Wealthsimple
Canada's index-investing evangelist turned full-stack money app with crypto.
Investing-first; custodial crypto trading.
- Who holds it
- A registered broker-dealer holds your cash and securities as client assets — Broker-led: CIRO-registered investment dealer (WSII); cash held at CDIC member banks.
- The ledger
- The broker’s books, under client-asset rules.
- If it fails
- Client assets are returned or transferred, protected up to the investor-protection scheme’s limit.
Derived from Wealthsimple’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Toronto, CA |
| Founded | 2014 |
| Custody | Custodial |
| Regulation type | Broker-led |
| License detail | Broker-led: CIRO-registered investment dealer (WSII); cash held at CDIC member banks |
| Card | MC · Prepaid |
| Cashback | 1% |
| Yield | ~4% on cash (tiers) |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | Canada |
| Founders | Michael Katchen, Brett Huneycutt |
| Funding | Power Corp-backed; ~C$1B+ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @Wealthsimple ↗
Common questions about Wealthsimple
What is Wealthsimple?
Wealthsimple is a fiat neobank, headquartered in Toronto, CA and founded in 2014. Your money is held custodially, so Wealthsimple or its partner bank holds the balance and you hold a claim on it. It is regulated as broker-led (Broker-led: CIRO-registered investment dealer (WSII); cash held at CDIC member banks).
Does Wealthsimple have a card, and where can you use it?
It issues a Mastercard prepaid card. It is available in North America.
Does Wealthsimple require KYC?
Yes. Wealthsimple requires identity verification (KYC) to open an account, as a broker-led.
What does Wealthsimple cost?
From the verified fields: cashback 1%; yield ~4% on cash (tiers). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Wealthsimple before relying on them.
Early investors
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Wealthsimple appears in
Neobanks available in North America (126) · Neobanks that issue a Mastercard (150) · Neobanks in Canada (6)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.