Wealthsimple acquires tax software company Simpletax

The acquisition marks Wealthsimple's first expansion beyond saving and investing, with the SimpleTax software joining its growing lineup of financial products, including a leading investment service, a high interest smart savings account and Canada's first commission-free trading platform.

"Taxes are so ingrained in our lives, and like most financial services, the process of filing them is inherently complicated, challenging and expensive," says Michael Katchen, Co-founder and CEO, Wealthsimple. "We have admired SimpleTax for years. They are doing what Wealthsimple did for investing by making tax filing easy, accessible and affordable. By bringing SimpleTax into the Wealthsimple family, we're one step closer to simplifying people's financial journey over their lifetime."

"Wealthsimple shares our values and dedication to building something better. It's a perfect fit." says Jonathan Suter, Co-founder and CEO, SimpleTax. "We both set out to empower people with simple, honest, and transparent financial tools. Together, we can have an even greater impact."

Founded in 2012, SimpleTax has helped hundreds of thousands of Canadians prepare and file their taxes. The entire SimpleTax experience, including domain, client support and user interface, will remain the same for the 2019 tax season. Looking ahead, Wealthsimple will explore ways to enhance and complement the two brands with a more cohesive product experience.

With the acquisition of SimpleTax, Wealthsimple's innovative and low-cost products now help over one million Canadians simplify their finances. Wealthsimple aims to continue to expand its growing product lineup in an effort to reduce financial friction and become a leading digital financial institution.