Ten years in, Wealthsimple is profitable with $50 billion in AUA. What comes next?
Building a company is no easy business.
It takes persistence, luck, and more than a little bit of insanity. Which is why it’s meaningful when any company reaches a 10-year milestone—and doubly so for startups given that the majority fold long before then.
So I’m pretty excited to have Wealthsimple co-founders Brett Huneycutt (CPO) and Michael Katchen (CEO) on the podcast this week… to talk about my 10-year anniversary at BetaKit.
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“I think we’re going to build the largest Canadian financial institution. That is a giant opportunity, and our focus on delivering that in Canada has helped us grow way faster.”
Mike Katchen
Wealthsimple CEO
Well, not quite. It happens to be Wealthsimple’s 10-year anniversary as well, and the company is wholly unique in Canadian tech: a profitable FinTech disruptor that is growing to incumbent status, with 3 million users and $50 billion in assets under advisement (well beyond the level Katchen once told me would be required for the company to start pursuing an IPO).
What comes next is an interesting question. The company has said that an IPO is “very much in the cards,” and as you’ll learn from this podcast, so is a potential return to international markets. Being acquired or acquiring a Canadian banking license? Not so much.
But this episode is more about how Wealthsimple got here than where it’s going. The early launch and bumps in the road, biggest wins and biggest regrets. It’s both a trip down memory lane and an important milestone marker as BetaKit prepares to cover the next ten years of Wealthsimple.
Do you sing Happy Birthday to a bank that’s not a bank? I don’t know, let’s dig in.
The BetaKit Podcast is presented by Uber Canada: driving positive change for riders, drivers, and communities across Toronto.
Uber is becoming a zero-emission mobility platform, advocating for positive change for drivers, and working with UFCW Canada, the country’s largest private-sector union. Whether it is getting home from work, getting to the airport, or discovering a new restaurant, Torontonians know they are able to rely on Uber.
Learn more about how Uber is moving Toronto forward.
The BetaKit Podcast is hosted by Douglas Soltys & Rob Kenedi. Produced & edited by Jess Schmidt.
