Robinhood Expands Into Canada With Acquisition of WonderFi

California-based financial technology company Robinhood Markets Inc. is expanding into the Canadian market after finalizing its acquisition of Toronto cryptocurrency firm WonderFi.

The acquisition means Robinhood, which is known for pioneering commission-free retail investing, will add WonderFi’s regulated crypto platforms, Bitbuy and Coinsquare, to its brand portfolio, the company announced in a June 1 press release.

The stock-based deal was valued at approximately US$180 million or CA$250 million.

“WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada,” Robinhood general manager Johann Kerbrat said in the release.

“We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers.”

All Canadian customers will receive an invitation to download the Robinhood trading app, which the company said will offer reduced trading fees, including a flat rate of 0.5 percent per Canadian trade.

The primary goal of Robinhood Markets, the company says, is to “democratize finance,” allowing individuals to invest with little to no minimum balance. Users can trade stocks, exchange-traded funds, options, and cryptocurrencies.

The American firm established a Canadian headquarters in Toronto in 2024 as an engineering hub to tap into what it described as “Canada’s deep pool of tech talent” such as software engineers and developers in a bid to strengthen its global engineering and technology operations.

WonderFi was founded in 2021 and was originally known as DeFi Ventures Inc. before rebranding following a reverse takeover and public listing later that year.

The company officially launched its decentralized finance application in early 2022 and integrated multiple smaller cryptocurrency exchanges—namely CoinSmart, Coinberry, and Bitvo—into its primary platforms, Bitbuy and Coinsquare.

WonderFi employees will be integrated into Robinhood’s Canadian team, boosting the company’s local workforce to more than 240 employees in its headquarters in Toronto.