Canadian Fintech: First New Insurer in 70 Years
Flinks for utilities data. Neo partners with CI.
Good morning! Welcome back to Canadian Fintech, a newsletter for founders, operators & investors.
This week I decided to include info on the funds in the Funding section. Let me know if I should continue.
If you enjoy reading this newsletter every week, please consider supporting me by signing up for a paid subscription. This newsletter wouldn’t be possible without the support of readers like you!
Was this forwarded to you? Become one of our 11,101 subscribers by clicking below.
💰 Funding
Deck, a Montreal based utilities data aggregator, launched with $6m in funding from Luge, Golden & BTV.
It’s the same founding team as Flinks, a bank data aggregator acquired by National Bank in 2021 for over $100m.
Moselle, a Toronto based inventory planning platform for small and mid sized ecommerce merchants raised $2m led by MaRS IAF and AQC.
The startup was incubated at Highline Beta in 2020 as a trade finance platform for international exporters.
Centro Commerce, a competing Toronto based inventory planning platform raised $2.7m in 2023 from Ripple and 2048.
Unified, a Toronto based b2b integration platform with hundreds of pre-built API connections raised $1m led by LOI Ventures.
atVenue, a Calgary based sales and inventory management platform for live events received an undisclosed investment with Sixth Street Global, a US growth equity firm.
🤝 M&A
BlueCat, Toronto based network security firm acquired SF based rival LiveAction.
BlueCat was sold to private equity in 2017 for $400m and again in 2022 for $700m.
A MESSAGE FROM PLOOTO
Accountants share the fintech they (and their clients) can’t live without
Business owners are getting incredible value out of the fintech they implement — and it turns out, their accountants agree.
According to a survey from Plooto of 500 Canadian accountants, nearly half of accountants and clients waste money on processes that fintech can automate. On the flip side, when businesses do employ fintech, 65% can reconcile their books faster, and 42% of their accountants can focus time on their firm's growth.
If you're wondering where to start in helping your clients implement the tools that will have the biggest impact, check out Plooto's new report “Accountants share the fintech they (and their clients) can’t live without” to learn:
The costs of underutilizing fintech
Why fintech upgrades are a win-win for accountants and their clients
Four client-friendly ways to expand advisory services
Common-sense ways to overcome client barriers to fintech adoption
Why you should start fintech transformation AP and AR automation
🚀 Product
Alan became Canada’s first new health insurer in almost 70 years.
The last carrier to receive OSFI approval was Greenshield in 1957.
Alan is a French unicorn with operations also in Belgium & Spain.
CI Financial, one of Canada’s largest independent wealth management firms partnered with Neo Financial to issue cards, deposit accounts and investment accounts.
Neo has a similar white label partnership with Tim Hortons.
As a part of the partnership, Neo’s direct clients will get access to CI wealth advisors.
Mako, a digital onboarding platform for wealth advisors integrated with Fidelity’s Canadian clearing and custody division.
Wealth advisors using Mako can now directly connect with Fidelity.
🏦 The Bay Street Drama Aisle
TD was fined USD $3b for its US money laundering scandal and will face an asset cap on its US retail business.
The CEO of KOHO had this to say:
Canaccord has hired the ex-CFO of RBC, who was fired for allegedly having an undisclosed personal relationship with a colleague.
Raising money for your fintech? Fill out this form
Want to invest in Canadian fintech? Fill out this form
Want to get in front of 11,101 fintech decision makers? Reply to this email to become a sponsor.
Have a great week! See ya 👋