Wealthsimple Said to Be Discussing Valuation Above $3.5 Billion

Investment-management startup Wealthsimple is in talks to raise financing at a valuation of at least $3.5 billion, according to people familiar with the matter.

That would more than triple the roughly $1 billion valuation the Toronto-based startup announced in October.

Several of the company’s existing investors are expected to participate in the new round that is in the early stages of coming together, said the people, who asked not to be identified because the information was private. Wealthsimple is backed by Greylock Partners, TCV, Meritech Capital Partners and Two Sigma Ventures.

A spokesperson for Wealthsimple declined to ...