Wealthsimple Technologies Inc. has joined a rare club, becoming one of the few Canadian technology companies to achieve a $10-billion valuation on the strength of one of the largest domestic venture capital financings in recent years.

The Toronto online financial-services provider said Monday it had raised $550-million in fresh capital, alongside a $200-million secondary sale by existing investors, to a group co-led by Dragoneer Investment Group and Singapore sovereign wealth fund GIC. The Canada Pension Plan Investment Board also participated in the financing.

The deal is the latest in a string of multi-nine-figure financings this year of Canadian technology companies, including Cohere, Jane, StackAdapt and Tailscale, and comes less than a week after Wealthsimple disclosed it has surpassed $100-billion in assets under administration, up nearly 100 per cent from the end of September, 2024. It hit that milestone three years ahead of schedule on the strength of soaring markets, which have enticed more Canadians to pour money into online trading accounts.