Canadian Fintech: International Buyers 🎁

Dec 02, 2024

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.

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Boosted.ai, a Toronto based AI agent for automating institutional investor workflows raised $21m from Portage, RBC and several US funds. The company has raised $96m to date.
- You can think of AI agents as the next step up from AI co-pilots. AI agents can act independently and don’t require prompting.
- Boosted is using them to create news summaries from earnings calls, suggest trades, and create portfolio risk scores.
Practice Better, a Toronto based vertical software for wellness centres raised an $18m credit facility from CIBC Innovation.
- The firm provides scheduling and payments for clinics.
The unnamed lead investor in Neo Financial’s recent $360m round was revealed by the Globe & Mail to be Tencent, a massive Chinese tech company.
- Tencent is behind WeChat, one of the largest messaging and payments platforms in China, with over 1b users.
- Tencent acquired approximately 10% of the company for USD $50m, a drop from their last valuation of over $1b in 2022.

CI Financial is being taken private for $4.7b by Mubadala Capital, a division of the Abu Dhabi sovereign wealth fund.
- CI Financial is Canada’s largest independent asset manager, with more than $518 billion in assets.
- Mubadala also acquired Fortress, a US credit fund earlier this year.
Manzil, a halal finance company acquired Canadian Islamic Wealth, a Winnipeg based wealth advisor.
- Manzil will now start offering advisory services like wealth planning, on top of the funds & portfolio management they whitelabel from OneVest.

So you registered your PSP business under the Retail Payment Activities Act (RPAA). Great!

You may be thinking… what should I do next?

The AML Shop, Canada’s leading fintech compliance consultants, lay it out for you here!

Read the full report to learn:

If you have any RPAA questions or needs email contactus@theamlshop.ca

And check out the full report exclusively at The AML Shop.

Collabria, the largest credit card issuer for Canadian credit unions, will use Trulioo, a Vancouver based identity verification platform to KYC new cardholders.
Beacon, an app to help settle new Canadians pre-arrival, announced it will start servicing Deloitte staff.
- Beacon raised $5m earlier this year.
Pinch, a tool for mortgage and real estate brokers to qualify borrowers integrated with Realtor.ca.
- Pinch was acquired by M3 Group, a major mortgage brokerage in 2021.
Youdge, a French loan comparison site, expanded into Canada.

Recent amendments to Canada’s anti-money laundering regime bring financing, leasing and factoring businesses under its purview.
- No surprise here. This was mentioned in Budget 2024.

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Have a great week! See ya 👋