Canadian digital investing and banking platform Wealthsimple agreed financing of C$425 million at a post-money valuation of C$13.8 billion. The round is led by Singapore's state investment fund GIC. Of the total, C$300 million is new capital and up to C$125 million covers share sales by employees. Existing shareholders Power Corporation and IGM Financial are putting in C$68 million and C$96 million respectively, and closing is expected in the fourth quarter.

What it means: Wealthsimple started as an automated investing platform and has grown into a full financial app, with accounts, cards, shares, crypto and tax services, aiming to compete directly with Canada's big banks. The new valuation shows investors are still paying high prices for fintechs that have reached scale with a broad product range, unlike single-product companies. The sizeable share going to employee stock sales also reflects a wider trend: companies stay private for longer and give staff liquidity through such rounds instead of listing on a stock exchange. For the European market, the pattern is familiar from Revolut and Trade Republic, which are also building apps for all of a customer's financial needs. For Greece, where the systemic banks dominate everyday banking but digital investment platforms are winning younger customers, Wealthsimple's path shows that trust is built gradually with simple products before loans and accounts are added. Greek banks have every reason to keep improving their own apps so as not to lose that audience.

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