Simplii Financial
Simplii Financial is a digital-only retail bank and division of CIBC, serving nearly 2 million Canadian consumers (excluding Quebec) with no-fee chequing, savings, a cash-back Visa card, mortgages, lending, and investment products delivered entirely through mobile and online channels backed by CIBC's chartered bank infrastructure and ATM network.
- Company typePrivate
- Founded2017
- HeadquartersToronto, Canada
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Simplii Financial does
Simplii Financial is a digital-only direct-to-consumer bank operating as a division of Canadian Imperial Bank of Commerce (CIBC). Launched on November 1, 2017, the company serves nearly 2 million Canadian retail customers nationwide (excluding Quebec) through a mobile and online banking platform with no physical branches, while providing ATM access through the CIBC network. Its product suite spans no-fee daily chequing, high-interest and USD savings accounts, a Cash Back Visa card with no annual fee, residential mortgages facilitated through CIBC specialists, personal lines of credit and loans, and registered investment products (RRSP, TFSA, GICs, mutual funds). Distribution is fully self-serve via iOS/Android apps and web, supplemented by partnership-driven services including Interac e-Transfer (with industry-first recurring/future-dated transfers), Interac Sign-In for access to 80+ Government of Canada sites, and MoneyGram-powered Global Money Transfer for cross-border remittances.
The underlying technology is a cloud-based digital banking platform layered on CIBC's chartered bank infrastructure, with mobile payment integration across Apple Pay, Google Pay, and Samsung Pay. Simplii's business model captures revenue primarily through credit card interchange, net interest margin on deposits and lending products, and fee income from investment products and creditor insurance. Customer acquisition combines product-led self-serve onboarding, segment-specific marketing (newcomers, international students, domestic students, Gen Z), brand ambassador partnerships, and Ipsos-commissioned thought leadership polls used for PR-driven top-of-funnel awareness. The Skip+ lifestyle partnership and Diljit Dosanjh multicultural ambassador deal illustrate a marketing strategy oriented toward embedding Simplii into everyday spend and underpenetrated ethnic communities rather than competing on rate alone.
Strategically, Simplii functions as CIBC's digital challenger brand — leveraging CIBC's chartered bank license, CDIC deposit insurance, ATM network, and balance sheet while operating a separate consumer-facing identity aimed at fee-sensitive, mobile-first Canadians. Its competitive set comprises both Big Five incumbents and Canadian neobanks (Neo Financial, Koho, EQ Bank, Wealthsimple Cash), positioning itself in the 'top 5 Canadian neobanks' tier. Revenue is not independently disclosed as the entity is consolidated within CIBC's financials.
Simplii Financial firmographics
Firmographics- Name
- Simplii Financial
- Legal name
- Simplii Financial (a division of Canadian Imperial Bank of Commerce)
- Website
- https://simplii.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Simplii Financial is a digital-only retail bank and division of CIBC, serving nearly 2 million Canadian consumers (excluding Quebec) with no-fee chequing, savings, a cash-back Visa card, mortgages, lending, and investment products delivered entirely through mobile and online channels backed by CIBC's chartered bank infrastructure and ATM network.
- Ownership category
- akta.pro rank
Simplii Financial industry classification
Industry- Product category
- Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Credit Card Issuing (52221)
- SIC
- Savings Institution, Federally Chartered (6035), National Commercial Banks (6021)
- akta.pro primary industry
- Credit Cards & Revolving Credit (FSABAAAC)
Keywords
Where Simplii Financial is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Simplii Financial business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Credit Card Interchange: Revenue generated from interchange fees on Simplii Cash Back Visa card transactions
- Mortgage Lending: Interest income from mortgage products offered through CIBC mortgage specialists, connecting Simplii clients with CIBC mortgage expertise
- Investment Products: Revenue from investment products including GICs, RRSP accounts, TFSAs, and mutual funds through CIBC's investment platform
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | No Fee Chequing Account - Free daily banking |
| Subscription | Monthly | High Interest Savings Account - Competitive interest rates |
| Transaction based/ take rate | Monthly | Simplii Cash Back Visa Card - No annual fee credit card |
| Other | Monthly | Mortgage Products - Fixed and variable rate mortgages |
| Other | Monthly | Investment Products - GICs, RRSP, TFSA, Mutual Funds |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Simplii Financial product offering
Product offeringCore offering
Simplii Financial is a digital-only neobank and division of CIBC that delivers no-fee daily chequing, high-interest savings, cash-back credit cards, residential mortgages, personal loans and lines of credit, and registered investment products (GICs, RRSP, TFSA, mutual funds) to individual Canadians through online and mobile banking channels, supported by access to CIBC's ATM network.
Product overview
Simplii Financial is a digital-only bank (neobank) and division of CIBC, launched in November 2017, serving nearly 2 million clients. The company operates as a unified platform offering a comprehensive suite of banking, borrowing, and investment products. Core offerings include no-fee daily banking through the No Fee Chequing Account and High Interest Savings Account, a Cash Back Visa credit card, residential mortgages facilitated through CIBC specialists, personal lending products (lines of credit, personal loans), and investment vehicles (GICs, RRSP, TFSA, mutual funds). Additional services include international money transfers via Global Money Transfer, foreign currency exchange, and the Interac Sign-In service for government services access. The product architecture is platform-based with mobile and online banking as the primary access channels, supported by the CIBC ATM network.
Differentiator
Problem solved
Functional benefit
Products and services
- No Fee Chequing Account A daily banking chequing account with no monthly fees, no minimum balance requirements, and access to the CIBC ATM network, designed for individual Canadian consumers.
- High Interest Savings Account A savings account offering competitive interest rates to help clients grow their money, with no monthly fees and no minimum balance.
- USD Savings Account A savings account denominated in U.S. dollars for clients needing to hold or save in USD, launched with Visa Direct global money transfer enhancements.
- Simplii Financial Cash Back Visa Card A Visa credit card offering cash-back rewards on everyday gas, grocery, and drugstore purchases with no annual fee, earning up to 20% cash back in the first 3 months on up to $500 of eligible purchases.
- Mortgages Residential mortgage products including fixed-rate and variable-rate options, originated through CIBC mortgage specialists available to Simplii clients.
- Personal Line of Credit A revolving unsecured credit facility allowing clients to borrow up to a set limit and pay interest only on the amount drawn.
- Secured Line of Credit A revolving credit line secured by collateral (typically a home) offering lower interest rates than unsecured options for qualifying Simplii clients.
- Personal Loan Fixed-term installment loans for personal use with set repayment schedules and interest rates.
- RRSP Savings Account A registered retirement savings plan allowing tax-deductible contributions to help individual Canadians save for retirement.
- GICs (Guaranteed Investment Certificates) Fixed-term investments with guaranteed returns, offered in various terms including 5-year GICs through Simplii Financial.
- Tax-Free Savings Account (TFSA) A registered savings account allowing tax-free growth and withdrawals for any purpose under Canadian tax rules.
- Mutual Fund Accounts Diversified investment options through professionally managed mutual fund portfolios accessed through CIBC's investment platform.
- Global Money Transfer International money transfer service allowing clients to send funds abroad at competitive rates, with no-fee same-day cash pick-up available globally through MoneyGram and real-time transfers via Visa Direct.
- Foreign Cash (Foreign Currency) Service enabling clients to order foreign currency in cash for travel purposes.
- Newcomer Banking Specialized banking services for new arrivals to Canada, including the ability to set up Simplii banking before moving to Canada and access international money transfer tools.
- International Student Banking (GIC Program) Banking services including GIC programs designed to support international students studying in Canada, often required for study permit visa processing.
- Student Banking (Domestic) Banking solutions tailored for domestic Canadian students at Canadian educational institutions.
- Digital Gift Card Marketplace Industry-first digital gift card marketplace integrated within Simplii's online banking platform, allowing clients to purchase digital gift cards.
Quantifiable outcome
- Nearly 2 million Canadians trust Simplii for their banking needs
- +2 more outcomes
Companies that use Simplii Financial
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
Simplii Financial technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
Feature5 records
Simplii Financial partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- Niagara Collegeminor$1 million sponsorship to Niagara College students supporting financial education and career development programs
- Skip (Food Delivery)minorMarketing partnership offering Simplii clients free Skip+ membership and $20 welcome voucher when linking eligible Simplii debit or credit card to Skip
- Diljit DosanjhminorPerformer and brand ambassador partnership to reach South Asian Canadian communities and reinforce Simplii's multicultural marketing strategy
- MoneyGramcorePartnership enabling Simplii Global Money Transfer service with no-fee same-day cash pick up abroad through MoneyGram's international network
- Visa DirectcorePartnership enabling real-time international money transfer capabilities through Visa Direct platform for Global Money Transfer service
- InteraccorePartnership enabling Interac e-Transfer services (including recurring and future-dated transfers) and Interac Sign-In service for accessing 80+ Government of Canada sites
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Simplii Financial competitors and assessment
Company assessmentDirect peers
- Wealthsimple Cash: Wealthsimple Cash is the spending/cash account from Wealthsimple, a Canadian financial platform that entered the broader Top 5 neobank list. It offers high-interest cash features directly competing with Simplii's savings product, and bundles investing, credit, and tax features.
- EQ Bank (Equitable Bank): EQ Bank is a Canadian Schedule I bank offering high-interest savings accounts, no-fee daily banking, GICs, and joint investing via Wealthsimple. Its digital-only model and value-for-money positioning directly mirror Simplii's competitive set.
- KOHO Financial: KOHO is a Canadian fintech offering no-fee daily spending accounts, cash-back credit, and credit-building products on a digital platform. Both target everyday Canadians seeking fee-free digital banking with similar cash-back value propositions.
- Tangerine (a division of Scotiabank): Tangerine is Scotiabank's direct-to-consumer digital bank offering no-fee chequing, savings, mortgages, and credit cards. It is the closest functional analog to Simplii—both are federally chartered big-bank digital brands with no physical branches and similar customer propositions.
- Motive Financial (motusbank): Motive Financial is the digital banking division of Canadian Western Bank, offering no-fee chequing, savings, and high-interest accounts. Its digital-only deposit-led model directly parallels Simplii's no-fee, high-savings value proposition in the Canadian market.
- Neo Financial: Neo Financial is a Canadian neobank offering no-fee spending accounts, cash-back credit cards, and integrated retail rewards (Skip partnership). It directly competes with Simplii for the same everyday-Canadian and Gen Z customer segments and was named alongside Simplii in Canada's Top 5 neobanks.
- President's Choice Financial (PC Financial): PC Financial is Loblaw-owned banking offering no-fee accounts with President’s Choice Rewards points, serving Canadian consumers in retail-bundled digital banking. Its everyday-Canadian, no-fee, points-based card proposition competes for Simplii's core customer segment.
Broad incumbents
- Canadian Imperial Bank of Commerce (CIBC): CIBC is Simplii's parent company and one of Canada's Big Five chartered banks. Its full-service retail and commercial banking franchise, including branch network, wealth management, and capital markets, provides the chartered bank infrastructure that underpins Simplii and competes broadly in retail banking.
- RBC Royal Bank: RBC is Canada's largest bank and a Big Five competitor with comparable retail deposit, mortgage, and credit card offerings. It competes head-to-head with Simplii for everyday Canadian banking relationships at scale.
- TD Bank (Canada): TD is a Big Five Canadian bank with extensive branch network and retail banking products including the TD All-Inclusive Banking Plan, mortgages, and credit cards. It serves the same personal-banking customer base that Simplii targets, including Gen Z and newcomers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Simplii Financial social profiles
Digital presenceSimplii Financial compliance and trust
Trust signalCompliance2 records
Simplii Financial financial estimates
Financial estimateRevenue estimate
Valuation estimate
Simplii Financial leadership team
Management profileNumber of profiles
Simplii Financial funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Simplii Financial M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Simplii Financial
What does Simplii Financial do?
Simplii Financial is a digital-only neobank and division of CIBC that delivers no-fee daily chequing, high-interest savings, cash-back credit cards, residential mortgages, personal loans and lines of credit, and registered investment products (GICs, RRSP, TFSA, mutual funds) to individual Canadians through online and mobile banking channels, supported by access to CIBC's ATM network.
Is Simplii Financial a public or private company?
Simplii Financial is a private company. It is classified as corporate owned and is currently operating.
When was Simplii Financial founded?
Simplii Financial was founded in 2017. It employs 5,001 to 10,000 people.
Where is Simplii Financial based?
Simplii Financial is headquartered in Toronto, Canada, in the North America region.
How does Simplii Financial make money?
Three revenue lines are on record. Credit Card Interchange is the primary driver. The others are mortgage Lending and investment Products.
Who are Simplii Financial's main competitors?
Direct peers on record are Wealthsimple Cash, EQ Bank (Equitable Bank), KOHO Financial, Tangerine (a division of Scotiabank), Motive Financial (motusbank), Neo Financial and President's Choice Financial (PC Financial). Broad incumbents are Canadian Imperial Bank of Commerce (CIBC), RBC Royal Bank and TD Bank (Canada).
Does Simplii Financial have an API?
No public API is recorded for Simplii Financial.
What industry is Simplii Financial in?
Simplii Financial's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAC, Credit Cards & Revolving Credit. Its NAICS code is 5221 and its SIC code is 6035.