Canadian investment management company Wealthsimple has tripled the insurance coverage it offers on client deposits to $300,000.
In a statement, the company said it is lifting the insurance it offers on all deposits above the $100,000 that is typically covered at Canadian banks and investment firms.
The Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation, insures all Canadian bank deposits up to $100,000.
In the U.S., insurance coverage is provided on up to $250,000 of bank deposits.
Wealthsimple’s move to expand its deposit insurance protection comes after the collapse of several regional banks in the U.S., and as the company tries to attract new customers.
Toronto-based Wealthsimple was founded in 2014. Its assets under management have been estimated at $20 billion.
Wealthsimple is a privately held company and its stock is not traded on a public exchange.
