Wealthsimple CEO sets financial targets

TORONTO, ON (December 5, 2023) - Wealthsimple, the money management platform on a mission to help Canadians achieve financial freedom, today set a financial target to reach $100 billion in assets under administration within five years.

"We're growing very fast and we're really focused on continuing to grow," Wealthsimple CEO Michael Katchen said in a presentation at the IGM Financial Investor Day. "Our goal ​ between now and five years is to get from roughly $25 billion [in AUA] today to $100 billion in Canada and achieve a very meaningful position of scale,"

The presentation marked the first time Wealthsimple, which was founded in 2014, has publicly stated its financial targets.

In his remarks, Katchen also shared additional details around the growth of the company's business, revealing that the company is currently adding around $1 billion in net deposits per month. He added that roughly 100,000 first home savings accounts (FHSAs) have been opened at Wealthsimple, representing roughly one-third of all FHSAs opened since they became available last year.

"Our goal is to ultimately be the only financial relationship that our clients need, that you can live your entire financial life on Wealthsimple," said Katchen. "And we are very early in that journey but excited about the progress we're making."

_{About Wealthsimple}

_{Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $50 billion in assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.}

_{Contact: press@wealthsimple.com}