Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
🚀 EQ Bank launches Business Banking platform, built to give Canadian small businesses an edge in how they manage their money
🤝 Manulife Canada partnered with M3 Financial Group, Montreal-based non-bank mortgage originator that will bring Manulife’s enhanced mortgage protection solutions to Canadian homeowners through M3’s extensive broker networks
🤝 Beem, Kelowna-based credit union launched an ambitious digital transformation, partnering with Engine Digital, Vancouver-based digital consultancy, design, and engineering studio to bring a distinctly new digital brand experience to market
🚀 Desjardins Insurance introduced CyberSuite Plus, a new insurance solution aimed at helping SMEs manage rising cybersecurity and fraud risks
🚀 Prime Minister Carney launches new Defence Investment Agency to rebuild, rearm, and reinvest in the Canadian Armed Forces, appointing former RBC Deputy Chair, Group Head, Wealth Management and Insurance Doug Guzman as its Chief Executive Officer
Top FinTech Updates this Week
🌟 Manzil, Toronto-based halal financing & investment solution provider surpassed $100 million CAD in total halal mortgage financings after doubling the size of its mortgage business in less than a year
🚀 Maximizer, a Vancouver-based CRM platform launched IQ Boost, an AI-powered feature designed specifically for financial services professionals
🤝 Yoo Financial, North York-based FinTech partners with Walnut Insurance, Toronto-based embedded insurance provider to introduce tailored insurance benefits for its Canadian cardholders
🚀 Checkout.com, UK-based PayTech firm launches Flow Remember Me, a one-click solution for global digital payments
💼 Valsoft, Saint-Laurent-based vertical market software (VMS) provider acquired CORE Cashless, a US-based global provider of secure and flexible cashless payment systems serving the amusement and leisure industries
🌟 Ownr, Toronto-based all-in-one platform for SMBs is marking 'Small Business Month' by supporting entrepreneurs on the ground
🌟 OpenAI, US-based AI firm is looking to grow its presence in Canada and potentially play a role in the country’s efforts to build sovereign AI
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PayPal introduced 5% cash back on Buy Now Pay Later purchases this holiday season and also introduced Pay Monthly in-store in the U.S., providing customers with more choice and flexibility to pay over time wherever they shop. Shoppers can save the 5% cash back offer through the PayPal app and it will automatically apply to all eligible in-store and online PayPal BNPL transactions now until the end of the year. The expansion of PayPal Pay Monthly in-store provides shoppers access to the same flexibility, 5% cash back, and choice at checkout in store. Within the PayPal app, customers apply for their desired loan amount and once approved will be issued a single-use virtual card that can be added to their mobile wallet and used within 24 hours. | Paypal
Yoo Financial, North York-based FinTech partners with Walnut Insurance, Toronto-based embedded insurance provider to introduce tailored insurance benefits for its Canadian cardholders. Walnut's technology will provide Yoo Financial Mastercard cardholders with unique, modularized insurances alongside their credit card, personalizing their experience and coverage. Cardholders will also be able to manage their coverages at any time through the dynamic infrastructure Walnut delivers to Yoo Financial. | Newswire
Checkout.com, UK-based paytech firm launches Flow Remember Me, a one-click solution for global digital payments. The global launch of Flow Remember Me, an extension of Flow that allows shoppers to save their card details once and then have them immediately available for use across Checkout.com’s global network of merchants. By eliminating the need to re-enter information, Flow Remember Me makes transactions faster and more likely to convert. The launch of Flow Remember Me builds on the release of Flow for Mobile, extending availability for mobile-first businesses so developers can offer an embedded in-app checkout. | Fintech Finance News
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EQ Bank launches Business Banking platform, built to give Canadian small businesses an edge in how they manage their money. The nationwide launch, which includes the high-interest Business Account and Business GICs, delivers rewarding digital solutions to help business owners save time, earn more and stay focused on growth. EQ Bank's Business Banking platform offers Canadian small business owners a simplified, rewarding banking experience that features like Fully digital sign up and onboarding; Competitive 2.25% interest rate; Up to 10 sub-accounts; Free everyday transactions; Dedicated Canada-based customer support, and Access to high-interest Business GICs offering up to 3.30% interest. As EQ Bank expands its Business Banking platform, small business owners can expect to benefit from a growing number of innovative, high-value solutions they deserve, including the forthcoming launch of the prepaid Business Card featuring no annual fees and cash back on monthly spending over $10,000. | EQB
Beem, Kelowna-based credit union launched an ambitious digital transformation, partnering with Engine Digital, Vancouver-based digital consultancy, design, and engineering studio to bring a distinctly new digital brand experience to market. This new flagship brand site blends bold expression and an intuitive experience with messaging that speaks at a human level. Built on the Sanity Content Operating System, it led the Beem site creation from concept to launch in a rapid five months. | Engine Digital
Fifth Third Bank agreed to acquire US-based Comerica Bank in an all-stock transaction valued at $10.9 billion. The proposed bank merger will rank as the ninth-largest in the US with approximately $288 billion in assets. The deal, expected to close by the end of Q1 2026, will see Comerica shareholders receive 1.8663 Fifth Third shares for each Comerica share they own. The acquisition represents a significant geographic expansion for Ohio-based Fifth Third, which has traditionally concentrated its operations in the Midwest. The merger will substantially enhance the bank's presence in "high-growth markets", with more than half of Fifth Third's branches expected to be located in the Southeast, Texas, Arizona, and California by 2030. | FinTech Futures
Central 1 appointed Daniel Semmens as the new Chief Technology Officer. Daniel Semmens is coming to Central 1 from ATB Financial where he has been serving as the Chief Data and AI Officer and Head of Banking at ATB Financial. Daniel Semmens has also held a number of other leadership roles at ATB, supporting various technology teams. Daniel Semmens has more than 20 years of experience in information technology within the financial services sector and his career has been dedicated to leading transformative strategies that drive significant business results. | Central 1
Manulife Canada partnered with M3 Financial Group, Montreal-based non-bank mortgage originator that will bring Manulife’s enhanced mortgage protection solutions to Canadian homeowners through M3’s extensive broker networks. Beginning with a regional launch, all M3 brokers in British Columbia will be the first to gain access to Manulife’s comprehensive Mortgage Protection Plan, which includes creditor life and disability insurance designed to help clients manage mortgage-related risks. Five leading mortgage brands within M3’s national network are now slated to offer Manulife’s Mortgage Protection Plan, giving more homeowners the opportunity to protect their home and finances with coverage that fits their needs. | Manulife
CIBC Private Banking has been recognized by Global Banking & Finance Review as the Best Private Bank in Canada 2025, along with receiving three additional awards. The award underscores CIBC's leadership and client-centric approach in the 2025 Global Banking & Finance Awards. The Global Banking and Finance Review Awards recognize companies in the global banking and finance industry for their innovation, achievement, strategy, and progressive changes taking place within the financial sector. CIBC Private Banking was also recognized with three additional awards in the 2025 Global Banking & Finance Awards: Most Innovative Private Bank for Entrepreneurs Canada 2025, Most Innovative Private Bank under $25 million Canada 2025 and Most Innovative Private Bank over $25 million Canada 2025. | CIBC
Royal Bank of Canada ranks #1 in Canada and #3 out of 50 global financial institutions for AI maturity in the 2025 Evident AI Index for the fourth consecutive year. The Index scores financial institutions across four key pillars: Talent, Innovation, Leadership, and Transparency. RBC is the only Canadian bank ranked in the top 10 globally, improving its overall year-over-year performance, with notable ranking increases in the Leadership and Transparency pillars and achieving the global #1 spot in AI talent development. Since launching its Borealis Research Institute in 2016, RBC has spent almost a decade building an AI foundation underpinned by exceptional talent, commitment to responsible AI and world-class security. | RBC
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Figment, a Toronto-based blockchain infrastructure and staking service provider, received an investment from C1 Fund, an US-based secondary fund for digital assets. The amount of the deal was not disclosed. The company intends to use the funds to expand operations and its development efforts. Figment serve institutional clients, protocol teams and developers, it aims to simplify participation in staking while maintaining high standards of security, reliability and transparency. | FinSMEs
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Maximizer, a Vancouver-based CRM platform launched IQ Boost, an AI-powered feature designed specifically for financial services professionals. The tool turns existing CRM data into clean summaries and timely insights--helping advisors prepare faster, manage more households, and capture opportunities that might otherwise be missed. Secure AI feature inside Maximizer CRM helps advisors work smarter, save time, and strengthen client relationships in a market where those who don't adapt risk being left behind. | Newswire
PE Gate, Toronto-based OSC regulated exempt market dealer partnered with Canadian Wealth Secrets, Belle River-based wealth literacy firm and Gauvreau | Accounting Tax Law Advisory, a Peterborough-based tax advisory firm for an event on 'Tax-Efficient Strategies to Invest and Unlock Retained Earnings'. The session gave business owners a new playbook for protecting assets, reinvesting profits, and building long-term wealth through smarter structuring. | LinkedIn
Manzil, Toronto-based halal financing & investment solution provider surpassed $100 million CAD in total halal mortgage financings after doubling the size of its mortgage business in less than a year. Mortgages represent a key pillar in Manzil’s overall strategy. The startup’s halal mortgages use capital sourced from the Manzil Mortgage Fund, which trades on the Cboe Canada exchange and acts like a fixed-income fund. Manzil is an AAOIFI member, and the company’s halal mortgage products are based on murabaha (cost-plus sale) and musharaka (co-ownership partnership) structures. They are designed to adhere to globally recognized Islamic finance standards and independently reviewed and certified by IFAAS. | BetaKit
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OpenAI, US-based AI firm acquired Roi, US-based personal finance app. Terms of the deal were not disclosed, and Roi is set to wind down operations and end its service to clients on Oct. 15. Roi Co-Founder/CEO Sujith Vishwajith will be the only member to join OpenAI. | PYMNTS
OpenAI, US-based AI firm is looking to grow its presence in Canada and potentially play a role in the country’s efforts to build sovereign AI. OpenAI’s Chief Global Affairs Officer Chris Lehane and Senior Advisor of Global Affairs Dev Saxena noted that the company sees significant growth potential in Canada. Although OpenAI does not yet have a physical office in the country, it maintains a strong presence through Canadian developers building on its platform and collaborating with its Silicon Valley team on AI research. | BetaKit
OpenText, Waterloo-based a Cloud and AI company appoints Steve Rai EVP, Chief Financial Officer. Steve Rai brings over 30 years of global finance experience and a proven track record as a technology industry veteran. He has built a reputation for strong leadership, integrity, and deep operational expertise across both high-growth environments and established global enterprises. | PR Newswire
Sara Hooker and Sudip Roy, former employees from Toronto-based Cohere unveil new AI startup Adaption Labs which will work on “adaptable intelligence". The company will lead in “extremely efficient adaptation” that will enable AI to evolve in real time. This will change how everyday users and companies around the world are able to shape and own AI. Adaption Labs appears to be pursuing efficiency in its AI development to cut both energy consumption and costs. Despite its California headquarters, Adaption Labs is hiring for some hybrid positions in Canada and the United Kingdom. | BetaKit
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Desjardins Insurance introduced CyberSuite Plus, a new insurance solution aimed at helping SMEs manage rising cybersecurity and fraud risks. CyberSuite Plus is designed to provide both financial protection and practical support. The product includes coverage for cyberattacks, data and privacy breaches, identity theft, cyber extortion and IT-related fraud. It also offers businesses access to prevention resources and educational tools to strengthen cyber resilience. | Insurance Business Mag.
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Trulioo, a Vancouver-based an identity verification platform earns dual honors in Juniper Research’s Future Digital Awards for Fintech & Payments 2025. It won the Platinum Award for KYC Innovation and the Gold Award for Identity Verification Innovation. The KYC Innovation and Identity Verification Innovation categories recognize innovators advancing fraud prevention and security, spotlighting solutions that safeguard businesses, customers and transactions against an increasingly complex threat landscape. | Fintech Finance News
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Prime Minister Carney launches new Defence Investment Agency to rebuild, rearm, and reinvest in the Canadian Armed Forces, appointing former RBC Deputy Chair, Group Head, Wealth Management and Insurance Doug Guzman as its Chief Executive Officer. The Defence Investment Agency will consolidate procurement processes – removing duplicative approvals and red tape, accelerating defence procurement, and providing industry with greater clarity and certainty. With a centralised process of review and approval, procurements will advance faster. Specialised staff at the agency will have expertise in defence acquisitions, ensuring focused planning and execution. | Prime Minister of Canada
Valsoft, Saint-Laurent-based vertical market software (VMS) provider acquired CORE Cashless, a US-based global provider of secure and flexible cashless payment systems serving the amusement and leisure industries. The amount of the deal was not disclosed. With the acquisition, Valsoft will expand its offerings. | FinSMEs
Ownr, Toronto-based all-in-one platform for SMBs is marking 'Small Business Month' by supporting entrepreneurs on the ground. Throughout October, Ownr is engaging with small business owners through community events and educational webinars aimed at fostering growth and connection. From October 11 to 12, Ownr is collaborating with The Welcome Market to host a curated retail pop-up experience featuring Toronto-based small business owners. On October 22, Ownr is hosting a virtual, one-day conference with different webinars covering integral topics such as legal, compliance, business structures, and insurance to provide small business owners with insights for their business. Ownr's Small Business Month Contest will award one entrepreneur with $1,000 to invest in their small business. Ownr will be at multiple conferences throughout the month including the Startup Canada Conference. | RBC
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