The End of Banking in Canada? Wealthsimple launches credit card with 2 percent cashback, 2.75 percent chequing, and instant loans in bid to disrupt the Big 6
Wealthsimple unveiled what CEO Michael Katchen calls 'our take on banking', pivoting from its fintech roots into full-fledged everyday finance. The Toronto-based firm introduced its first
credit
card, an upgraded high-interest chequing account, and announced an instant line of credit coming by year's end, all part of its ambitious goal to become Canadians' primary financial relationship.
More than 110,000 people tuned in virtually, and hundreds packed Toronto's Evergreen Brick Works to witness the reveal of what Wealthsimple dubs 'The End of Banking?'.
On stage, New Jersey-born Sam Newman‑Bremang, the product director, shared,
'
It's our take on banking
'
, as he described their goal of integrating savings, spending, and investing under one roof.
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2 percent cash back, no annual fee
Wealthsimple's new Visa Infinite credit card offers unlimited 2 percent cash back on all purchases, with no annual fee, foreign exchange fees, or tap limits. Newman‑Bremang described it as 'the company's most‑requested product to date'. Clients with over CAD 100,000 in assets receive an upgraded metal version.
A chequing account that grows
Live Events
Previously known as Wealthsimple Cash, the revamped chequing account offers up to 2.75 percent interest, the highest in Canada for a chequing account, plus no monthly or ATM fees, no FX charges, and early direct‑deposit access up to a day early
As Paul Teshima, chief commercial officer, explained to MoneySense:
'[Hidden] fees are a tax on choice.'
. About one in four Wealthsimple users now have the account
By the end of this year, Wealthsimple will offer an instant line of credit (rates starting at 4.45 percent) tied to eligible account balances. More nostalgically, they're also rolling out on‑demand cheque and cash delivery, customers in Toronto will soon find real money or
bank
drafts arriving at their door.
A fintech taking on the "Big Six"
Canada's banking scene is notoriously concentrated: the top six hold 93 percent of assets. Wealthsimple, which is valued at roughly CAD 5 billion, serves 3 million clients and manages $70 billion in assets, and aims to disrupt that status quo.
CEO Katchen didn't mince words: 'The way I see it, the banks are a tax on all of us. We as Canadians need to demand more.'
Wealthsimple's consolidated ecosystem promises simplicity, with high interest, low fees, and rewards for investing inside the platform. It does, however, mean no physical branches and total reliance on digital delivery.
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