The Globe and Mail reports in its Thursday edition that Wealthsimple has secured $425-million in financing from existing backers to continue building out its banking and investing services. The Globe's Murad Hemmadi writes the Toronto-based fintech darling announced Tuesday that it had secured financing at a valuation of $13.8-billion, up from $10-billion a year ago. The deal furthers Wealthsimple's position as one of Canada's most valuable private technology companies. The deal includes $300-million in fresh capital and up to an additional $125-million that investors will spend to buy shares from Wealthsimple employees. Singaporean sovereign wealth fund GIC led the round, which included prior backers the Canada Pension Plan Investment Board, San Francisco-headquartered Iconiq, and Montreal-based Inovia Capital. Long-standing backers Power Corp. of Canada and subsidiary IGM Financial put in $68-million and $96-million, respectively, to maintain the conglomerate's ownership stake. "This gives us a balance sheet that reflects the ambition of the business," Wealthsimple chief executive officer Michael Katchen told The Globe. Wealthsimple has ambitions to offer betting contracts, such as those offered in the United States.