Wealthsimple introduces AI assistant for financial tasks

Penny is intended to simplify tasks such as setting up e-transfers, identifying potential credit card errors, managing expenses, and paying invoices. It can also offer financial insights and guidance, for example, on maximizing RRSP contributions. For investors, Penny can assist with buying and selling stocks, ETFs, and other assets.

According to Wealthsimple, Penny will not execute any transactions without explicit user confirmation. “A significant portion of the difficulty encountered with these actions lies in the preparation work,” explained Jordan Deutsch, a director of software development at Wealthsimple. “For instance, with an e-transfer, it’s about ensuring the contact is set up correctly and the amount is accurate. The AI assistant handles these details, while the user retains control over the final action.” Deutsch emphasized that Penny operates within the Wealthsimple platform and does not access external internet data.

The launch aligns with a broader trend of Canadian and U.S. tech companies integrating AI into commercial services, raising cybersecurity considerations. Wealthsimple aims to provide secure, direct connections for users to engage with their finances without sharing primary credentials. The company anticipates allowing users to connect their Wealthsimple accounts to AI platforms like ChatGPT or Claude by early 2027, subject to user-defined access levels.

Other new products include Wealthsimple Pay, enabling instant transfers of up to $100,000 to other Wealthsimple clients, and temporary virtual cards with customizable expiry dates and spending limits to enhance fraud protection.

This report by The Canadian Press was first published Nov. 5, 2026.