Fintech Synergy: Wealthsimple and Wise Platform Redefine Cross-Border Payments

Toronto-based Wealthsimple Inc. (“Wealthsimple”) has announced a strategic partnership with United Kingdom’s Wise plc (“Wise”) through its Wise Platform. Wise Platform serves as a leading global payment infrastructure for banks and enterprises in the United Kingdom.

This collaboration comes at a pivotal moment for Wealthsimple, which recently surpassed C$100 billion in assets under administration, three years ahead of its original target.

As part of this fintech partnership, Wealthsimple’s chequing and joint chequing customers across Canada may now access low-fee, fast and transparent international payments directly through the Wealthsimple app or website. This enhancement offers Canadians a convenient way to send money abroad to 30 countries in 10 different currencies.

By leveraging Wise’s global payments network, Wealthsimple gains access to seven domestic payment systems and roughly 70 licenses worldwide, enabling most transfers to settle instantly.

According to a 2024 Payments Canada report, one in five Canadians sent money internationally using their bank account over the past 12 months, representing a stark 33% increase from the year prior. This underscores the growing demand for efficient cross-border payment solutions, making this partnership timely and impactful.