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Wealthsimple is a Toronto-based robo-advisor founded by Mike Katchen.


In 2014, Michael Katchen founded the robo-advisor Wealthsimple. Katchen’s stated goal for the company was “to bring financial services to everybody, regardless of age or net worth.” He has said the idea for Wealthsimple started during his time in Silicon Valley where he dispensed DIY investing advice. Wealthsimple grew into the U.S. and U.K. markets in 2017.

Their headquarters are in Toronto, Canada and they have offices in New York and London. Michael Katchen plans to take the company public in the coming years, with the stated goal of $20 billion in assets under administration (AUA) as the moment to go public. As of Q1 2019, Wealthsimple announced $4.3 billion AUA with about 150,000 clients.

Despite the upward trend in robo-advisors, Wealthsimple uses a hybrid approach where they pair their robo-advisors with a team of financial experts who review the performance of portfolios. There are support teams for their services and they offer portfolio review to clients in their higher tiers. Financial planning and goal setting is available to their Wealthsimple Generation tier, though they offer simple financial advice to their basic users.

They pair their tools with a slimmed down, aesthetic-forward app and website design intended to appeal to younger (read: Millennial) investors. The platform focuses on ease-of-use and simple steps. Wealthsimple estimates they own 70% of the digital advice space in Canada. In Michael Katchen's words:

Millennials are missing out on opportunities to secure their financial future. A lot of young people are mistrustful of big banks and put off by the paperwork. We are combining financial expertise with smart IT to shake up the industry and modernise investment.

Wealthsimple accounts in Canada are insured by the Canadian Investor Protection Fund (CIPF) who insure up to CAD $1 million. In the US, Securities Investor Protection Corporation (SIPC) insures investors up to USD $500,000. In the UK, Financial Services Compensation Scheme (FSCS) insure investors up to GBP £ 50,000. All accounts are subject to a management fee assessed by Wealthsimple. This is a 0.5% fee for Wealthsimple Basic accounts or 0.4% for higher tiered Black or Generation accounts. They may also be assessed a fee by the manager of the ETF's held their investments, known as management expense ratio (MER). MER's are assessed annually at around 0.1% to 0.2%. These fees, charged by the managers of held investment funds will be quoted annually, but, as all Wealthsimple fees, assessed monthly. MER's won’t be payable by the investor but will be reflected in the prices of the ETF’s held. Three types of accounts are offered through their investment: Wealthsimple Basic, Wealthsimple Black and Wealthsimple Generation.

In Canada, Wealthsimple allows investors to open TFSA, RESP, RRIF, RRSP, Spousal RRSP, LIRA, Non-Registered Investment (Personal or Joint), Wealthsimple Save and Corporate accounts. In the US, Wealthsimple allows investors to open Traditional IRA, Roth IRA, SEP IRA or Non-Registered Investment (Personal or Joint) Accounts. In the UK, Wealthsimple allows investors to open ISA Individual Savings, JISA Individual Savings or Personal Investment Accounts.


Wealthsimple Basic: This is tiered for accounts under $100,000. This is the simplest and most popular account type with a management fee of 0.5%, multiple account types dependent on country, socially responsible and Halal investing options, high-interest savings accounts, tools to assist saving, auto-rebalancing, auto deposits, dividend reinvesting and financial advice.


Wealthsimple Black: If an account is over $100,000 the investor is tiered into the Wealthsimple Black account. Here you receive all the same services of the Basic account, but the management fee is 0.4%, tax-loss harvesting is included, as well as tax-efficient funds, a financial planning session and VIP airport lounge access in over 1,000 airports across 400 cities.


Wealthsimple Generation: when an account reaches over $500,000 the investor is tiered into Wealthsimple’s Generation account. This combines the Basic and Black accounts while adding In-depth financial planning, tailored portfolios, a personalized financial report which can include goal-setting and 50% off a comprehensive health plan from Medcan.

Investment portfolios

Wealthsimple manages investment portfolio’s using a mixture of artificial intelligence and portfolio advisors. The philosophy of investment is based on the Nobel-Prize winning Modern Portfolio Theory. This theory proves a passive investing approach focused on diversification of industry and volatility is the more reliable way to grow money over time. Wealthsimple pairs this theory with portfolio’s designed around low-cost ETF’s which track the markets as a whole and minimize individual volatility. They further diversify their portfolios across markets to minimize the risk of single market collapse. They offer three portfolio types dependent on the account holders risk tolerance: Conservative, Balanced and Growth. During Wealthsimple’s quick onboarding procedure, often cited at between ten and fifteen minutes to sign up, they include a questionnaire to match you with one of these portfolios and further match these portfolio’s with asset allocations to suit your risk tolerance. This process allows Wealthsimple to build a diverse portfolio without the costs of having to buy, sell and re-balance on a consistent basis.


Conservative portfolios focus on low-volatility bonds – about seventy percent of the portfolio while thirty percent is in stocks – for stability and growth.


Balanced portfolios are a fifty-fifty mix of low-volatility bonds and the more volatile equities for low-to-medium risk tolerance.


Growth Portfolios focus seventy-five to ninety percent of their portfolio in equities and stocks – with only ten to twenty-five percent of the portfolio in bonds – for medium-to-high risk tolerance and the greatest possible growth.

Investment portfolio asset classes

These portfolios are composed of ETF’s from different asset classes. These classes for Canadian Investors are:

Asset Classes

Asset Class

Canadian Corporate Bonds


iShares Canadian Short Term Corporate + Maple Bond Index ETF

Conservative, Balanced, Growth

Canadian Government Bonds


BMO Mid Federal Bond Index ETF

Conservative, Balanced, Growth

Canadian Stocks


iShares Core S&P/TSX Capped Composite Index Etf

Conservative, Balanced, Growth

Dividend Stock


Purpose Core Dividend Fund

Conservative, Balanced

Emerging Market Stocks


iShares Core MSCI Emerging Markets ETF

Balanced, Growth

Foreign Stocks


iShares Core MSCI IEFA ETF

Conservative, Balanced, Growth

Real Estate


Purpose Duration Hedged Real Estate Fund

Conservative, Balanced

US High Yield Bonds


BMO High Yield US Corporate Bond Hedged ETF

Conservative, Balanced

US Stocks


Vanguard Total Stock Market ETF

Conservative, Balanced, Growth

US Stocks


Vanguard US Total Market Index ETF



Wealthsimple offers various features on their accounts to help their investors reach their goals. These are features outside of asset personalization, automatic rebalancing and free financial advice offered on all their account tiers.

Transfer Fees

Wealthsimple will cover the fees of transferring your account to them. Transfers of investments greater than $5,000 are eligible for transfer fee reimbursement on completion of a short survey. Transferring funds from Wealthsimple is easy and they will never charge penalties or lock your account.

Automatic Deposits

Wealthsimple allows an investor to schedule automatic deposits into their investment account.

Dividend Re-Investment

Dividends are automatically re-invested and no action is needed on the investors end.

Financial Advice

Wealthsimple Black clients have access to goal-based financial planning with an experienced portfolio manager. Wealthsimple Generation clients have access to in-depth financial planning and financial experts who will design a personalized financial report customized to their goals. Every Wealthsimple client has access to human experts providing financial advice.

Portfolio Review

Wealthsimple offers free portfolio review to their clients which can encompass non-Wealthsimple financial accounts. This review will analyze fees, tax efficiency and portfolio allocation.

Fractional Share Investment

Wealthsimple fractionally invests client’s money to invest every dollar immediately to maximize interest return on the account. This also allows accounts of any size to have equal diversification and minimize risk to the accounts.

Socially Responsible Investment Options (SRIs)

Wealthsimple’s SRI option allows investors to build portfolio’s from low carbon companies, clean-tech innovators, companies with a positive human rights record and Canadian Federal Bonds with AAA rating. There are no separate management fees for SRI accounts. These include PZD (PowerShares Cleantech Portfolio), CRBN (iShares MSCI ACWI Low Carbon Target ETF), VIDI (Vident International Equity Fund), ZFM (BMO Mid Federal Bond Index), and XEN (iShares Jantzi Social Index ETF). Although these accounts have the same fee structures as traditional investment accounts, the ETF’s themselves charge a management fee higher than their peers – on average a 0.25% to 0.40%, compared to 0.1% to 0.2% for regular portfolios. These fees reflect the careful selection process of SRI ETF’s.

Halal Investing

Wealthsimple offers a portfolio for followers of the Islamic faith who want their investments to keep with Islamic principles. Halal portfolios do not invest in companies which profit from pork, gambling, tobacco or weapons. These portfolios follow the same principles of diversification and risk tolerance as traditional portfolios and offer the same gamut of features other Wealthsimple investors have available to them.

Smart Savings

In response to the high-interest savings accounts offered by online-only banks, Wealthsimple introduced their Smart Savings Account which offers 2.00% interest per annum. There is no minimum balance and unlimited transactions. The account does have a management fee of up to 0.25% per year.


Wealthsimple introduced Roundup in September 2018 which allows investors to link their credit or debit card through their app. When the investor makes a purchase, the amount paid will be rounded to the nearest dollar and the spare change withdrawn into their investment account once a week.


Wealthsimple’s Overflow feature allows the investor to specify how much money they want to keep in their chequing account. Once a month, Wealthsimple will check the investors account and automatically invest however much is over the specified amount.

Wealthsimple for Work

Wealthsimple for Work is aimed at helping businesses manage their employees pensions and retirement plans using their platform.

Master Class

Wealthsimple introduced Master Class in April 2019 to teach the basics of investing. The course is free, uses jargon free language and consists of 10 short videos under forty-five minutes long in total.

Wealthsimple Trade

Introduced in August 2018 and launched in March 2019, Wealthsimple Trade is a commission free brokerage with no account minimums and allows users to trade over 8,000 popular stocks and ETF’s for free. There is no trade limit.

Wealthsimple for Advisors

Wealthsimple introduced a platform where financial advisors could onboard clients, open and manage accounts and ensure regulatory compliance. This tool allowed smaller firms unable to develop proprietary software operate for lower cost. Wealthsimple for Advisors gives financial advisors access to ETF's, mutual funds and individual stock portfolios.

2014 Seed Round

Raised $2 million from 15 investors including David Ossip, Dan Debow, Roger Martin, Joe Canavan and Impression Ventures.

2015 Series A

Entered into partnership with Power Financial Corp. who invested an initial $10 million with the initial potential of an additional $20 million over the preceding twelve months and option for further investment over the next three years. Wealthsimple received the $20 million later that year and an additional $20 million in December 2016. They followed this with an announcement that Paul Desmarais III, senior vice-president of Power Financial, would join as Chairman of Wealthsimple.

2017 Series B

Raised $50 million from Power Financial to help Wealthsimple’s expansion into US and UK markets. Wealthsimple announced during this funding round they’d reached $1 billion in AUA.

2018 Venture Round

Raised $65 million from Power Financial.

2019 Funding Round

Wealthsimple raised $12 million from Power Financial and $18 million from Power Finacial’s subsidiary IGM. This brought Power’s cumulative investment in Wealthsimple to $238 million and an 88.6% stake. Allianz X, digital manager of Allianz Group, invested $100 million in Wealthsimple. Both Allianz X and Wealthsimple saw the investment as an opportunity to bring Wealthsimple into Europe.


March 10, 2021
Wealthsimple launches peer-to-peer payment Cash app nationwide.
October 14, 2020
Wealthsimple raises CA$114 million in venture funding round led by TCV, with participation from Greylock, Meritech, Two Sigma Ventures, and existing investor include Allianz X.
May 22, 2019
Wealthsimple raises a $73,000,000 venture round from Allianz X and Power Financial.
February 2018
Wealthsimple raises a $51,000,000 venture round from Power Financial.
May 11, 2017
Wealthsimple raises a $37,000,000 series B round from Power Financial Corporation.
May 2017
Wealthsimple raises a $37,000,000 series B round from Power Financial.
January 31, 2017
Wealthsimple raises a $1,532,000 series B round from Power Financial.
April 9, 2015
Wealthsimple raises a $23,700,000 series A round from Power Financial.
September 15, 2014
Wealthsimple raises a $1,900,000 seed round from Impression Ventures and Roger Martin.
September 2014
Wealthsimple was founded by Mike Katchen and Rudy Adler.

Funding rounds



Andrew D'Souza


Andrew Potapov


Brett Huneycutt


Bruno Virlet


Christian Lassonde


Daniel Debow


Dinah Shi


Gev Marotz


Huda Idrees


Jason Goldlist


Jonathan Yeap


Justin Bull


Karney Li


Leah Brighton


Mallory Greene


Marco Costa


Marina Harris

Chief People Officer

Michael Katchen


Mike Katchen


Nick White


Nora Jenkins


Peter Graham


Priom Mahbub


Rudy Adler


Ryan Rego


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Further reading


Documentaries, videos and podcasts





Josh Scott
July 14, 2021
Wealthsimple has introduced fractional shares to make buying and selling large stocks more accessible for new investors.
Josh Scott
July 6, 2021
At a recent panel for BetaKit Patreon supporters, Wealthsimple's CEO said despite selling its US book of business, Wealthsimple plans to pursue other markets.
Josh Scott
July 5, 2021
Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe.
Josh Scott
June 28, 2021
Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe.
Josh Scott
May 28, 2021
Paul Teshima of Wealthsimple, Laura Lenz of OMERS Ventures, and Chris Albinson of Communitech spoke about Canadian tech's historic moment in a BetaKit Patreon panel.
Isabelle Kirkwood
May 13, 2021
Toronto-based Wealthsimple has launched its previously-announced Shariah-compliant exchange-traded fund on the NEO Exchange.
Michael Tattersall
May 5, 2021
Business Insider
WealthSimple has tripled its valuation thanks to the success of its retail trading and new crypto and P2P money transfer products.
Alex Coop
May 5, 2021
IT Business
Wealthsimple snags $750 million in funding from venture funds and Canadian celebrities, Bill and Melinda Gates are calling it quits, and ad blockers are growing in popularity
Tom Auchterlonie
May 4, 2021
Business Insider
Wealthsimple surpassed the 2 million user mark in its home country, up from around 1.5 million when it last reported the figure in October.
Shalini Nagarajan
May 4, 2021
The fintech's new funding has more than tripled its $1.2 billion valuation from its last round in October.
May 3, 2021
Wealthsimple said on Monday it has raised $750 million in its latest funding round, which more than doubled the Canadian financial technology company's valuation to $5 billion.
Samantha Hurst
May 3, 2021
Crowdfund Insider
Click HERE to find out ⭐ Wealthsimple Secures $750 Million Through Latest Investment Round; Now Has Post-Money Valuation of $5 Billion. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Meagan Simpson
May 3, 2021
Wealthsimple has raised a $750 million CAD financing round as the FinTech company looks to expand its market position and continue to build out its product suite.
Darrell Etherington
May 3, 2021
Canadian fintech giant Wealthsimple has raised a new round of $750 million CAD (~$610 million) at a post-money valuation of $5 billion CAD (~$4 billion). The round was led by Meritech and Greylock, and includes funding from Inovia, Sagard, Redpoint, TSV, as well as individual investors including Drake, Ryan Reynolds and Michael J. Fox (basically, [...]
Josh Scott
March 10, 2021
Toronto-based FinTech startup Wealthsimple has launched its new consumer payment app, Wealthsimple Cash, for users across Canada.
Meagan Simpson
March 4, 2021
Wealthsimple has sold its US book of business to online financial services company Betterment, amid a desire to focus more on the Canadian market.
Rebecca Ungarino and Carter Johnson
March 4, 2021
Business Insider
Robo-advisor heavyweight Betterment will buy Toronto-based Wealthsimple's US book of business, some $190 million in assets across 17,000 customers.
The Canadian Press
February 1, 2021
Canadian investment firms are so far not following Wealthsimple's lead in labelling certain stocks as "risky" after the Toronto-based robo-advisor last week said it would add the label to GameStop, BlackBerry and other companies.
The Canadian Press
January 29, 2021
Canadian investing app Wealthsimple is labelling some stocks as 'risky' after a volatile week for shares of GameStop, BlackBerry and other social media darlings.
Scott McLean
December 7, 2020
Five organizations have brought on new team members, including AppDynamics, Alida, Wealthsimple, Tucows and Ting Internet, and Xero.


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