Canadian Fintech: New lenders launch 🤑
Why was Kensington Capital acquired? Valsoft raises. 3iQ finds a new home.
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💰 Funding
Valsoft, a Montreal based acquirer of software businesses raised $229 in debt & equity. The company owns over 100 SaaS businesses including fintechs in cheque cashing, loan origination, & bill-pay.
🤝 M&A
AGF acquired a majority stake in Kensington Capital for $45m. Why?
Kensington Capital has two business lines: private equity and a fund of funds program, where they distribute government capital into select VC funds.
AGF is best known for its public market investments and is looking to Kensington to bolster its alternatives assets business, which private equity falls into.
Monex, a Japanese crypto asset manager acquired 3iQ, the first Canadian investment fund to offer a publicly traded bitcoin and ether fund.
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🚀 Product
Liberis, an embedded business lender, has launched in Canada. Liberis allows non-lending businesses like acquirers, brokers, and marketplaces to lend money to their customers.
Clay Financial, a way for homeowners to sell a portion of their home equity launched in Toronto.
Typically the only ways to access liquidity is to sell your home, or through home equity lenders and reverse mortgages like Bloom, Fraction, & PADS.
Nuvo Financial, a provider of Net Asset Value (NAV) loans to Canadian investment fund managers launched. It’s essentially a credit facility secured by the entire fund, allowing the fund to deploy cash without needing to call capital from fund investors.
Nuvo is owned by Montfort Capital, a family of private credit businesses.
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Have a great week! See ya 👋