Canadian Fintech: Keep Raises $103m 🏦
Transactix launches Canadian stablecoin. Lightspeed hits $1b.
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.
I had a great time in Calgary speaking at Inventures and hanging out with the founders of local fintechs like Helcim, Neo, Quickly, Propra, True North Mortgage, DC Bank and so many others!
Next week I’ll be moderating a panel at the Canadian Finance Summit, with Rob Khazzam (CEO of Float) & Oliver Takach (CEO of Keep). Come say hey 👋.
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💰 Funding
Keep, a business banking fintech raised $33m in equity led by Tribe Capital and $75m in debt from Treville and SVB.
Keep offers cards, deposit accounts, expense management and competes directly with Canadian fintechs who have also raised recently: Loop ($6.4m in 2024), Venn ($21m this year) and Float ($70m this year).
Kaira, a Montreal based financial coaching app received investment from PEAK Capital Partners.
Early this year Kaira partnered with employee benefits provider AGA.
Greenlite, a Canadian founded compliance automation tool for banks raised USD $15m with participation from Thomson Reuters Ventures, the VC arm of the Canadian media conglomerate.
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🚀 Product
Budgety, a Vancouver based personal finance management tool that you can talk to launched.
Wealthsimple is using Calgary based Tetra Trust as its crypto custodian.
Transactix, a Calgary firm launched a Canadian dollar backed stablecoin called CADX.
Last week, Canadian competitor Stablecorp raised $2.5m for its stablecoin QCAD.
QuickFacts, a tool for insurance brokers to search their carriers’ underwriting information, expanded into commercial insurance.
The Halifax based fintech raised $2m last year.
Ownright, a platform to close Canadian residential real estate transactions online, is now the preferred vendor of Royal LePage, one of the largest real estate brokerages in Canada.
Ownright rebranded from Doormat and raised $4.5m led by Relay Ventures earlier this year.
Lightspeed, the Montreal based payments company hit USD $1b in annual revenue.
The firm was rumored to be going private, but announced its intention to remain publicly traded earlier this year.
Desjardins, Canada’s 7th largest FI is spending $2b / year on digital transformation.
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Have a great week! See ya 👋