Recently, we’ve been running internal research on 2024 download trends for wealth management apps in the Canadian market – and we’ve come across some interesting observations…
📱 By the end of 2024, Wealthsimple topped Canada’s fintech downloads with a significant leap. While others stayed flat, Wealthsimple ended the year at its peak.
👉 It got us thinking: What’s going on?
- Canadians are moving beyond just “no-fee banking.”
- Canadians want more control over how their money grows.
- The March spike likely reflects RRSP/TFSA contribution season in Canada, when many people invest or save on taxes.
- Dip mid-year, common in financial apps during summer.
- Q4 growth indicates product updates, crypto recovery, increased marketing effort, and renewed interest in crypto – partly fueled by the buzz around Trump’s election run. There was a wave of retail excitement as crypto re-entered the mainstream news cycle, and platforms like Wealthsimple were right there to ride it.
User Experience as a Growth Engine: The Wealthsimple Playbook
Wealthsimple has garnered notable recognition for its customer experience, particularly in the realm of digital platforms. In the 2024 Canada Wealth Management Digital Experience Study by J.D. Power, Wealthsimple achieved the highest overall customer satisfaction score among self-directed wealth management firms, scoring 754 on a 1,000-point scale.
Further emphasizing its commitment to user satisfaction, a May 2024 article highlighted that low-cost platforms like Wealthsimple are outperforming traditional big bank online brokerages in customer satisfaction.
CX. Research. Usability
Wealthsimple’s growth isn’t accidental – it stems from deliberate investment in product research, customer experience, and strong usability testing practices. The company constantly iterates based on user feedback, balancing simplicity with functionality. Its platform feels accessible to beginners, yet powerful enough for more experienced users. Behind that is a team clearly focused on making financial tools feel less intimidating, and more human.
Clean and Friendly UX Copy
Another reason for its rise? Wealthsimple knows how to talk to Gen Z. The brand avoids the stiff, institutional tone of traditional banks. Instead, it communicates like a real person – open, clear, and culturally in tune. Whether it’s social media, help articles, or app messaging, the voice stays consistent: direct, honest, and free of jargon. That connection helps build trust, especially with younger users who expect brands to speak their language.
Fast Product Cycles
Speed matters too. Wealthsimple is fast – both in terms of performance and decision-making. It’s mobile-first, which reflects how people actually manage their money today. And unlike larger institutions, it’s not bogged down by legacy systems. That agility shows in how quickly it can launch new features, respond to market shifts, or adjust pricing when needed.
Strong Product-Market Fit
Lastly, the range of services keeps growing. Wealthsimple started with investing, then added crypto, high-interest accounts, peer-to-peer payments, tax filing, and most recently, spending and credit products. Users can now open different types of accounts – RRSPs, TFSAs, personal, business – all in one place. The growing product lineup reflects awesome product-market fit aligned with real people’s needs. Moreover, this full-stack approach makes Wealthsimple feel less like a niche app and more like a central financial hub. That convenience gives users fewer reasons to go elsewhere.
The New Default for Gen Z and Millennials
Is Wealthsimple turning into the new default for Gen Z and millennials? Seems so!
📊 Wealthsimple’s user base by inferred age (Canada):
- 18-24 35.0%
- 25-34: 13.7%
- 50-64: 28.0%
- 35-49: 22.8%
- 65+: 0.5%
Over a third of its users are aged 18–24 – the largest segment by far. That says a lot about how younger Canadians are choosing to manage their money. They’re skipping traditional banks and going straight to platforms that feel more in tune with how they live: mobile-first, flexible, and transparent. What’s more surprising? It’s not just a Gen Z story. Another 23% of users are 35–49, and nearly 28% fall in the 50–64 bracket – suggesting Wealthsimple is also gaining ground with older, more established investors.
But when only 13.7% of users are 25–34, and just 0.5% are over 65, the picture gets more interesting. It’s not a one-size-fits-all platform – it’s one that clearly resonates with people who are either just starting their financial journey or looking for a fresh alternative mid-way through it.
The Market Tailwinds Behind Wealthsimple’s Breakout Year
Profitability Announcement
In September 2024, Wealthsimple disclosed its profitability for the first time, an 88% year-over-year increase in Q2 revenue. This achievement likely enhanced investor and consumer confidence, contributing to user growth.
Expansion of Financial Services
Throughout 2024, Wealthsimple expanded its offerings to include mortgages and announced plans for additional credit products and insurance. This diversification made Wealthsimple a more comprehensive financial platform, attracting a broader user base.
Market Performance
The strong rally in U.S. stocks during Q4 2024 resulted in robust returns for many of Wealthsimple’s portfolios. Positive market conditions often encourage increased investment activity, potentially leading to higher user engagement and new sign-ups.
Increased Assets Under Management (AUM)
By the end of Q3 2024, Wealthsimple’s AUM had grown substantially, with Power Corporation marking up the value of its stake in the company to $2.2 billion CAD. This growth reflects heightened trust and interest from investors.
Final Words
We’re excited to see how Canadian fintech continues to evolve in 2025. If you’re building the next big thing in finance, Craft Innovations can help you test ideas, design better experiences, and scale with confidence. Talk to us to shape fintech products people love to use.
Data Sources: AppFigures, SimilarWeb, AppStore, PlayMarket – combined analysis based on multiple sources.
