Canadian Fintech: Jane at $1.8b 🤑
Koho hits 2m users. Wealthsimple does first b2b stablecoin payment.
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💰 Funding
Jane Software, a Vancouver based back office software for clinics (scheduling, billing, online booking, etc.) is being valued at $1.8b in a $500m secondary transaction led by TCV.
Jane said it hit $100m in ARR last year.
Jane’s last secondary financing was for $100m at a $600m valuation in 2021. The company is almost entirely self funded.
Secondaries have been all the rage for late stage Canadian fintech. Wealthsimple, Plusgrade, StackAdapt, and Clio have all done so recently, pushing out the likelihood of an IPO.
Conduit, a Canadian founded stablecoin payments company raised USD $36m led by Dragonfly & Altos Ventures.
WareMatch, a Montreal based marketplace connecting merchants and warehouses, raised $2m led by Fit Ventures.
Think Airbnb for warehouses.
🤝 M&A
Definity Financial, a Waterloo based insurer is acquiring Travelers’ Canadian operations for $3.3b.
The deal makes Definity the fourth largest property and casualty insurer in the country.
Definity owns Sonnet, Economical, Petline, and Family Insurance.
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🚀 Product
Maple partnered with fellow Canadian fintech Helcim.
Maple provides bill pay and Helcim is a payment processor.
Wealthsimple became the first Canadian regulated FI to:
Koho hit 2m users and launched international money transfers.
Some cool stuff is happening in Canadian cards:
Zown, a Toronto based discount real estate brokerage, is expanding to California.
Vanguard, a big investment advisor, is building an AI research team in Toronto with UofT.
Symend, a Calgary based collections software launched a bill protection product in partnership with Walnut, an embedded insurance company.
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Have a great week! See ya 👋