Canadian Fintech: FundThrough's Acquisition 🛍️
Deck raises A Round 9 months after Seed. Wealthsimple taps Central 1.
Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.
Every Monday (except holidays 😉) 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.
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💰 Funding
APX Lending, a Toronto based crypto secured lender, raised a $20m debt facility from Cypress Hills Partners.
Earlier this month the lender was granted “exemptive relief” from certain registrations from the OSC.
Blossom, a Vancouver based app for retail investors to share stock tips crowdfunded $3m in 6 hours from over 1,000 of its customers.
Last year they crowdfunded $500k the same way.
I wrote about how they found product market fit in a previous newsletter here.
PolicyMe, an online insurance company, raised $30m in equity and debt.
The funding came primarily from its insurance partners, Blue Cross Life and Securian Canada.
PolicyMe is what’s known as a “Managing General Agent” aka MGA. This is a 3rd party that designs, underwrites and administers insurance products on behalf of an insurer. MGAs have existed for decades, usually in specialty insurance markets but in the last few years have been dominated by fintechs.
Deck, a Montreal based data aggregator, raised USD $12m from Infinity, Luge, BTV & Golden, nine months after closing its $4.5m seed round.
The fintech’s goal is to “Plaid-ify” any website. It does this by mimicking user behaviour to log into user accounts, scrape data and convert it into a structured and reusable format - starting with utility data and then expanding to all industries.
This is the same data aggregation method the founding team used when they launched Flinks, an open banking company they sold to National Bank in 2021 for over $100m.
🤝 M&A
FundThrough, a Toronto based invoice factoring company raised USD $25m and acquired Ampla, a struggling US based fintech lender to e-comm brands.
This is a solid pick up for FundThrough and likely came at a great price.
Ampla has good tech, but has stumbled in the last year, laying off 50% of its staff and shrinking credit lines for its customers. This is partially due to its customer focus on small DTC brands, which ripped during COVID but have struggled in a higher interest rate environment. I expect Tariffs to squeeze this segment even further.
FundThrough is no stranger to US M&A. Back in 2021 they acquired the factoring portfolio of BlueVine, a large US business lender and one of their biggest competitors.
I love seeing Canadian companies acquiring their US peers.
A MESSAGE FROM THE CANADIAN FINANCE SUMMIT
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🚀 Product
Central 1, is becoming the tech vendor and settlement agent for Wealthsimple’s Interac e-Transfer business.
Central 1 provides this service to nearly 300 credit unions.
BMO partnered with Calgary based Link, a platform for companies to launch workplace retirement savings programs for their employees.
Link is the software that onboards employees, constructs the investment portfolio, and handles things like payroll deductions and employer matching.
BMO invested in Link in 2023.
The OSC approved the launch of Solana ETFs with staking rewards.
Staking is when you lock up your crypto to help secure the network and validate transactions in exchange for additional tokens - kind of like a yield. These ETFs offer exposure to both the price of the Solana cryptocurrency and the passive income from staking.
This is a big step for the crypto industry - it’s a global first; it signals a major shift from the OSC’s earlier caution; and involves Canadian banks directly in the process (ex TD is providing custody and settlement for these ETFs).
On the same day Evolve, Purpose, 3iQ, and CI launched their funds.
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Have a great week! See ya 👋
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