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Wealthsimple raises up to C$425 million at C$13.8 billion valuation
Toronto fintech Wealthsimple said it agreed to an equity round of up to C$425 million at a C$13.8 billion post-money valuation, led by Singapore’s GIC, according to a company statement Reuters also reported.
Based on reporting by Reuters
Wealthsimple said Tuesday it agreed to an equity round of up to 425 million Canadian dollars at a post-money valuation of C$13.8 billion, a company statement dated Oct. 27 said; Reuters reported the fundraising at that valuation1.
Singapore’s GIC is leading the round, with participation from existing investors Power Corporation of Canada, IGM Financial, ICONIQ, CPP Investments and Inovia, according to the statement1.
The round includes a C$300 million primary offering and a secondary of up to C$125 million, the company said1.
Chief executive Michael Katchen said the investors “chose to increase their commitment,” according to the statement1. GIC managing director Vinay Yarlagadda said the firm’s conviction in Wealthsimple had grown since it co-led last year’s round1.
The company said proceeds will fund product expansion, including business accounts, spending and chequing, trading and investing, plus technology infrastructure1. It said it will show upcoming releases at Wealthsimple Presents on Nov. 51.