Canadian neolender QuadFi lands $100m financing facility
The facility will be used to provide personal loans to people with limited credit history.
Canada
FinTech Futures: Top five stories of the week – 8 April 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
RBC set to acquire UK wealth management firm Brewin Dolphin in £1.6bn deal
The deal is subject to shareholder and regulatory approval and is expected to be completed by Q3 2022.
E-commerce paytech Reach lands $30m growth investment
The round, led by Vistara Growth, saw participation from Bluesky Equities, Tribune Capital and Rising Tide.
Bank of Canada and MIT kick off central bank digital currency research project
The one-year initiative will form part of the central bank’s research into digital currencies and fintech.
New SME banking player Pillar set to launch in Canada
Based in Montreal, Quebec, the fintech offers business accounts for SMEs.
CIBC invests in start-up Pollinate; launches paytech service for Canadian SMEs, Tyl
Tyl by CIBC is a digital-first payment acceptance and merchant services platform for Canadian SMEs.
Equitable acquires Concentra to become Canada’s seventh largest bank
Concentra Bank, including Concentra Trust and Wyth Financial, will join Equitable.
Canadian fintech Koho lands $165m Series D funding
The firm says the investment is one of Canada’s largest fintech funding rounds.
Paystone snaps up merchant services provider Canadian Payment Services
Paystone CEO Tarique Al-Ansari says the deal will “provide additional value to CPS merchants”.
Zafin acquires fellow Canadian fintech Fincad
Together, Zafin and Fincad will become “one of Canada’s largest B2B fintech companies”.
SaaS financial data platform Canalyst secures $70m Series C investment
Canalyst says it wants to be “the new fundamental dataset of record”.
Trulioo hires product veteran Michael Ramsbacker as its first chief product officer
Ramsbacker will be developing intelligent workflow systems designed to maximise verification rates.
BlueVine sells its founding invoice factoring business to Canadian rival FundThrough
The acquisition fast tracks the FundThrough’s expansion efforts in the US market.
NetCents Technology hires Sholeh Atash as COO
NetCents says Atash will have executive oversight to ensure that all key performance metrics are met.
Canada’s BMO acquires Bank of the West from BNP Paribas in $16.3bn deal
BMO describes the acquisition as the “natural next step” in its North American growth strategy.
Wyth Financial hires new VP of customer experience, Mark Nicholson
Nicholson moves from rival Canadian digital bank Tangerine.
Nuvei partners Visa to launch branded crypto debit cards across Europe
The programme plays “a vital role in expanding the crypto ecosystem”, Nuvei CEO says.
Accounting software firm Tipalti hits $8.3bn valuation with $270m Series F round
Tipalti says new funding places it “among the most valuable private fintech companies in the world”.
Digital wealth manager Wealthsimple exits UK
All eligible accounts will be transferred to Moneyfarm in January.
Interac selects Microsoft Azure as part of hybrid cloud strategy
The payments processor has seen a sharp increase in volumes in the last 18 months.
CIBC recruits Danske Bank’s Søren Rode Jain Andreasen for digital leadership role
Andreasen’s departure follows 15 years at the Danish bank.
Flinks and National Bank of Canada launch open banking solution
The launch comes amid frustration at the slow pace of open banking in Canada.
Fusion Credit Union selects BankBI for financial performance management
Deal stems from partnership between BankBI and Canadian credit union solutions firm Celero.
Canadian card and spend management fintech Float raises $30m in Series A
This latest financing round brings Float’s total funding to date to around $34 million.
Canadian tech firm Coconut Software secures $22m Series B funding
The cash will go towards product development, hiring new staff and investing in marketing and sales.
Open Banking Expo returns to Canada for third time this November
This two-day virtual event will bring together financial services and fintech innovators.
Canadian fintech start-up Neo Financial lands $50m Series B funding
New funds will be used for further product development and to grow its team.
Canadian fintech start-up Nuula secures $120m funding
The firm launched its mobile app in June this year with the aim of helping SMEs to grow.
Irwin secures $20m in Series A funding round led by K1
The investment will help further the fintech’s mission to upgrade the capital markets software offering.
Expense management platform Jeeves secures $57m Series B funding
The new investment takes the start-up’s valuation up to $500 million.
CIBC acquires Costco’s Canadian credit card portfolio
CIBC will also become the exclusive issuer of Costco Mastercards in Canada.
Sun Life taps AWS as cloud tech provider in digital transformation push
The Canadian firm says the partnership will expedite cloud adoption and boost innovation.
Flinks receives $103m investment from National Bank of Canada
Growth capital worth $30m will help expand the fintech’s US footprint.
Canadian fintech FreshBooks reaches $1bn valuation with latest funding
Firm secures $80.75 million in Series E funding and $50 million in debt financing.
Apple partners Affirm Holdings to launch Canadian BNPL service
Apple will allow customers to pay in instalments to buy iPads, iPhones, and Macs.
RBC Wealth Management picks Broadridge to power US division
Multi-year deal also features Broadridge’s Asset Servicing platform.
Paystone raises $23.8m for payments and engagement platform
Canadian company brings total raised in 2021 to $78.7 million.
ID verification firm Trulioo announces four new payments partnerships
The company has partnered PayDo, Pollen Technologies, Sokin and XanderPay.
CIBC signs cloud partnership deal with Microsoft
The deal will see CIBC utilise Microsoft Azure as its primary cloud platform.
