Canadian Fintech: Boxx Acquired 📦

Jul 14, 2025

Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.

Every Monday we break down the hottest topics in the industry in under 3 minutes.

If you’re a paid subscriber, you also get access to the Canadian Fintech Database - a detailed list of every fintech acquisition in Canada.

Was this forwarded to you? Become one of our 12,932 subscribers by clicking below.

Wealth One Bank is raising $200m to fund its lending business after being acquired by Globalive last month. You can read my take on the acquisition here.

Boxx, a Toronto based small business cyber insurance MGA, is being acquired by Zurich Insurance, a Swiss multi-line insurer.
- Zurich led Boxx’s $19m Series B in 2023 and also participated in their $12m series A in 2021.
- It’s quite common for carriers to invest in and acquire MGAs. For example earlier this year, Blue Cross Life and Securian Canada both invested in PolicyMe, a Toronto based life insurance MGA.
- It’s a way for carriers to get better online distribution; diversify their premium sources; and access better tech / underwriting.
Deloitte Canada acquired Allevar, a Toronto based KYC / AML consultant.
- Deloitte has been pretty active recently. They also acquired Pocketed, a Vancouver based grant discovery platform and Flow, a Toronto based SR&ED funding consultant.
Barley, a Toronto based compensation planning software was acquired by Workleap, a Montreal based HR platform for employee engagement and performance reviews.
- Barley launched in 2023 and raised $5.4m from Golden Ventures and Union Capital.
- This is Workleap’s 3rd acquisition. The company has raised $125m, all in a single round led by CDPQ in 2023.

Expensify announced that it will launch a card product in Canada soon.
KORT Payments, a Toronto based payment processor (money mover) partnered with Tilled, a US based payfac (merchant signup & compliance).
- KORT used to be called Merrco and focused on payments for the cannabis industry.
Manzil, Toronto based islamic digital bank expanded into the US.
- The company acquired a US competitor focused on wealth in 2024.
Bow Valley Credit Union will allow its members to buy, sell and hold bitcoin directly through their credit union accounts.
- This is being powered by Balance, a Canadian crypto custodian and Bull Bitcoin, a Canadian crypto exchange.
Adyen will offer loans to Canadian merchants that use their payment rails.
Paays, a digital ID tool for auto dealers, announced their first big 5 bank client.

Interac is moving to flat-fee wholesale e-transfer pricing of 4-8 cents / transaction by November.
- Interac’s volume-based pricing, which benefits large clients that process tons of volume (banks) over small clients (fintechs) has been under scrutiny by the Competition Bureau since 2024.

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 12,932 fintech decision makers? Reply to this email to become a sponsor.

Have a great week! See ya 👋