Wealthsimple to raise up to $750M to accelerate growth

Wealthsimple Inc. says it is raising up to $750 million in capital in an effort to accelerate its growth.

The equity raise will bring its valuation to $10 billion upon completion.

The equity round includes a $550-million primary offering and secondary offering of up to $200 million and is co-led by U.S.-based Dragoneer Investment Group and Singaporean sovereign wealth fund GIC.

Wealthsimple says the round will also include the Canada Pension Plan Investment Board, a new investor, along with existing investors Power Corporation of Canada, IGM Financial Inc. and others.

Wealthsimple CEO Michael Katchen says in a press release that it was intentional in choosing partners committed to its long-term future.

Last week, Wealthsimple announced its assets under administration reached $100 billion, roughly doubling from a year ago.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.