In a letter, the Toronto-based agency’s CEO Michael Katchen revealed that it’s letting go of 159 of its 1262 staffers.
Final yr, Wealthsimple raised C$750 million at a C$5 billion valuation and the agency has been busy increasing its vary of companies past its core robo-advisor product, shifting into areas such crypto and rolling out a P2P cash switch service.
Now, it’s scaling again its efforts in some areas, together with P2P funds, tax and service provider companies.
The agency had already exited the UK and US markets, promoting off its books to Moneyfarm and Betterment respectively.,Canadian digital wealth platform Wealthsimple is the most recent fintech to trim its workforce, blaming “market volatility” for the choice to put off 13% of its workers.,
