Canadian fintech Wealthsimple unveiled Penny, an AI assistant, and a dozen new banking, investing, and AI products at a Toronto showcase. The company last week announced C$425 million in Series F funding at a C$13.8 billion valuation. It now serves more than four million Canadians.
What Penny does
Penny is an in-app chatbot that can answer client questions about finances. It can handle many steps for moving money and placing trades. Manual sign-off is still required, with broader availability planned for late 2026 or early 2027.
Company growth
Wealthsimple oversees more than C$169 billion in total assets under administration. The company is profitable. It has been expanding its product suite across banking, investing, and crypto.
Product expansion
Wealthsimple rebuilt its mobile app with the Fey team for iOS and Android. It plans a separate desktop trading suite called Wealthsimple Pro in beta by late November. A business credit card with no foreign exchange fees and 1% cashback is planned for early 2027.
Wealthsimple will begin connecting clients to outside AI systems like Claude and ChatGPT later this month. Every action will require customer approval. A planned Canadian-dollar stablecoin called CADD still needs final regulatory approval.
Read more: betakit.com