Canadian Fintech: Embedded Payroll 🤑
Canadian lender buys competitor. Mydoh & Fastab expand. Lightspeed sale?
Good morning! Welcome back to Canadian Fintech, a newsletter for founders, operators & investors.
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 10,351 subscribers by clicking below.
💰 Funding
Nmbr, an embedded payroll provider, raised $7.6m.
The founding team were execs at Humi, a direct to business payroll provider.
Teal, a fellow early stage embedded fintech, was acquired by Mercury earlier this month.
Futurepreneur, a non-profit org launched “My Canadian Startup”, a funding program for new-to-Canada entrepreneurs, backed by TD.
ACCESS Community Capital Fund offers similar services.
Bemi, a platform to track data changes for businesses that run on Postgres, started by Canadian founders, raised $1.2m
Bloks, a CRM integrated note-taking tool for VC firms, raised $2m.
🤝 M&A
Lightspeed confirmed that it’s evaluating “a range of potential strategic alternatives”, which likely means a sale.
KORT, a payment processor, acquired Barnet Technologies, a BC based POS solution.
KORT recently raised an undisclosed funding round and rebranded.
Three Saskatchewan Credit Unions are merging.
Propel Holdings, a Canadian subprime consumer lender acquired QuidMarket a UK competitor for $100m.
National Bank’s acquisition of CWB received the Competition Bureau’s blessing.
A MESSAGE FROM FOUNDERS LLP
Bay street lawyers. Boutique firm services.
Founders LLP is disrupting the traditional big law model by delivering bespoke legal services tailored to our clients’ needs... and not the other way around.
Partner with Founders LLP on your next strategic transaction.
🚀 Product
CMI, a mortgage investment company, surpassed $1b in AUM.
EQ Bank rolled out small business bank accounts.
Asset Direct, launched Banxx, a personal finance management tool.
Fastab, a Winnipeg based restaurant POS, expanded to the East Coast.
Mydoh, a shared bank account for parents and their kids, owned by RBCx, expanded into Quebec.
Money Mart, a payday lender partnered with Koodo, to put prepaid phone plans in all Canadian locations.
⚖️ Policy
According to the WSJ, TD is nearing a guilty plea on criminal charges for their US drug money laundering scandal.
The bank’s CEO announced his resignation last week.
OSFI will no longer require homeowners who switch banks when they renew their mortgages to pass a rate stress test.
Several provincial securities regulators are extending the deadline for crypto-trading platforms to register to offer stablecoins to the end of the year.
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 10,351 fintech decision makers? Reply to this email to become a sponsor.
Have a great week! See ya 👋