Karsten Wenzlaff, Advisor
August 26th, 2025
Fintech Milestone | Sep 18, 2024

Image: Freepik
Today, is Wealthsimple's (WS) 10th birthday. While not everyone has an WS account, just ask the 4 million of us who do. WS has done a tremendous job in simplifying finance with it's tech stack and being hyper customer-centric while providing similar services to traditional incumbent banks, such as high interest cash/savings accounts, DIY investment, managed trading (robo-advising), crypto, taxes, and more...all while charging way less fees (think, zero commission trading).
So it's no surprise that Canada's leading fintech platform has reached it's decade milestone being 'highly profitable', with over 4 million users and $50 billion in assets under management (AUM).
Wealthsimple was founded in 2014 by Mike Katchen and Rudy Adler and began its journey with the mission to democratize investing for all Canadians. The journey is a massive success story and case study for the future possibilities of Fintech in Canada from a variety of perspectives.
Wealthsimple has always placed a high value on trust and simplicity, two things that are essential for reducing consumers' financial concern. Wealthsimple's products reflect a certain emotional intelligent as they offer user-friendly features that appeal to a wide range of customers including younger, tech-savvy investors who are turned off by traditional banks.
The secret to their success is their customer-centric strategy. The services provided by Wealthsimple, such as commission-free trading and automatic investing are great examples of a company that actually listens to and understands what their user base is looking for. In this case, it's access, simplicity, and financial empowerment.
The growth rate of Wealthsimple is impressive. With a modest 10,000 users in 2015, the company has grown consistently over the last decade and now boosts over 4 million users in 2024.
Referring to the chart below, Wealthsimple's AUM increased in a similar fashion, growing from $400 million in 2015 to $50 billion in 2024. But their aspirations go much beyond what they have accomplished so far with CEO Mike Katchen clearly stating:
"We’re aiming for $1 trillion in assets under administration in the next 10 years, and we’re laser-focused on getting there."
Since inception, WS has achieved an impressive Compound Annual Growth Rate (CAGR) of 62.07% between 2014 and 2024. If we use the same growth rate and extrapolate into the future, WS could potentially reach its $1 trillion AUM goal in approximately 6 years. So WS's stated goal to grow AUM to $1 trillion within 10 years is attainable, assuming growth continues at the current rate.

AI Chart image: Wealthsimple AUM 2014 to 2024 and Forecast
One of the inferred reasons that WS grew so quickly can be attributed to product diversification. For example, the user base grew from 150,000 users in 2019 to over 2 million by 2022, which is around the time WS launched it's core Wealthsimple Trade and Wealthsimple Crypto products. The Covid-19 pandemic also hit the world during this period, so people remained indoors and were looking for new hobbies. This suggests that with the introduction of commission-free trading and crypto options, the platform surged with a new, younger retail investing demographic that was looking for a secure and friendly platform to use.
Further, WS's technology played a key role in their growth with the introduction of new features regularly like real-time streaming data, instant currency conversions, margin trading and joint self-directed accounts.
Canadian fintech is becoming more competitive, as more fintechs emerge and incumbent banks expand their digital offerings and services. Scaling to $1 trillion AUM will require Wealthsimple to continually expand its offerings further and remain tech-driven and adaptable while ensuring a strong culture and continually earning the trust of its customers and backers.
If there's one thing that WS's successful business model has taught us is that the idea of financial democratization, such as every day retail investors gaining access to sophisticated investment tools to generate wealth is not just possible but highly scaleable. Happy Anniversary Wealthsimple. Here's to the next 10 years.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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AI | Sep 13, 2024

Image: Freepik
Yesterday, top executives from Nvidia, OpenAI, Anthropic, Google, and other tech giants met senior U.S government officials at the White House to discuss the energy infrastructure requirements to support the quickly expanding AI industry. New large scale data centres are needed along with updating the energy infrastructure to ensure energy demands are inline with supply.
See:
Post meeting, the White House announced the formation of an interagency task group to simplify data centre expansion across the United States and accelerate licensing procedures. The Energy Department also plans to produce a study later this year to evaluate the impact of data centre energy use and provide suggestions to meet the rising electricity demand.
Nvidia CEO Jensen Huang highlighted the significance of public-private cooperation to meet the enormous energy demands and that the development of AI was akin to a new industrial revolution which would require new energy solutions. The need for AI processing capacity is still growing, especially now that Nvidia's Blackwell processor is going into mass production.
OpenAI announced plans to spend tens of billions of dollars in U.S. data centre infrastructure with up to 40,000 jobs may be created by these investments. The business underlined the risk of lagging behind other countries like China, which is also making significant investments in AI infrastructure, and stressed the significance of these investments in order to preserve American leadership in AI.
OpenAI released in a statement:
“OpenAI believes infrastructure is destiny and that building additional infrastructure in the US is critical to the country’s industrial policy and economic future”.
A major theme at the meeting was the national security risk of falling behind with inadequate energy infrastructure, thus limiting important AI breakthroughs. Renewable energy sources, such as solar and wind power are critical solutions that can help meet energy needs while addressing environmental concerns. The Energy Department wants to support data centre operators with loans, grants, and tax credits to promote sustainable and dependable energy sources.
In a bifurcating world, the importance of increased cooperation between government and AI executives is more important than ever, if the United States wants to remain at the forefront of AI innovation without sacrificing national security and environmental concerns. Next up will be moving talks into practical action plans to advance AI and energy infrastructure development in the U.S.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Responsible AI | Sep 5, 2024

Image: Unsplash/Matt Chen
Australia's department of industry, science and resources has recently published ten guardrails providing a realistic framework for controlling AI risks, and to ensure transparency and responsibility while meeting global standards such as ISO/IEC 42001:2023.
The ten guardrails address critical areas of AI deployment, including governance, risk management, transparency, and stakeholder involvement. They highlight the importance of both organizational responsibility and technology controls for risk management. Organizations that embrace these practices can better position themselves to meet future regulatory expectations, boost AI maturity, and establish confidence with users and stakeholders.
Organizations must build governance mechanisms and hold executives accountable for AI.
This includes assigning accountable persons, creating AI strategy, and incorporating governance into organizational structures. The guardrail emphasizes that accountability cannot be delegated, which means that leaders must own the outcomes of AI implementation and guarantee they meet compliance criteria.
A robust risk management strategy is required to discover, analyze, and mitigate the possible negative effects of AI systems. This guardrail emphasizes the significance of constantly evaluating risks based on how the AI technology is utilized. The methodology must be consistent with the organization's overall risk tolerance and handle emerging issues as the AI system evolves.
Data governance, such as privacy and cybersecurity, is critical for securing AI systems.
This safeguard requires companies to adjust their existing data management processes to address AI's specific risks, such as data quality, provenance, and cybersecurity vulnerabilities. Personal or sensitive data utilized in AI training models must be handled with extreme caution.
AI models must be thoroughly tested before to deployment and continuously monitored to assure performance and reduce unforeseen outcomes. The guardrail emphasizes the importance of explicit acceptance criteria, adversarial testing, and continuing evaluation to detect changes in system behaviour.
Human control over AI systems is paramount to avoid unforeseen outcomes. This guardrail requires substantial monitoring throughout the AI system's lifespan, with a clear assignment of responsibilities to ensure that human intervention is available at important points.
Transparency is key to establishing confidence with end users.
This safeguard encourages companies to report when AI is used in decision-making or content creation. The objective is for people to understand when they are dealing with AI, which may be achieved by labelling or watermarking AI-generated information.
Stakeholders affected by AI systems must be able to challenge outcomes or results. Organizations should provide methods for humans to challenge findings, ensuring fairness and offering opportunities for review or correction of AI-driven decisions.
This guardrail stresses the need for transparency throughout the entire AI supply chain. Organizations must work with other organizations participating in AI development and deployment to exchange critical information regarding data, models, and hazards, assuring collaborative risk management.
Organizations must keep detailed documentation of their AI systems, including system inventories, test results, and compliance records. This ensures that companies can demonstrate compliance with the guardrails and serves as a foundation for future audits or regulatory inspections.
It is essential to regularly engage stakeholders in order to spot any biases and to enforce fairness. This guardrail emphasizes the value of diversity and calls on companies to actively interact with underrepresented groups in order to reduce any unforeseen effects that AI systems may have on communities who are already at risk.
Australia's voluntary AI guardrails provide an organized, well-defined set of guardrails for the responsible and safe development and application of AI. These 10 guardrails proactively reduce risks and boost public trust in AI systems, laying the groundwork for ethical AI innovation.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Funding | Sep 5, 2024

Image: Freepik
As reported by Reuters, Safe Superintelligence Inc. (SSI), founded by Ilya Sutskever, has raised $1 billion from prominent investors like Sequoia Capital and Andreessen Horowitz to develop AI systems that exceed human intelligence while placing safety first. This occurs at a time when an increasing number of AI executives and researchers are leaving powerful roles at Google, OpenAI, and others to focus on the development of ethical and responsible AI.
SSI's $1 billion round reflects an increasing understanding that AI needs to be regulated, and if unchecked for much longer, there will be problems that require immediate attention. With this kind of funding in-hand, SSI can focus on safety long-term without having to worry about commercializing a quick product to survive. SSIs mission is pretty clear. That is ensure that superintelligent AI remains aligned with human values, rather than rushing into markets without the appropriate protections.
Sutskever and SSI are not alone in their efforts to improve AI safety. Several high-profile AI leaders have left their positions at large companies pushing the limits of AI to focus more on safety and responsible AI research, such as:
Notably, OpenAI investors, Sequoia Capital and Andreessen Horowitz, have also backed SSI highlighting the tension in the AI space. Such a dual investment strategy is hedging their risk by The conflict in the AI sector is brought to light by this dual investment approach. Investors are hedging their risks by funding businesses that place a high priority on safety while also encouraging progressive innovation. Striking a balance between safety and innovation in the wider AI industry is becoming more important for large players including firms like NVIDIA creating some short term volatility.
Governments are starting to create and implement regulations that oversee the creation and application of AI systems, particularly those that communicate with the general public. Examples of leading AI regulations that are shaping global AI governance include:
As government, industry and society at large demand greater responsibility towards the development of safer AI systems globally, there will likely be further bifurcation in the market between companies focused on rapid commercialization and those prioritizing safety. SSI's $1 billion backing propels it to the forefront of this effort.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Aug 27, 2024
The gig economy is a billion dollar business. Whether it’s the friendly delivery driver bringing you that pad Thai you’ve been craving all week, or the artist who makes incredibly life-like versions of dogs out of pieces of beach glass, there are countless people out there who are working non-traditional jobs. And, while working a variety of different jobs can be lucrative, it can also present unique hurdles to those who work within the system.
This is where fintech comes in. Innovations within fintech allow gig workers to access and grow their earnings in ways that traditional financial systems don’t.
Any financial expert knows how important it is to begin investing early. Parabellum Capital Strategies’ Venture Capitalist Lucas Birdsall says, “investing allows you to protect the value of your money as inflation continues to rise. And there are more and more ways to invest simply and efficiently.” With fintech solutions, gig workers can participate in ‘micro-investing’ allowing them to invest small amounts of money frequently to build returns over time. This solution allows gig workers to still grow their savings, but in a more conservative way that is safer for their circumstances.
Many workers are used to being paid on a biweekly schedule, and, for those who work a 9-5 job, that’s usually a system that works relatively well. However, for those with more variable work situations, it’s important that those workers be able to access without delays. Payment apps and e-wallets are very helpful for gig workers who aren’t on payroll. This way they can access their funds immediately, and have clear electronic documentation for when tax time rolls around.
Along with investments, fintech can also help support gig workers with money management. This might look like budgeting apps, expense tracking tools, or tax apps. These accessible tools give gig workers better ways to manage their money and set up systems in place for saving and rainy days. Birdsall shares, “With automated saving tools, we are starting to see a shift in how people are managing their finances. For gig workers, income can fluctuate so it can be difficult to understand how best to put away savings. These new apps help take away a lot of the guessing for folks, and allows them to make smart choices for the future”
Another crucial area where fintech has revolutionized the gig economy is in providing access to credit and loans tailored specifically to gig workers. Traditional financial institutions often require a steady paycheck and a solid employment history, making it difficult for gig workers to qualify for loans or credit cards. Birdsall mentions that fintech companies are using alternative data points such as payment history, freelance contracts, and even social media presence to assess creditworthiness. This allows gig workers to access loans for personal or business use, helping them invest in their work, manage unexpected expenses, or simply build credit. By breaking down these financial barriers, fintech is enabling gig workers to secure the resources they need to grow and sustain their livelihoods.
As the gig economy continues to expand, fintech is not just a convenience but a necessity for gig workers striving for financial independence. Birdsall remarks, “My advice to gig workers is to do some research and find a few good apps. The innovations within fintech offer tools that empower people to manage their earnings, plan for the future, and make strategic financial decisions”. With accessible and user-friendly platforms, gig workers can navigate the complexities of income variability, ensuring they are better equipped to handle the financial ups and downs of non-traditional employment. Ultimately, fintech bridges the gap between traditional financial systems and the needs of the modern workforce, creating a more inclusive and resilient economy where everyone, from delivery drivers to digital artists, can thrive.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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AI Safety | Aug 30, 2024

Image: Freepik
Memorandums of Understanding have been signed that provide AISI early access to new AI models developed by OpenAI and Anthropic, both before and after they are released to the public. By collaborating on research to advance AI safety technology that can detect and mitigate risks, AI technologies will be developed in a way that optimizes the benefits and risks involved, which is aligned with the Biden-Harris administration's focus on responsible AI innovation.
Elizabeth Kelly, director of the U.S. AI Safety Institute:
“Safety is essential to fueling breakthrough technological innovation. With these agreements in place, we look forward to beginning our technical collaborations with Anthropic and OpenAI to advance the science of AI safety. These agreements are just the start, but they are an important milestone as we work to help responsibly steward the future of AI.”
Worth noting that such safety research will be coordinated in partnership with the U.K. AI Safety Institute. Again, what about Canada??
Public-private partnerships are critical to protect national security and the public by identifying threats before they become wide spread. Canada, a leading AI nation, must be allowed to participate in such partnerships or risks losing its footing regarding the future development of responsible AI.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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