Canadian Fintech: Clutch hits $1b 🚗
Shakepay joins Payments Canada Advisory Council. Clio's massive acquisition.
Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.
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💰 Funding
UniUni, a BC based last mile logistics tech company raised USD $70m from Bessemer and Sinovation Ventures.
The company has raised over $200m since its launch in 2019.
🤝 M&A
Clio, a Vancouver based back office software for law firms (processing payments, financing, accounting, etc.) acquired vLex for USD $1b.
🚀 Product
Clutch, a digital car dealership, hit $1b in cars purchased.
Nuvei, a Montreal based payments company became a local acquirer in Canada.
Spade, an API that cleans and enriches raw payment data with accurate merchant details for fintechs and banks expanded into Canada. The founder is Canadian.
Mogo, a BC based consumer finance company announced that it would put $50m worth of bitcoin on its balance sheet.
Beacon, an app to help settle new Canadians now lets users send Indian currency to India via UPI, their local real time payment rail.
⚖️ Policy
Shakepay became the 2nd ever fintech to sit on Payments Canada’s Advisory Council.
Canaccord Genuity, an investment bank, has paid $500k in fines to FINTRAC for AML violations in 2023.
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Have a great week! See ya 👋