Wealthsimple announces $425-million financing at $13.8-billion valuation

Toronto FinTech firm Wealthsimple has agreed to up to $425-million CAD in financing from existing investors at a $13.8-billion post-money valuation—up from $10 bil l ion a year ago. Wealthsimple revealed the round late Tuesday. Singaporean sovereign wealth fund GIC is leading with support from Power Corporation of Canada, Power subsidiary IGM Financial, US-based Iconiq, the Canada Pension Plan Investment Board, and Montréal’s Inovia Capital.