Wealthsimple, a Canadian money app, is now valued at $9.8 billion

Wealthsimple, a Canadian money app, is now valued at C$13.8 billion, or about $9.8 billion in US dollars. The Toronto company agreed to raise as much as C$425 million in a new round of funding, according to a statement it shared on Tuesday.

What changed

Wealthsimple Financial Corp. agreed to an equity round. That means investors put in money and receive a share of the company in return. The deal is for as much as C$425 million. The company's value, which comes from the price investors agreed to pay, is now set at C$13.8 billion.

Who it affects

Wealthsimple is a fintech, which is short for financial technology. In plain terms, it is a company that offers money services through an app. The news matters most to people who invest or bank from their phones, in Canada and beyond. Big funding for money apps can mean more features, more competition and more choice.

What is not known yet

The material available does not say how the company plans to spend the new money. It does not name the investors, and it does not say whether the full C$425 million has been secured, since the deal is for as much as that amount. It also does not say whether any new products or changes for customers are coming.

What happens next

More detail may come as the round closes. For now, customers do not need to do anything. A higher value does not change how an account works today. It does show that investors are still putting large sums behind apps that handle everyday money tasks.