it happened in just over a decade! That's amazing growth.

Bottom line

This is an ambitious and ever-changing modern finance company – and one to watch closely.

👋 Hey, thank you for reading!

If you'd like to get in touch, please reach out on LinkedIn.

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Wealthsimple isn't the only company growing in the Canadian financial space. Read about another great growth story: EQ Bank

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