Wealthsimple, the Toronto-based wealthtech and digital banking platform, has agreed to raise up to C425millionataC13.8 billion (US$9.8 billion) valuation, 38% above a year ago. The round, led by Singapore’s GIC, includes C300millioninprimarycapitalanduptoC125 million in secondary shares, with participation from existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments, and Inovia. The main objective is to fund product development and technology infrastructure as Wealthsimple builds out its spending, chequing, trading, and managed investing offerings; it serves more than four million Canadians, has about C$169 billion in assets under administration, and launched more than 50 products over the past year. Key players include co-founder and CEO Michael Katchen, who said the goal is for every Canadian to “live their entire financial life on Wealthsimple,” and lead investor GIC.

Canada’s Wealthsimple Raises Funds at $9.8 Billion Valuation