Wealthsimple has 170 billion in assets under administration, while BMO, the smallest major bank, only has 310 billion. Considering WS is 100% retail, it's arguably a major financial institution at this point (though legally not a bank).

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roncesvalles 5 hours ago | parent | next [-]

Wealthsimple is best known for their robo product, not their banking. It's the Canadian equivalent of Wealthfront.

	▲	shawnz 4 hours ago \| parent [-]
		It's true they built their reputation and brand by being a robo-advisor, but I don't personally know anyone who uses it that way today and many people in my social circle instead use them as a cheap HISA and online self-directed brokerage, perhaps more like Robinhood or Ally

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_verandaguy 4 hours ago | parent | prev [-]

Isn't it legally a bank? It provides chequing and savings accounts (registered and unregistered), and it's even CDIC-backed on at least their managed products.

	▲	id34 4 hours ago \| parent \| next [-]
		They don't hold a schedule 1 banking license, so not technically a bank, but a FinTech with a banking partner who holds funds in a way that allows for CDIC backing. As a WS customer, when I send a bill payment to a non-WS account it arrives as "RBC" on the other end so I assume WS holds funds through an RBC account they maintain. This is the hope of something like RTR - for anyone who can meet the participation requirements, an ability to operate independently of a banking partner who might be your direct competition.
	▲	rogerkirkness 4 hours ago \| parent \| prev [-]
		It doesn't do lending directly (as far as I know).