Canadian Fintech: RevOps is Hot 🔥

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 👋

-Tal Schwartz