Wealthsimple, the Toronto investing and banking app, raised C$425M at a C$13.8B valuation, up 38% from a year ago, in a round led by Singapore’s sovereign wealth fund GIC. C$300M of that is new money for the company, while the other C$125M lets employees and existing investors sell some of their shares. Wealthsimple is already profitable and manages C$169.2B in client assets, and CEO Michael Katchen told The Logic that the new cash will go toward building products and meeting regulators’ capital requirements, not toward marketing.
