Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
🌟 Bank of Canada lowers policy rate to 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%
🌟 EQ Bank hits $1B reload milestone as prepaid Mastercard since launch
🤝 BMO entered in a a multi-year partnership with Instacart, and US-based grocery technology company to deliver convenience and savings for Canadians
🤝 Citi and Coinbase join forces to boost digital asset payment capabilities for global clients
🤝 TD is becoming a member of the Massachusetts Institute of Technology's (MIT) Media Lab to explore AI Innovation in financial services
🤝 Live Nation Canada, Vancouver-based premier concert promoter and RBC enters in a multi-year partnership to reimagine the beloved amphitheater at Toronto's waterfront
🌟 Priyal Thakrar joins Central 1 as Chief Financial Officer and will transition into the full role as CFO on December 1, 2025
Top FinTech Updates this Week
💰 Loon, a Calgary-based stablecoin company raised $3M CAD in pre-seed financing to develop a Canadian-dollar-backed stablecoin designed to operate under Canadian regulation
💰 Wealthsimple, a Toronto-based wealthtech platform signed an equity round of up to CAD $750 million at a post-money valuation of CAD $10 billion
💼 WonderFi, Toronto-based cryptocurrency company indicated that its sale to Robinhood, an US-based wealthtech now isn’t expected to be complete until the first half of 2026
🚀 Western Union, a global cross border payment company is planning to launch USDPT Stablecoin on Solana and Digital Asset Network
🚀 Trulioo, a Vancouver-based an identity verification platform unveils next-generation identity capabilities to power a complete digital trust life cycle
🚀 One Inc, an US-based digital payments network for the insurance industry launched its flagship solution, ClaimsPay to Canadian P&C insurance market in partnership with Guidewire
🚀 Mastercard introduces Mastercard Threat Intelligence, first-ever threat intelligence solution to combat payment fraud at scale
🤝 Finix, US-based payments processor is integrating with Canadian payments provider Interac to expand its payment options in Canada
🤝 Zonetail, Toronto-based state-of-the-art mobile platform that enables high-rise residents to better manage their homes and Toronto-based FUTR's AI agent to launch Canada’s first AI-powered rent-reporting program
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Western Union, a global cross border payment company is planning to launch USDPT Stablecoin on Solana and Digital Asset Network. Its new stablecoin, U.S. Dollar Payment Token (USDPT) and an innovative Digital Asset Network designed to bridge the digital and fiat worlds, enabling real world utility for digital assets. Built on Solana and issued by Anchorage Digital Bank, Western Union aims to launch USDPT, expanding the ways to move money for customers, agents and partners, and to support the company’s treasury capabilities. Western Union anticipates that USDPT will be available in the first half of 2026. Western Union will provide users with access to digital assets, and will enable the ability to send, receive, spend and hold USDPT through a seamless user experience supported by the company’s global compliance and risk capacities. | Western Union
Finix, US-based payments processor is integrating with Canadian payments provider Interac to expand its payment options in Canada. The integration with Interac Debit brings in-store payments to Canadian merchants on the Finix platform, a significant milestone in the company’s rapid expansion of its payment offerings in Canada. With Interac Debit now available through Finix, merchants can offer customers more flexibility in how they pay. Together, Finix and Interac are empowering Canadian businesses to modernize their payment infrastructure while providing customers with secure, convenient options to pay how they choose. | PYMNTS
Mastercard introduces Mastercard Threat Intelligence, first-ever threat intelligence solution to combat payment fraud at scale. The solution brings together Mastercard’s fraud insights and global network visibility with curated cyber threat intelligence from Recorded Future’s platform to help payment fraud and merchant compliance teams at issuing and acquiring banks proactively detect, prevent and respond to cyber-enabled fraud. | Fintech Finance News
OpenAI and PayPal team up to power instant checkout and agentic commerce in ChatGPT. PayPal, Inc. to adopt the Agentic Commerce Protocol (ACP) to expand payments and commerce in ChatGPT. Millions of ChatGPT users will be able to check out instantly using PayPal, and PayPal will support payments processing for merchants leveraging OpenAI Instant Checkout. PayPal will also connect its global merchant network to OpenAI, creating a platform for tens of millions of small businesses and the largest brands in the world to sell within ChatGPT. | Fintech Finance News
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BMO entered in a a multi-year partnership with Instacart, and US-based grocery technology company to deliver convenience and savings for Canadians. Through this partnership, eligible BMO credit cardholders in Canada can now enroll and receive exclusive Instacart benefits, providing them with enhanced convenience, savings and flexibility: Premium BMO credit cardholders with a World and World Elite Mastercard or a Visa Infinite or Visa Infinite Privilege credit card will receive six months complimentary Instacart+ membership and a $10 monthly coupon they can use on grocery purchases of $50 or more made on Instacart – delivering up to $120 in annual value (requires Instacart+ membership). All other eligible BMO credit cardholders can enjoy three months complimentary Instacart+ membership and a $5 monthly coupon on grocery purchases of $50 or more made on Instacart, offering up to $60 in annual value (requires Instacart+ membership). | BMO
TD Innovation Partners and BDC Seed Venture Fund to host GTM Day on Nov 4 and join SAAS NORTH Conference in Ottawa from Nov 5–7. TD Innovation Partners, in collaboration with BDC Seed Venture Fund, will host GTM Day on November 4 and participate in the SAAS NORTH Conference in Ottawa from November 5–7, engaging with founders, investors, and ecosystem partners throughout the week. | LinkedIn
EQ Bank hits $1B reload milestone as prepaid Mastercard since launch. The reloadable card has become a go-to everyday spending tool for Canadians seeking better rewards, lower fees, and more control over their finances. From cashback and interest on balances to instant loading and fee reimbursements, EQ Bank’s approach illustrates how prepaid technology is evolving into the backbone of modern digital banking. | LinkedIn
TD is becoming a member of the Massachusetts Institute of Technology's (MIT) Media Lab to explore AI Innovation in financial services. Through this membership, TD is joining the Lab's sAIpien program as a founding program collaborator, exploring the reimagination of the future of banking. The Media Lab's Scalable AI program for the Intelligent Evolution of Networks (sAIpien) brings together a cohort of collaborators across key sectors to advance research in AI with an emphasis on trust, inclusivity, auditability, responsible data governance, and human-AI collaboration. TD will join as a founding member of the program, representing the financial services industry to explore how AI can be applied responsibly, inclusively, and at scale. | TD
Live Nation Canada, Vancouver-based premier concert promoter and RBC enters in a multi-year partnership to reimagine the beloved amphitheatre at Toronto's waterfront. The venue will be renamed RBC Amphitheatre effective immediately and will transform into an expanded year-round venue by 2030. Through its RBCxMusic platform, RBC Amphitheatre extends the bank's long-standing support of music—from emerging artists to homegrown stars to global icons. Attendees will also be able to enjoy RBC fan activation spaces, including opportunities for ticket upgrades and giveaways. | RBC
Citi and Coinbase join forces to boost digital asset payment capabilities for global clients. The initial phase of their collaboration focuses on fiat pay-ins/pay-outs, supporting Coinbase’s on/off-ramps—the bridge between traditional fiat and digital asset ecosystems—along with payments orchestration. Additional details on specific initiatives, including the exploration of creating alternative fiat to onchain stablecoin payout methods, will be shared in the coming months. This collaboration aims to make these transitions smoother and accessible 24/7 for Citi’s clients. | Fintech Finance News
Priyal Thakrar joins Central 1 as Chief Financial Officer and will transition into the full role as CFO on December 1, 2025. Priyal Thakrar brings nearly 30 years of strategic financial and operational leadership experience across the financial services and public sectors. In his most recent role as CFO and EVP of Lending & Technology at Infrastructure Ontario, he has led transformative initiatives that enhanced financial systems, enabled risk-based and data-driven decision-making, and aligned financial planning with strategic priorities. Priyal has also held financial leadership roles at a number of other organizations including Scotiabank, BMO Financial Group, Aviva Canada and Manulife Financial Corporation. | Central 1
National Bank revealed its changes to senior leadership team. Lucie Blanchet, Executive Vice-President, Personal Banking and Client Experience, is retiring from her role after 23 years with the Bank and will become strategic advisor to the CEO. Julie Lévesque, Executive Vice-President, Information Technology and Operations, is appointed Executive Vice-President, Personal Banking, reflecting the Bank’s commitment to meeting evolving client needs in a rapidly changing and increasingly digital retail banking environment. Nancy Paquet, Executive Vice President, Wealth Management, will oversee investment distribution network and insurance activities, previously under Personal Banking. Étienne Dubuc, Executive Vice-President, Capital Markets, will be responsible for National Bank Independent Network. Dominic Paradis, Executive Vice-President and General Counsel, will take on additional responsibilities and is appointed Executive Vice-President and General Counsel, Enterprise Technology and Resilience. | National Bank of Canada (NBC)
CIBC achieves top rating by advisors for the 10th year in a row on the 2025 Investment Executive Report Card on Banks. For the 10th year in a row, CIBC has achieved the highest rating in Investment Executive's 2025 Report Card on Banks, an annual survey of financial advisors in Canada's major banks. The survey asks advisors to rate the performance of their organization on a scale of zero to 10 on a wide range of topics including compensation, technology, and bank culture. This year, CIBC's average overall Investment Executive rating is 9.3 and achieved a Net Promoter Score of 98.0. | CIBC
BMO, in collaboration with Deloitte, revealed the 2025 recipients of its BMO Celebrating Women grant program. Its an initiative that empowers small business owners and entrepreneurs to make real financial progress. This year, BMO has awarded $100,000 in grants to ten Canadian women-owned businesses, fueling business growth and amplifying impact in communities nationwide. | BMO
BMO received 11 recognitions at the 2025 Digital Banker Awards and at the 2025 Qorus-Infosys Finacle Banking Innovation Awards for its leadership in artificial intelligence (AI), digital innovation, and continued commitment to client-focused solutions. Digital Banker Global Retail Banking Awards include: Best Payments Innovation: Google Unified Push Provisioning (Canada), Best Marketing/Personalisation Across Channels: Offers and Air Miles (Canada), Outstanding Staff Training, Learning and Development: Agile Centre of Excellence (Canada), Best Digital Initiative: FundsNow (US) and Outstanding Client Onboarding and Account Opening: Account Open Soft Bureau Check (US). Digital Banker Global AI Innovation Awards include: Outstanding Predictive Analytics Initiative: Mortgage Forecasting Model (Canada), Best AI Virtual Assistant: Lumi Assistant (Canada), Best New AI Product Launch of the Year: Next Best Offer (Canada), Outstanding Use of AI in Customer Personalisation: Next Best Offer (Canada). Further, BMO My Financial Progress received two awards for digital and customer experience innovation. | BMO
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Maple Bridge Ventures, Ottawa-based venture capital (VC) firm raises $10 million for fund backing immigrant entrepreneurs. This brings the first-time fund manager more than halfway to its $20-million target. Maple Bridge Ventures plans to exclusively back new Canadians developing tech solutions for agriculture, food, health, and enterprise applications at the pre-seed and seed stages. The firm plans to write initial cheques of $250,000 to $1 million, and will reserve 40 percent of the fund to provide follow-on support to portfolio startups. | BetaKit
zLinq, US-based a leading provider of telecommunications lifecycle management solutions to enterprise clients received growth financing from CIBC Innovation Banking. zLinq helps IT teams select, deploy, manage and optimize telecommunications, including voice and data assets. This financing will enable the development of a new product, named Telfinity, that creates an abstraction layer between complex telecom providers and IT teams. | CIBC Innovation Banking
Formalize, Denmark-based compliance software company received growth financing from CIBC Innovation Banking in its €30M Series B funding round. The funding will be used to strengthen its position as a leading compliance operations platform in Europe and scale its presence in key markets such as DACH (Germany, Austria, and Switzerland) and France. It plans to open new offices and expand its local teams to better support these regions. Formalize helps SMEs streamline their compliance processes by helping them quickly adapt to new EU rules. | CIBC Innovation Banking
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WonderFi, Toronto-based cryptocurrency company indicated that its sale to Robinhood, an US-based wealthtech now isn’t expected to be complete until the first half of 2026. The deal Robinhood struck this May to purchase Toronto Stock Exchange-listed WonderFi for $250 million CAD in cash was initially poised to close during the last six months of 2025. WonderFi attributed the delay of its sale to additional development work and regulatory approval required for Robinhood to deploy its proprietary tech across WonderFi’s platforms. | BetaKit
Loon, a Calgary-based stablecoin company raised $3M CAD in pre-seed financing to develop a Canadian-dollar-backed stablecoin designed to operate under Canadian regulation. Loon also acquired the CADC stablecoin, launched in 2021 by Paytrie with over $200M in volume transacted, and will assume responsibility as its new issuer. The pre-seed round was led by Version One Ventures, with participation from Garage Capital and a syndicate of strategic Canadian angel investors. Funding will accelerate product development, expand Loon's engineering and compliance teams, and support its national regulatory engagement strategy. Loon has pre-filed a prospectus with the Alberta Securities Commission (ASC) as a first step toward full regulatory approval. | PR Newswire
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Wealthsimple, a Toronto-based wealthtech platform signed an equity round of up to CAD $750 million at a post-money valuation of CAD $10 billion. The round, which includes both a $550 million primary offering and a secondary offering of up to $200 million, is co-led by Dragoneer Investment Group and GIC, and signals deep conviction from world-renowned investors in Wealthsimple’s role as the future of financial services in Canada. Other investors include new investor Canada Pension Plan Investment Board (CPP Investments), and existing investors Power Corporation of Canada, IGM Financial Inc., ICONIQ, Greylock and Meritech. The equity round comes after an explosive few years for Wealthsimple and the company continues to scale from a position of strength. | Wealthsimple
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One Inc, an US-based digital payments network for the insurance industry launched its flagship solution, ClaimsPay to Canadian P&C insurance market in partnership with Guidewire. The solution will be available as a Guidewire integration in Fall 2026 in the Guidewire Marketplace. One Inc is the Guidewire strategic partner for payments, a designation that highlights the companies’ close collaboration on modernizing insurance payments. The ClaimsPay integration will deliver fully embedded, digital claims disbursements directly within insurers’ core platforms. | PYMNTS
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Zonetail, Toronto-based state-of-the-art mobile platform that enables high-rise residents to better manage their homes and Toronto-based FUTR's AI agent to launch Canada’s first AI-powered rent-reporting program. It enables renters to build credit and earn rewards simply by paying rent. The rent-reporting program introduces a recurring-revenue model driven by data rewards and intelligent payments — core to FUTR’s ecosystem. By integrating FUTR’s AI Agent technology with Zonetail’s platform and the FUTR Data Protocol, the partnership creates a scalable framework for rent reporting, secure data sharing, and long-term engagement across Canada’s rental market. Phase One launches in Q4 2025 across 12,000 rental units managed by Zonetail clients, with expansion to more than 70,000 units planned by early 2026. | Zonetail
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Trulioo, a Vancouver-based an identity verification platform unveils next-generation identity capabilities to power a complete digital trust life cycle. The latest innovations, delivered across the Trulioo identity platform, provide greater transparency, stronger fraud defenses and streamlined experiences for businesses and people. Trulioo is expanding its role as the global standard for digital trust with enhanced biometric authentication and dynamic Know Your Business (KYB) intelligence. It is also redesigned Customer Portal and Intelligent Know Your Customer. | Fintech Finance News
Symcor, Mississauga-based RegTech firm joins the national coalition - 'Canadian Anti‑Scam Coalition (CASC)' to fight scams. Symcor joined the Canadian Anti-Scam Coalition — a cross-sector alliance of financial, telecom, and tech firms working with law enforcement to launch a national awareness campaign and combat evolving AI-powered fraud schemes. | LinkedIn
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