Michael Katchen

@wealthsimple 🚣 🇨🇦 $katchen

[Michael Katchen @mkatchen]

Wealthsimple Q3 update: we grew client assets to $169B (+68% YoY), and this week we announced a $425M raise at a $13.8B valuation.

In the past 12 months we launched credit cards, business accounts, and kids accounts. Our mission hasn’t changed. It’s just gotten bigger.

So thankful ❤️ for our clients. Millions of Canadians have trusted us with their money, and we’ll never take that for granted. You’re helping us build a movement to define the future of financial services in Canada.

And so proud of the incredible work by our team at @Wealthsimple. We’re just getting started. 🇨🇦

[Michael Katchen @mkatchen]

Let's go @Raptors!

[Wealthsimple @Wealthsimple]

We're so back

[Michael Katchen @mkatchen]

We keep shipping and your financial life keeps getting easier. This month we added kids and teen accounts, a new way to share and pick up ideas from other investors, business margin from 3.95%, and a cleaner chequing experience on desktop.

Check out the roundup!

[Michael Katchen @mkatchen]

Canada invented maybe the greatest investment account in the history of money, then named it after a piggy bank.

So now roughly $350 billion is sitting in TFSAs as cash. Doing nothing. Being slowly eaten by inflation.

A small, boring policy idea that could be worth hundreds of billions of dollars: change the name. Make it the Tax-Free Investment Account.

It might sound silly, but the name matters. Nearly half of Canadians with a TFSA (sorry, TFIA) keep their savings in it as cash. At Wealthsimple, it’s 6%. Over a few decades, that gap compounds into an enormous amount of money.

One word. Let’s change it, close that investment gap, and actually help Canadians build wealth.

https://t.co/Bao3116FFL

[Michael Katchen @mkatchen]

October's Monthly Millionaire is all about supporting Canadian businesses 🇨🇦💪

Starting a business takes guts. This month @Wealthsimple is celebrating Canadians building something of their own.

https://t.co/JfOiiNDbed

[Simon Lejeune @lejeunesimon]

We’re sending so much traffic to our small business clients their sites can’t keep up 🫢

If your business isn’t banking with Wealthsimple, you’re missing out.

[Leo 🌞 @leoofz]

Our chequing account for kids and teens is now live 🎉

Years ago, I helped design @Wealthsimple's very first chequing account. Getting to do it again for kids & teens has been some of the funnest work of my career!

We built this account as a tool for parents to teach their kids how money really works. Designed to grow with your kid, you can give them their very own card to spend and have them earn interest on their savings!

You can even top up their interest up to 100% with parent-paid interest, or pay a weekly / bi-weekly / monthly allowance to help them get to their goals faster.

As a parent, you're also able to set up parental controls to limit spending, restrict certain categories and oversee your kid's activity with real-time spend notifications.

I've already set one up for my nephew. He's saving for a Nintendo Switch. I can't wait to watch him tap his own card and see all that saving turn into something real ❤️

[Michael Katchen @mkatchen]

Félicitations, Alexandre!

[Wealthsimple @Wealthsimple]

Luckily for everyone involved, Alexandre wasn’t on a roof when we called to tell him he won $1,000,000. Luckily for him, he won $1,000,000.

[Michael Katchen @mkatchen]

Eight years ago, Wealthsimple introduced $0 commission trading to Canada.

Today, Canadians can choose from several several free or low-fee trading platforms. That’s the beauty of competition: even if you’re not our client (yet!), everyone benefits.

Unfortunately, Canadians still pay some of the highest fees for financial services in the world. Individually those fees look small. Over decades, they compound and quietly erode your savings.

That’s why keeping fees low is so important to us. The industry still has more work to do.

[Michael Katchen @mkatchen]

Congratulations to our second Monthly Millionaire, Chantelle! So happy for you.

[Wealthsimple @Wealthsimple]

For $1,000,000, swearing is totally ******* acceptable. Congrats to Chantelle, our second Monthly Millionaire winner!



Could be you next month. Find out how at https://t.co/Lvnq0cz6UL. Terms and conditions apply.

[Michael Katchen @mkatchen]

Thank you to our clients for trusting us, and to the incredible @Wealthsimple team for building what comes next.

Q2 was our biggest quarter yet:
- $17B net deposits
- $155B in assets
- 3.6M clients

We shipped a lot, but we're just getting started!

[Michael Katchen @mkatchen]

Take Your Kids to Work Day is the best! Always a highlight of the year at @Wealthsimple

[Michael Katchen @mkatchen]

10 ways we automate your finances at @Wealthsimple, so you don't have to:

1. Paycheque routing - the moment your paycheque lands, we automatically move money to your TFSA, FHSA, RESP, savings, or wherever you want it.

2. Recurring investments - automatically buy the stocks, ETFs, or crypto you believe in on your schedule.

3. Scheduled bill payments - set up your mortgage, daycare, phone bill, utilities, and more once. Then forget about them.

4. Credit card autopay - never miss a payment or due date.

5. Scheduled e-Transfers - send money automatically for rent, allowances, gifts, or anything else that happens on a schedule.

6. Dividend reinvestment - put every dividend back to work automatically. It's one of the simplest ways to compound wealth.

7. Auto-staking - earn rewards on eligible crypto you're already holding.

8. Automated Investing - choose your portfolio and we'll keep it on track by rebalancing, directing new deposits where they're needed, and harvesting tax losses where applicable.

9. Auto-filled tax returns - we pre-populate your information so filing takes minutes instead of hours.

10. Recurring deposits - automatically move money from your external bank accounts into Wealthsimple.

Our goal isn't to automate people out of the equation. It's to automate the repetitive financial tasks that no one enjoys doing.

What should we automate next?

[Michael Katchen @mkatchen]

Love this so much. It's special when you get to work on problems that matter with colleagues who deeply care.

[Steven Michael Thomas @stevenwhatevr]

Haven’t felt anything comparable to the collective flow state that exists right now at @Wealthsimple

So much happening. So fluid. So optimistic. So fun.

Only comparison is Shopify circa 2016. Magic when you feel such a vast effort moving as one.

[Michael Katchen @mkatchen]

A "chequing account that could change your life" sounded crazy at first. But that's why we started @Wealthsimple - to redefine your relationship with a financial institution. This moment made that real.
Here's me calling David, our first ever Monthly Millionaire. Congratulations David! We're so happy for you.

[Wealthsimple @Wealthsimple]

Good thing David didn't let this go to voicemail. Congrats!

[Michael Katchen @mkatchen]

Open banking is finally getting real in Canada.

What it means: your financial data belongs to you, not your bank. You decide where it goes.

Amazing to see @HannaFZaidi on the Bank of Canada's Advisory Committee helping shape the framework. We've pushed for this for years because it's a win for every Canadian trying to save more and see their finances clearly.

A more open system is good for Canadians and overdue.