Wealthsimple Launches Credit Card, Line of Credit, & Cash Delivery

At its first-ever Wealthsimple Presents showcase on June 11, 2025, Toronto-based Wealthsimple pulled back the curtain on its bold new direction. The fintech firm introduced its first credit card, a soon-to-launch instant line of credit, an upgraded chequing account, and even plans to deliver cash and cheques to customers’ doors.

The event wasn’t just about flashy features—it marked Wealthsimple’s clearest statement yet: it’s not trying to become another bank. It’s trying to replace banking as Canadians know it, offering a full suite of financial tools with no hidden fees, FX charges, or in-branch headaches.

New Credit Card with 2% Cashback and No Annual Fees

The company’s most requested feature, its new credit card, comes with 2% cashback on every purchase. The card skips the usual caps, foreign exchange fees, and annual fees. It even removes tap limits, making it a strong contender against offerings from traditional banks.

The card is already available to clients—particularly appealing to those who’ve invested over $100,000 with the company, who will receive a premium metal version.

Expanded Chequing Account with 2.75% Interest

Formerly known as Wealthsimple Cash, the new chequing account earns up to 2.75% interest, which Wealthsimple says is the highest in Canada for chequing accounts. There are no monthly fees, ATM fees, or FX charges, and direct deposits arrive up to a day early. The account also provides up to $1 million in CDIC coverage.

Today, 1 in 4 Wealthsimple users already hold this account.

Instant Line of Credit Coming Soon

The company plans to roll out an instant line of credit by year’s end. With rates starting at 4.45%, the product will allow users to borrow against eligible account balances, similar to a secured margin loan.

Yes, They’ll Deliver Cheques and Cash

One of the more surprising reveals? Wealthsimple will offer cheque and cash delivery services in both CAD and USD. Think of it as old-school banking with modern convenience. These services are expected to launch later in 2025.

The End of Banking?

CEO Mike Katchen made the company’s stance clear: “Banks are a tax on all of us. Canada doesn’t need another bank.”

Wealthsimple now supports 3 million users, holds $73 billion in assets, and has been profitable—a rare feat for a fintech. Backed by Power Corp. and celebrity investors like Drake, Ryan Reynolds, and Michael J. Fox, the firm shows no signs of slowing down. In fact, it’s eyeing an IPO—when the time is right.

What’s Next?

The next Wealthsimple Presents will focus on investing. The company plans to retire its robo-advisor in favor of more personalized and sophisticated tools, expand access to private markets, and unveil new crypto features.

Wealthsimple’s goal? To be the only financial relationship Canadians need.

Would you trust a fintech like this with your full banking life, or do you still prefer your brick-and-mortar bank?

More….

• https://www.theglobeandmail.com/business/article-wealthsimple-ceo-says-banks-are-a-tax-on-canadians
• https://betakit.com/wealthsimple-reveals-first-credit-card-expanded-chequing-account-at-inaugural-product-showcase
• https://financialpost.com/fp-finance/banking/wealthsimple-ceo-michael-katchen-ipo-assets-50-billion