Power Corporation is putting $68 million into a round that includes a $300-million primary offering, keeping one of Canada’s best-known fintechs well funded as it competes with the big banks.
The Canadian
Newsroom
October 28, 2026
3 min read
Wealthsimple, the Toronto-based online investing and banking platform, is raising up to $425 million in a new financing round, according to an October 27 announcement from Power Corporation of Canada. The round consists of a $300-million primary offering of new shares and a secondary sale of up to $125 million, in which existing shareholders can sell some of their holdings to new investors.
Power Corporation said it would invest $68 million through its subsidiary Power Financial Corporation, subscribing for a new class of preferred shares. Power, through Power Financial and IGM Financial, has been Wealthsimple’s anchor backer since the company’s early years, and the new commitment signals that the Montreal conglomerate still sees the fintech as a strategic bet rather than a stake to trim.
The primary money goes onto Wealthsimple’s balance sheet, giving it more room to expand products and marketing at a time when it is competing directly with Canada’s big banks for chequing accounts, credit cards, mortgages and self-directed trading. The company has steadily moved beyond its original robo-advisor model, adding commission-free trading, crypto, tax filing and a spending account, and it has leaned on artificial intelligence features to automate parts of its service.
The secondary portion matters for a different reason. Allowing early employees and investors to sell shares without an initial public offering has become a common way for mature private technology companies to reward staff while delaying a listing. Wealthsimple has not announced plans to go public, and a round of this size suggests it can continue to grow privately for now.
For Canada’s technology sector, the raise is a sign that domestic capital is still willing to back large consumer fintech companies, even as venture funding has been uneven. It also underlines how concentrated Canadian banking remains: Wealthsimple’s pitch depends on persuading customers to move money away from incumbents, and the success of that strategy will be measured less by valuation than by deposits and assets it attracts in the years ahead.
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