Canadian Fintech: RBC Axes Climate Finance Target 🪓

May 05, 2025

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.

As a special thank you to ya’ll…

I’m giving away 50 free tickets to Consensus, the crypto conference happening in Toronto on May 14-16th!
Register here with the code CAFINTECH to claim your free ticket. Only 50 available… so don’t sleep on it!

Was this forwarded to you? Become one of our 12,721 subscribers by clicking below.

Brio, a Montreal based software for venture funds to onboard and manage their investors (LPs) raised $3m from Walter GAM and Canso Innovations.
- Brio spun out of Brightspark Ventures, a Canadian VC fund that had built its own back office software.
- Vessel is another Canadian competitor in this space.

Railz, a Toronto based aggregator of small business accounting and payments data, was acquired by FIS, a major US based core banking provider.
Corl, an e-comm lender, was acquired by private equity firm Napkin.
- Corl originally launched as a platform to do Security Token Offerings (crypto IPOs) back in 2016.

DailyPay, an earned wage access platform, expanded into Canada.
- DailyPay already has a partnership with BMO’s US business.
Pinch, a tool for mortgage brokers to verify borrower information, hit 10,000 mortgage applications.
- Pinch was acquired by M3 Group, a Canadian mortgage brokerage in 2021.
Frontfundr, an equity crowdfunding platform raised $68m across 4,2000 investments on their platform in 2024. That’s 2x what they did in 2023.
Lorna, a Toronto based equity research platform launched their beta.
- Lorna reads through corporate filings and earnings calls and spits out performance scores like “cash flow momentum score”.

RBC abandoned its $500 billion sustainable financing goal citing recent amendments to the Competition Act that applies stricter rules on proving environmental claims and increases legal risks around greenwashing.
- Oh the irony… a rule intended to strengthen climate commitments actually ended up killing them.

Raising money for your fintech? Fill out this form

Want to invest in Canadian fintech? Fill out this form

Want to get in front of 12,721 fintech decision makers? Reply to this email to become a sponsor.

And don’t forget to claim your free ticket to Consensus with the code “CAFINTECH”.

Have a great week! See ya 👋