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.
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💰 Funding
FLiiP, a Montreal based vertical software for managing gyms (payments, payroll, booking, etc.) raised $4.4m from Boreal Ventures.
The company competes with Mindbody, a publicly traded US firm
OneVest, an embedded wealth management platform, raised $29m from Salesforce Ventures, Allianz, TIAA, OMERS, Deloitte, Fin Capital, Luge, and Pivot Investment Partners.
OneVest has raised $53m to date and expanded into the US last year.
Nue, a Toronto founded revenue management platform (billing, fee calculations, pricing, etc.) raised $29m from Inovia, Information Venture Partners, and others.
Inovia led an investment into Vasco, another RevOps platform last month.
Offstreet, a Regina based parking lot management software, raised $2.4m from Conexus Venture Capital, a fund backed primarily by Conexus Credit Union.
Cinareo, a Toronto based contact centre staffing software raised $1m from BDC and Accelia Capital.
🤝 M&A
Plutera Capital, has acquired the assets of Hardbacon, a free budgeting app that made money through affiliate marketing.
The Montreal based company filed for bankruptcy last year.
Nuvei expanded into Japan through the acquisition of Paywiser, a Japanese issuer / acquirer.
CGI, a Montreal based IT consulting firm acquired German competitor Novatec.
Equisoft, a Montreal based provider of wealth management and insurance products acquired VisCalc, an insurance illustration platform. What are insurance illustrations?
These are basically visualized hypothetical scenarios of how an insurance product could perform in the future, usually in order to help make purchasing it easier for the buyer.
🚀 Product
TD launched the first Canadian bond designed to spread the risk of natural disaster insurance payouts out over a longer period of time.
Alberta launched a new crown corp to oversee an investment fund that will diversify the province’s revenues away from oil.
Clip Money, a network of ATMs for depositing cash, now offers over the counter cash deposits at various US retailers through a partnership with Green Dot, a fintech and registered bank targeting low income Americans.
Clip Money went public on the TSX in 2022.
KlearLink, a Kelowna based credit bureau for US payday lenders launched.
Arteria AI, a Toronto based platform for banks to manage customer contracts launched an AI research division.
Arteria itself used to be an AI division of Deloitte, before being spun out in 2020.
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Have a great week! See ya 👋