CEO Michael Katchen would not reveal which banks are partners in the program, but confirmed that Wealthsimple does not have a banking licence.Online financial services provider Wealthsimple Inc. has partnered with two major Canadian banks as it prepares to launch the first of three new banking products under development – a chequing account service to be called Wealthsimple Cash.
CEO Michael Katchen would not reveal which banks are partners in the program, but confirmed that Wealthsimple does not have a banking licence. Rather, the two unnamed banks will hold client assets and client money will be protected up to the $1-million limit guaranteed by the Canadian Investor Protection Fund .When it comes to everyday banking, Mr. Katchen says, Canadians are used to “the status quo” of high service fees and low interest rates on savings.
Over the past three months, Wealthsimple also registered the names of two other businesses – Wealthsimple Payments Inc. and Wealthsimple Digital Assets Inc. – according to government documents. Mr. Katchen says the company now has more than one million Canadian clients using its financial products. That number includes a large segment of clients who use the company’s online tax-return service, SimpleTax.
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