Canadian Fintech: Everyone is getting acquired 🛒
Scotia gets out of Central America. Shakepay gets regulated.
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 your industry in under 3 minutes.
Last week I made my 2025 Canadian Fintech Predictions! You can read them here.
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💰 Funding
Una Software, a Toronto based financial planning platform raised $7.5m
🤝 M&A
Lexop, a Montreal based debt collections software for lenders and telcos was acquired by Eltropy, a US competitor.
Humi, a Toronto based HR, benefits and payroll platform was acquired for over $100m by Employment Hero, an Australian competitor.
Village Wellth, a Calgary based marketplace to buy and sell small businesses acquired BuyAndSellABusiness.com, a Vaughn based competitor.
Carbon6, a Toronto based portfolio of e-com tools for Amazon sellers (inventory management, listing optimization, tracking reimbursements, etc.) was acquired by SPS Commerce, a retail focused supply chain company for $301m.
Carbon6 raised $88m in 2022.
Thomson Reuters, the Toronto headquartered media conglomerate acquired SafeSend, a US based tax automation platform for USD $600m.
Softchoice, a publicly traded enterprise cloud and cybersecurity company was taken private by WWT, a US based IT company. I wrote about the Canadian go-private trend in last week’s predictions.
Altus Group, a Toronto based commercial real estate analytics firm sold its property tax business to Ryan, a US based tax services company for $700m.
1Password, a Toronto based secure sign-in platform acquired Trelica, a UK based security tool to manage access to company apps in one place.
1Password has raised USD $920m to date and this is their fourth acquisition.
Scotiabank is selling off its banking operations in Colombia, Costa Rica and Panama to Davivienda, a Colombian bank in exchange for a 20% stake in the lender.
Scotia also recently acquired 14.9% of KeyCorp, a large US lender.
The $6b merger of Fairstone Bank and Home Trust has closed. You can read my breakdown here.
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🚀 Product
RBC is implementing Cohere’s new enterprise AI platform “North” within the bank.
TD has also been testing Cohere’s models.
Grayhawk Wealth, an Alberta based ultra high net worth wealth management firm is rebranding as Sagard Wealth.
Sagard, Montreal based alternative investments firm that operates within the Power Corp family of companies, purchased a majority stake in Grayhawk in 2020.
Spring Financial, a Vancouver based consumer lender launched a personal finance management app called Bloom.
Shakepay, Montreal based bitcoin focused banking platform (crypto exchange, cash accounts, bitcoin cashback card, etc.) has become a regulated member of CIRO.
Wealthsimple and WonderFi are also dealer members with crypto businesses.
TD’s incoming CEO is reviewing their 10% ownership in Charles Schwab, a large US based FI.
TD was slapped with a USD $3b fine and a cap on their US assets after pleading guilty to a US money-laundering scandal.
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Have a great week! See ya 👋
URL correct: BuyAndSellABusiness.com - thanks for sharing the announcement.