Wealthsimple will raise up to C$750 million at a C$10 billion valuation. Foreign funds co-lead the round, but control stays with Canadian owners. The deal mixes C$550 million of new money with up to C$200 million of existing shares, which spreads cost between new backers and early sellers. The company says it is profitable and holds C$100 billion in assets, which gives it room to expand products in Canada, based on its own update on October 27, 2025.
Global Funds Put In Cash
GIC and Dragoneer will lead the funding, joined by CPP Investments. That mix brings foreign cash in, while keeping the firm Canadian led, as the business stays private and headquartered in Toronto. Power Corporation and IGM will each add C$100 million, which keeps local capital in the stack..
Wealthsimple’s CEO, Michael Katchen, said, “This raise reflects deep confidence from new and returning investors.” That means the board feels safe spending more in Canada without giving up control.
IGM Still Holds Biggest Block
IGM Financial says it will hold 25.5 percent after close, and remain the single largest shareholder. That keeps key votes with a Canadian public company that reports in Canada. IGM also says it will invest C$100 million in the round.
IGM’s CEO, James O’Sullivan, said, “Wealthsimple has rapidly established themselves as the leading innovator in Canada’s financial services industry.” That signals IGM plans to hold and shape major calls.
Ottawa Can Review Foreign Stakes
Ottawa’s Investment Canada Act, Canada’s foreign takeover law, usually reviews direct foreign takeovers above about C$1.4 billion by private buyers. This deal is a minority raise, not a takeover, so it likely avoids that review test. Ottawa can still run a national security screen on minority foreign stakes, and it encourages voluntary filings for state owned or state influenced investors. Those rules, and the 2025 thresholds, are set out by Ottawa’s Investment Canada Act guidance.
Securities rules also watch ownership changes at registered dealers. A buyer that crosses 10 percent in a registered firm must give notice at least 30 days before closing, under NI 31-103, a securities rule. The Ontario Securities Commission explains that notice step for ownership changes in its NI 31-103 material.
Foreign money can speed product builds, but minority rules and a Canadian lead owner keep core decisions at home. That helps Canada sell services abroad, without selling control of a platform used by 3 million Canadians.
The company expects the round to close in the fourth quarter of 2025, subject to normal conditions. Power said closing is targeted after reviews and paperwork, which could slip if regulators ask for more detail.
