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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.
If you’re a paid subscriber, you also get access to the Canadian Fintech Database - a detailed list of every fintech acquisition in Canada.
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💰 Funding
Binta, a tool for immigrants to verify their international credit history for lenders and landlords won $110k at an Innovate BC pitch competition.
🤝 M&A
Centro, a platform for ecommerce sellers to manage their inventory across multiple vendors and sales channels was acquired by Rose Rocket, a logistics management platform also based in Toronto.
Open Text, a publicly traded IT service provider is selling off eDOCS to NetDocuments for USD $163m.
eDOCS represents less than 1% of company revenue and helps OT focus on its booming cloud business.
🚀 Product
TD’s new CEO is targeting 7-10% growth by cutting over $2b in costs and pumping up their wealth management business.
This is despite operating under an asset cap in the US that regulators penalized TD with for an anti-money laundering scandal.
EQ Bank’s card hit $1b in loads. It’s a pre-paid Mastercard powered by Berkeley.
Several Canadian banks have joined a group of 30 global FIs helping the SWIFT payment network design a blockchain.
Venn, a small business banking platform launched a free incorporation feature.
Acquiring SMBs at the point of incorporation makes so much sense. RBC has been doing this successfully for years via Ownr, an RBCx product.
Hiive, a marketplace for private companies to sell pre-IPO shares, launched a fund pooling their 7 most in demand companies.
Last year they launched an index of their 50 most liquid securities.
Manzil hit $100m in total halal mortgage financings. This is 2x from last year.
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⚖️ Policy
Finance Canada has finally put into force changes to the Canadian Payments Act that will allow fintechs to become members of Payments Canada, the group that owns and operators core Canadian payment systems.
Cash use in Canada declined 14% from 2019 to 2024.
🧍People
The CEO of ATB Financial is retiring.
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