Canada lacked API clearing infrastructure like Apex when Wealthsimple launched
Mike Katchen · Mike Katchen, Co-Founder of Wealthsimple | How to Come up with an Idea that Gets Product Market Fit · PMF Show · Apr 17, 2023 · at 14:06
Wealthsimple CEO Mike Katchen contrasts US fintech clearing infrastructure with the lack of backend plumbing in Canada at the company's inception.
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“In the US? Because the industry is so big. You have these infrastructure players like apex clearing that if you want to start a stock trading business, you just like ask them for their APIs and you plug in. It is super simple. In Canada, none of that existed.”
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