Wealthsimple deploys Penny AI assistant for managing user trades and funds

Wealthsimple announced the rollout of Penny, an in-app generative AI assistant designed to help users manage their finances, execute trades, and handle transfers. The platform intends to allow Canadians to use the chatbot for tasks ranging from sending e-transfers and paying bills to planning contributions across various accounts.

Penny is positioned as a tool to reduce administrative overhead, according to Sam Newman-Bremang, senior director of AI products at Wealthsimple. However, the company emphasizes that Penny operates under a strict security model: it stops short of actioning decisions without explicit manual sign-off from the client. This design choice directly addresses growing concerns around personal AI agents and financial security.

This approach contrasts with the stance of Canada’s largest banks, which have recently committed to blocking direct access by AI agents to customers' online banking information. While Wealthsimple shares this sentiment regarding credential sharing, Penny allows for a conversational interface that helps clients navigate their finances. Furthermore, the firm is developing secure integrations enabling users to connect with external systems like Anthropic’s Claude or OpenAI’s ChatGPT, while ensuring ultimate control and sign-off remains with the customer.

The company's expansion comes on the heels of a $425 million CAD Series F round, which valued Wealthsimple at $13.8 billion. The profitable firm currently serves over four million Canadians and manages more than $169 billion in total assets under administration. This capital infusion is cited by Swapnil Parikh as providing the necessary fuel to accelerate the delivery of banking, investing, and AI offerings.

past Penny, Wealthsimple also announced a rebuilt mobile app, claimed to be available in early 2027 for both iOS and Android users, alongside new products like Wealthsimple Pro. The combination of improved infrastructure and advanced AI functionality signals an aggressive push to offer Canadians their entire financial life within the platform.