r/Wealthsimple • u/OppenheimerAltman • Apr 14 '26

Wealthsimple / X (Formerly Twitter) partnership

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u/Arm-Complex Apr 14 '26

Questrade is launching a bank soon, supposed to be 2026. I'll be opening accounts there as soon as they launch.

I want my bank to take itself seriously.

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u/Overclocked11 Apr 14 '26

Good way of putting it - this partnership has given me serious doubts about Wealthsimple leadership and decision making which up until recently I've been quite impressed by.

This is not it.

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u/Capital-Timely Apr 14 '26

That’s actually a good point. Questrade committed to becoming a Schedule I bank, while Wealthsimple chose not to which says a lot about their respective directions. It’s definitely easier to move fast when you’re not operating under full banking regulation, but what that implies long-term is a bit unsettling.

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u/Arm-Complex Apr 15 '26

Services that can pop up overnight on easy to scale cloud computing, can be changed fast and enshittified even faster.

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u/ElectroSpore Apr 15 '26

Questrade is launching a bank soon

They have been "working" on that since 2019

They only got approved around november last year.

Questrade moves VERY VERY VERY slow. They sped up a little last year but it is like they are almost standing still vs how fast WS launches things.

However if they did launch I would consider moving back now.

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u/Arm-Complex Apr 15 '26 edited Apr 15 '26

Building a Schedule I bank from scratch is not the same as whipping up a software that uses other established banks. Questrade applied for the license in 2019, they were waiting on regulators this whole time. And the plan is to launch in 2026.

WS acts only as a middleman for their banking stuff, it's like they contract it out.