Canadian Fintech: KOHO's Big Raise 💰
ClearEstate partners with IG Wealth. PC launches new banking features.
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💰 Funding
Koho raised $40m in equity and $150m in debt.
Koho has raised $486m in the last two years
The fintech is in the second phase of its bank licence application
IGM Financial, the parent company of IG Wealth invested in ClearEstate, an estate planning & settlement service. Why?
End of life financial planning (writing wills, appointing an executor, settling the estate, etc.) is a big part of wealth management.
As a part of the investment, IG’s wealth advisors will start using ClearEstate with their clients.
ClearEstate has done a great job partnering with FI’s. They have a referral agreement with Bloom, a reverse mortgage provider and with Concentra Trust, the largest provider of trust services to Canadian credit unions.
🤝 M&A
Harris, a software private equity group, acquired Sherbrooke based Alice POS, a payments and retail back office platform.
Harris is an Ottawa based subdivision of Constellation Software.
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🚀 Product
Arbor, a Calgary based carbon accounting software, was praised in the Canadian Senate.
Bridge, a way for merchants to embed push notifications into their gift cards, partnered with Givex, a large gift card processor.
Quarters, a credit card rewards program for renting or buying a house, partnered with Nova Credit, an international credit bureau.
Zenbase launched a rent reporting API. APOLLO insurance is their first white-label client.
PC Financial, the banking arm of Loblaws, launched a super competitive no fee, 4.25% yield on their deposit accounts.
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Have a great week! See ya 👋