Failed 2023
Wealthsimple (Down Round)
Canada's flagship fintech raised at CAD$5B in 2021, then accepted a CAD$1.5B mark in 2023 — destroying CAD$3.5B+ in paper value.
Founded → Closed
2014 → 2023
Funding Raised
$900M
Industry
Fintech/Wealth
Country
Canada
Full Analysis
Toronto-based Wealthsimple raised at a CAD$5B valuation in May 2021 with TCV and Greylock leading. The 2022-23 crypto winter and discount-broker fee compression forced Wealthsimple to accept an internal recap in 2023 at roughly CAD$1.5B — a 70% mark-down. While operationally healthy and still Canada's leading consumer fintech, the equity-value destruction was one of the largest in Canadian startup history.
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