Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
💰 The federal government renews the Black Entrepreneurship Program for another five years with $189M investment
🚀 Under budget 2025, Canada is launching its first-ever whole-of-government National Anti-Fraud Strategy alongside a new Financial Crimes Agency
🚀 Empire Life, Kingston, Ontario-based insurance firm launches its national Group Retirement Savings (GRS) platform
🚀 TD Bank launches its new Wealth Virtual Assistant, a GenAI Knowledge Management System built by the Bank's Layer 6 team
Top FinTech Updates this Week
💰 Cybrid, a Toronto-based compliant stablecoins and fiat payment infrastructure platform raised $10M in Series A funding
💰 Entry, a Toronto-based compliance-native infrastructure bridging institutions and decentralized finance raised $1M in pre-seed funding
🤝 FreshBooks, a Toronto-based accounting software company partnered with US-based Affirm to introduce a “Buy Now, Pay Later” feature, allowing clients in the United States and Canada to pay their invoices in installments
🚀 Karla Rent, Toronto-based FinTech launches Karla 2.0, a next-generation personal finance platform for Canadians
🚀 Yeeld, US-based modern payments infrastructure expanded its surcharging capabilities to Canada across both its flagship products - YeeldPay and the Yeeld Surcharging API
🚀 Profitual, New Brunswick-based accounting software platform is helping startup founders easily create forecasts, budgets, and financial reports without needing an accounting background
🚀 Clio, Burnaby, BC-based legal tech platform partnered with US-based BNPL firm Affirm and also launched its own capital advance program, Clio Capital
🚀 KOHO, Vancouver-based challenger bank launches refreshed joint accounts with new reward features
🚀 Wealthsimple, a Toronto-based wealthtech platform unveils advanced investing tools as it hits $100-billion milestone
🌟 Payments Canada implemented amendments to By-laws No. 1 and 3 reflecting changes to the Canadian Payments Act (CP Act) and the introduction of the Retail Payment Activities Act (RPAA)
🌟 Canada’s FinTech industry enters new era as Bank of Canada taps first payment service providers and Canadian FinTech firms are among the first batch of registered payment service providers (PSPs)
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Yeeld, US-based modern payments infrastructure expanded its surcharging capabilities to Canada across both its flagship products - YeeldPay and the Yeeld Surcharging API. The launch enables Canadian merchants and businesses selling into Canada to automatically recover credit card processing fees while meeting all federal, provincial, and card-network requirements. | PR Newswire
Payments Canada implemented amendments to By-laws No. 1 and 3 reflecting changes to the Canadian Payments Act (CP Act) and the introduction of the Retail Payment Activities Act (RPAA). The goal of these updates is to support broadened Payments Canada membership and participation eligibility and promote competition and innovation in the payment ecosystem, while ensuring alignment with the evolving regulatory landscape. By-law No. 1, which governs membership and advisory council criteria, has been updated to reflect the changes in membership eligibility and the composition of the Stakeholder Advisory Council (SAC). By-law No. 3 details the requirements for exchanging, clearing and settling payment items through the Automated Clearing Settlement System (ACSS), Canada's retail batch payment system. | Payments.ca
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Canada’s FinTech industry enters new era as Bank of Canada taps first payment service providers and Canadian FinTech firms are among the first batch of registered payment service providers (PSPs). The Bank of Canada published a list of the first 300 entities fully registered as PSPs, including FinTech companies Wealthsimple, Koho, Brim, Venn, Helcim, Trolley, ZayZoon, Zum Rails, and Shopify’s payments division. There are more than 1,500 pending applicants under the Bank’s supervision, including Clio, Manzil, and Float. The designation means these companies are now subject to new rules and reporting regulations under the Retail Payments Activities Act (RPAA). It also opens the door to accessing payment rails, the infrastructure that allows money transfers, without having to go through banks. | BetaKit
TD Bank launches its new Wealth Virtual Assistant, a GenAI Knowledge Management System built by the Bank's Layer 6 team. The new tool represents a significant step in modernizing how colleagues access information, enabling faster support for clients. The new KMS – the first-of-its-kind for TD Wealth – provides colleagues with a fast and efficient way to access relevant internal policies and procedures. Colleagues can prompt questions and quickly find answers without searching through multiple systems, enabling colleagues to spend more time delivering personalized advice and help strengthen client relationships. | TD
TD Securities (TDS) is integrating its Public Finance business, previously operating out of TD Securities (USA) LLC, into TD Financial Products. This strategic move is designed to create significant operational efficiencies while enhancing the client experience. By bringing together TDS's traditional voice trading expertise with advanced algorithmic trading capabilities, clients will benefit from a comprehensive platform that combines personalized service, deep market insight, and cutting-edge analytics.Importantly, TDS's voice trading desk will remain a cornerstone of the offering, now bolstered by enhanced analytical tools and a fully automated algorithmic solution. | TD
RBC Insurance recognized with three wins at The Digital Banker’s 2025 Global Insurance Innovation Awards. The awards include: Best Digital Insurance Initiative, awarded for streamlining the RBC YourTerm® life insurance journey with instant point-of-sale approvals | Best Digital Transformation Program, recognized for revolutionizing knowledge management and enabling advisors to access information more efficiently. | Outstanding Customer Relations & Brand Engagement Initiative, awarded for creating an enhanced digital experience on RBC Insurance’s public site. | RBC Insurance
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Cybrid, a Toronto-based compliant stablecoins and fiat payment infrastructure platform raised $10M in Series A funding. The round was led by the Growth Venture Fund at BDC Capital with participation from Golden Ventures, Luge Capital, and Panache Ventures. The company intends to use the funds to expand operations and accelerate its business reach. | FinSMEs
Entry, a Toronto-based compliance-native infrastructure bridging institutions and decentralized finance raised $1M in pre-seed funding. The round was led by Modern Niagara with participation from Qrecendo and Perrfin. The financing, which combines equity and SAFT components at a ~$25M seed FDV, with ~$50M projected at TGE, aligns with Entry’s go-to-market plans for regulated digital assets. | FinSMEs
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Wealthsimple, a Toronto-based wealthtech platform unveils advanced investing tools as it hits $100-billion milestone. These range from zero-commission options contracts and cheaper cryptocurrency trading to the ability to buy and sell gold, access direct indexing, mutual fund exchange, a portfolio featuring alternative investments, loans to help maximize RRSP contributions, and artificial intelligence (AI) stock research tools. Wealthsimple shared the news during the second product showcase in its new Wealthsimple Presents series, which it dubbed “For Nerds Only.” The inaugural edition, held earlier this year, saw Wealthsimple reveal a slew of banking products that included a credit card, instant line of credit, and expanded chequing account. The launch come as Wealthsimple reveals a major milestone: the Toronto FinTech firm has now surpassed $100 billion CAD in total assets under administration (AUA). Wealthsimple hit the milestone three years ahead of its original December 2028 target, after growing 37 percent since March 31. | BetaKit
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Empire Life, Kingston, Ontario-based insurance firm launches its national Group Retirement Savings (GRS) platform. Designed specifically for small and mid-sized companies, the Empire Life GRS platform offers a fully digital experience that streamlines plan setup, enrolment, and administration. Advanced technology enables advisors to enrol plan sponsors in minutes through real-time plan creation, with immediate activation for both employer and employee accounts. | Insurance Business Mag.
Intact Insurance becomes National Partner of the Canadian Olympic Committee and welcomes speed skating champion William Dandjinou as official Intact Insurance Athlete. Dandjinou, a Montreal native, emerged triumphantly at the 2025 Speed Skating World Championships in Beijing, claiming three gold medals and currently holds the prestigious International Skating Union Crystal Globe as the top overall skater of the season. With Intact as his official sponsor, William will benefit from financial support, enabling him to focus fully on his preparation for the 2026 Milano Cortina Olympic Winter Games. Dandjinou's inspiring journey and dedication to excellence make him a perfect ambassador for the values that Intact and the COC champion together. | Intact
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KOHO, Vancouver-based challenger bank launches refreshed joint accounts with new reward features. New offering targets young Canadians navigating affordability pressures through shared finances. The new joint accounts also carry no foreign transaction fees, free international ATM withdrawals, and existing, built-in budgeting tools like Roundup, Vault, and Goals. | BetaKit
Revolut, UK-based challenger bank is wrapping a $3B fundraising effort valuing the FinTech at $75B. The British company has been notifying investors of the allocation of shares they’ll receive from this oversubscribed funding round. Revolut conducted the fundraising on its own without assistance from its usual banking partners. The round will both solidify the company’s status as the most valuable startup in Europe and help it enter dozens of new markets. | PYMNTS
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FreshBooks, a Toronto-based accounting software company partnered with US-based Affirm to introduce a “Buy Now, Pay Later” feature, allowing clients in the United States and Canada to pay their invoices in installments. When businesses select BNPL as an eligible invoice payment method through Freshbook Payments, their clients can sign up through Affirm to pay through biweekly or monthly plans. Business owners receive the full invoice amount upfront, minus a transaction fee, while the client pays Affirm over a set period. | BetaKit
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Karla Rent, Toronto-based FinTech launches Karla 2.0, a next-generation personal finance platform for Canadians. It is designed to give Canadians greater clarity and control over their money through advanced AI and a commitment to transparency. Built on what the company calls an “agentic framework,” Karla 2.0 delivers personalized insights, intuitive visualizations, and secure, independent financial guidance. | Fintech.ca
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Under budget 2025, Canada is launching its first-ever whole-of-government National Anti-Fraud Strategy alongside a new Financial Crimes Agency. The Financial Crimes Agency will investigate complex financial crimes, including money laundering, organized criminal activity, and online scams, with legislation expected by Spring 2026. A voluntary Code of Conduct for the Prevention of Economic Abuse will also guide financial institutions in identifying and responding to financial exploitation, particularly affecting seniors and vulnerable populations. | Canada.ca
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Profitual, New Brunswick-based accounting software platform is helping startup founders easily create forecasts, budgets, and financial reports without needing an accounting background. The software splits into two sides: forecasting and reporting. On the forecasting side, users can create detailed budgets and models in as little as 15 minutes, without endless spreadsheets. Using Profitual’s “building blocks” feature, startups can input information in language they understand that automatically creates their income statement, balance sheet, and cash flow for them. | BetaKit
Clio, Burnaby, BC-based legal tech platform partnered with US-based BNPL firm Affirm and also launched its own capital advance program, Clio Capital. The partnership will power Clio’s own BNPL offering, which gives a law firm’s clients the option to pay their legal fees over time in monthly or biweekly installments. Meanwhile, Clio Capital, to provide law firms with quick access to funds to help manage their cash flow or invest in growth opportunities. The BNPL offering and Clio Capital are embedded directly into Clio’s payments and law practice management software in the United States, with additional regions to follow. | BetaKit
The federal government renews the Black Entrepreneurship Program for another five years with $189M investment. The initiative launched with $221 million in 2021 to provide funding and resources to Black entrepreneurs and small and medium-sized business owners. It provides financing, training, mentorship, and networking opportunities through three programs: the National Ecosystem Fund, the Black Entrepreneurship Loan Fund, and the Black Entrepreneurship Knowledge Hub (BEKH). The renewed funding will keep capital flowing through the programs, expand its advisory support, and improve its data collection. | BetaKit
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