Power and IGM Invest C$164 Million in Wealthsimple in C$13.8 Billion Funding Round

Key Facts

Power Corporation and IGM Financial said the Power group is investing a total of C$164 million in a Wealthsimple funding round led by GIC, according to company statements published on October 27, 2026. The amount comprises C$68 million subscribed by Power Financial for preferred shares and C$96 million contributed separately by IGM. Existing investors ICONIQ, CPP Investments and Inovia are also participating in the round, according to Wealthsimple. Power said the group’s ownership will remain substantially unchanged after the round, correcting the description of the investment as a confirmed increase in its stake. The round values Wealthsimple at C$13.8 billion, according to the company’s announcement that it raised C$425 million.

IGM expects to own 25.1% of Wealthsimple after the deal closes, valued at C$3.03 billion, and to remain its largest individual shareholder. The company said the fair value of its investment will rise by C$341 million, or 13%, from C$2.59 billion to C$2.93 billion. That represents, according to IGM, an impact of C$1.49 per IGM share. These figures link the round to a revaluation of IGM’s investment, alongside its new cash contribution. The announcement did not specify a closing date, but tied IGM’s expected stake to completion of the deal.

Wealthsimple said the new capital will fund its next phase of growth, including expanding its spending, chequing-account, trading and investment products, accelerating product development and investing in its technology infrastructure. These priorities align with the pace of launches the company has announced; it said it added more than 50 new products over the previous year across investing, spending, chequing accounts and business. Examples include options and futures trading and access to some initial public offerings. The round provides funding to continue expanding these products and the infrastructure they require. The company did not break down in its announcement how much funding would be allocated to each area.

Wealthsimple had more than 3.8 million clients, excluding tax filers, and about C$169 billion in assets under management as of September 30, 2026, according to Power Corporation. Wealthsimple said 1 in 4 Canadians aged 18 to 40 use its platform, as do 1 in 9 of those aged 41 to 55. These figures provide a picture of the company’s client base and the scale of assets it manages in Canada. Wealthsimple also described itself as a profitable, fast-growing company. The round comes as the company continues to expand its presence across multiple financial products.

Chief Executive Michael Katchen told Reuters that the company wants to accelerate product launches and that public markets remain a potential destination for an IPO. But he said Wealthsimple is “not in a rush” to enter those markets. He did not announce an IPO date or link the round to a timeline for a listing. As for Canadian monetary policy, the Bank of Canada’s decision and Monetary Policy Report were scheduled for October 28, 2026, the day after the round was announced.