Podcast La Magie des Points: Interview with Simon Lejeune from Wealthsimple
In ten years, Wealthsimple has evolved from a simple investment app to a quasi-bank. In this La Magie des Points podcast, I welcome Simon Lejeune, Wealthsimple’s Head of Growth.
Together, we discuss the fintech’s shift towards banking, the specificities of the Quebec market, and the question that constantly arises in our community: will it ever be possible to earn travel points with Wealthsimple?
Would you like to compare your options first? See our selection of the best credit cards in Canada. Otherwise, here is what this episode has in store for you.
Who is Simon Lejeune?
Simon Lejeune leads growth at Wealthsimple. Previously, he cut his teeth at two well-known Montreal startups: Busbud, in intercity bus transportation, then Hopper, in flights and hotels. He later ran a growth marketing agency, with Wealthsimple as a client, before his entire team joined the company.
Today, his role spans both marketing and product. In practical terms, he designs campaigns, offers, and product positioning, including credit cards.
Our goal is to become the largest financial institution in Canada.
– Simon Lejeune, Head of Growth at Wealthsimple
What you will learn
This episode gets straight to the point. Here are the highlights of our discussion with Simon Lejeune.
- The Quebec market: why some products arrive later, and why that delay can work in your favour
- The business chequing account: 2.25% interest on deposits, while the big banks offer almost 0%
- The portfolio line of credit: borrow from 3.95% without selling your investments
- US dollar accounts: lower conversion fees for businesses
- Travel points: Wealthsimple’s position, between cash back and boosted rewards
Quebec, a market of its own
In Quebec, some financial products arrive after the rest of Canada. The main reason is regulation: specific licences, AMF oversight, and rules unique to the province. However, Simon explains that this delay sometimes works in your favour, because the version delivered is often more refined.
In addition, several provinces have harmonized their rules, which simplifies the work of fintechs. Quebec nevertheless retains its specificities, notably for mortgages and accounts intended for families.
On the mortgage side, things are moving. Wealthsimple is recruiting licensed agents and brokers in Quebec. The offering should therefore arrive within the next few months.
Wealthsimple announcements from May 21
On May 21, Wealthsimple unveiled several new features, especially for businesses and families. Here are the key takeaways.
| New feature | Key Takeaways |
|---|---|
| Business chequing account | 2.25% interest on deposits and online account opening |
| Portfolio Line of Credit | From 3.95%, up to about 35% of your investments |
| US$ Savings Accounts | Designed for businesses active in the United States |
| Millionaire of the Month | Every dollar saved becomes a chance to win $1M |
| Kids’ accounts | Gradual rollout, including in Quebec |
The portfolio line of credit is worth a closer look. Simon uses it himself for small renovations. Other clients use it to buy a car, consolidate credit card debt, or contribute to an RRSP at the last minute, then repay at their own pace.
On the international side, US dollar accounts reduce conversion fees for businesses that bill in the United States. For individuals, a partnership with Wise already makes it possible to send money abroad at low cost. Simon also mentions the potential arrival of euro accounts.
Credit cards and travel points
This is the question that excites our community. For now, Wealthsimple is betting on simplicity: 2% cash back, with no foreign transaction fees, rather than a points program. However, Simon confirms that tests are underway to enhance rewards, notably through partnerships.
Simon admits that several employees, including himself, switched from a points card to the Wealthsimple card for the sake of simplicity. The brand also offers the Wealthsimple prepaid card, which is convenient for traveling with no foreign transaction fees.
Want to see the cards in question? Here are our detailed reviews.
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $240 | |||
| $240 | |||
| $0 |
Wealthsimple in five years
What is the long-term vision? Simon aims for 10 million clients in Canada, up from over 3 million today.
Ultimately, Wealthsimple wants to support all your financial needs, from investments to checking accounts, including credit cards. The fintech is even looking at related services, such as telephony, mirroring partnerships seen elsewhere in the world.
Where to listen to the episode
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Further Information
Wealthsimple Frequently Asked Questions
Here are frequently asked questions in the milesopedia community about Wealthsimple.
Does Wealthsimple offer a card with travel points?
For now, Wealthsimple does not offer a travel points program. Its cards focus instead on 2% cash back and no foreign transaction fees. However, tests are underway to enhance rewards. You can read our review of the Wealthsimple Visa Infinite Card.
What interest rate does Wealthsimple’s business chequing account offer?
The business chequing account pays 2.25% interest on deposits. By comparison, most big banks offer almost 0%. In addition, account opening is done online, with no branch appointment. To compare your options, use our chequing account comparison tool.
What is a portfolio line of credit?
It is a loan secured by your investments. You can borrow up to about 35% of your portfolio’s value, starting at 3.95%, without selling your assets. However, if your investments drop sharply, Wealthsimple may request faster repayment.
Are Wealthsimple products available in Quebec?
Yes, most Wealthsimple products are available in Quebec. However, some arrive a little later due to rules specific to the province and AMF oversight. Often, this delay is only a few months.
Will Wealthsimple offer mortgages in Quebec?
It is well underway. Wealthsimple is recruiting licensed agents and brokers in Quebec. According to Simon Lejeune, the offering should arrive within the next few months, with no confirmed date at this time.
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