The one-time high flying Canadian Unicorn, fronted by the Desmarais family, has seen layoffs of recent times.
According to TechCrunch:
“Canadian fintech giant Wealthsimple, which was valued at $4 billion as of last year, is laying off 159 people — or about 13% of its staff.”
The Wealthsimple CEO wrote the following message to staff which TechCrunch published as well:
“If you’ve been with us over the past two years, you know it’s been a time of immense volatility. Just about anyone who made predictions about how the pandemic would affect the economy was wrong about one thing or another. The markets crashed. Then they soared. Our business grew at an unprecedented rate, and we have been aggressively building to meet the needs of a wave of new clients since then.
Of course volatility works both ways, and we’re seeing the other side of it now as the pandemic market conditions unwind.”
Will this Canadian fintech begin the hiring blitz once again, if we see up markets? Probably, but hopefully they have learned to take it slow in life…
We think they have a great product. But we always prefer to just invest in into SPY on your own and save money.