Which bank is behind Wealthsimple?

Wealthsimple is not a bank, but it works with banks like Canadian ShareOwner and Peoples Trust. These partner banks help hold and protect customer money in the background.

Can I use Wealthsimple as a bank?

You can use Wealthsimple like a bank for spending, saving, and getting paid. But it isn’t a real bank and doesn’t have physical branches or full banking services.

Does Wealthsimple affect your credit score?

Yes, it can affect your credit score if you use its credit card or borrow money. Like other lenders, Wealthsimple may report your credit use to credit agencies.

What is a line of credit and cash credit?

A line of credit lets you borrow money when needed, up to a limit. Cash credit is usually for businesses and is based on their inventory or sales records.

CA Stocks

Wealthsimple Credit Card and Lines of Credit Launching to Challenge Big Banks

ByZehra Naz June 12, 2025June 12, 2025

In Canada, the Big Five banks control most of the money we spend, save, and borrow. They’ve been around for over 100 years, and they’ve set the rules for how banking works. But things are starting to change. Wealthsimple Credit Card launched, a Canadian financial tech company known for its easy investing app. It’s not just about helping us invest anymore; it wants to become our all-in-one money manager. The company is now launching a new credit card and preparing to roll out a line of credit.