Wealthsimple has been profitable since 2023

Firm says it has amassed more than $50B in assets

- IAN BICKIS

Wealthsimple CEO Michael Katchen said the company has overcome skepticism over whether its low-fee model could turn a profit because of the scale required.

As Wealthsimple marks a decade in operation, the financial platform is disclosing for the first time that it's profitable as its revenue and assets jump.

The company that started as a robo-adviser has been steadily adding investment capabilities over the years as well as more bank-like features as it tries to lure customers away from the established players.

Wealthsimple's suite of offerings, which include everything from no-commission trading to the recent addition of mortgages, has helped it amass more than $50 billion in assets roughly double what it had a year earlier.