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New Unicorn Wealthsimple Pushes for Growth Spurt Before IPO

  • Firm aims to become users’ primary financial relationship: CEO
  • Toronto-based company raised $87 million in round led by TCV
Mike Katchen, chief executive officer of Wealthsimple Inc.

Mike Katchen, chief executive officer of Wealthsimple Inc.

Photographer: Galit Rodan/Bloomberg
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Fresh off achieving a $1 billion valuation, Wealthsimple Inc.’s top executive says the firm has more work to do before pursuing an initial public offering.

The online investment company, which on Wednesday announced a new funding round that raised C$114 million ($87 million), plans to use the infusion of capital to build out cash, checking, insurance and mortgage products that will allow it to become its users’ primary financial institution, Michael Katchen said.