Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
💰 The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) pledges millions to support Black entrepreneurs
🌟 Marianne Harrison appointed to CIBC's Board of Directors
🤝 JP Morgan Chase partners with US-based credit infrastructure firm Nova Credit to enhance underwriting capabilities and broaden access to credit for consumers
Top FinTech Updates this Week
🚀 Balance, a Calgary-based digital asset custodian facilitated a “pioneering transaction” in Alberta
💼 Airwallex, global payments and financial platform for modern businesses acquires San Francisco-based billing platform OpenPay for an undisclosed sum
🤝 PayPal partners with Nova Credit to expand consumer credit access by incorporating cash flow insights into underwriting
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Airwallex, global payments and financial platform for modern businesses acquires San Francisco-based billing platform OpenPay for an undisclosed sum. Airwallex will integrate OpenPay's billing and analytics capabilities into its platform, making these features available to both new and existing customers in Q4 2025. Airwallex states that this integration will position it to "compete directly" with established services like Stripe Billing and Recurly. | FinTech Futures
PayPal partners with Nova Credit to expand consumer credit access by incorporating cash flow insights into underwriting. It has selected Nova Credit’s Cash Atlas™ to incorporate cash flow underwriting capabilities across its growing portfolio of consumer credit products. By bringing cash flow insights into its underwriting process, PayPal is now better positioned to serve the millions of consumers otherwise left out of the legacy bureau systems. | Business Wire
OnePay, US-based all-in-one financial platform launched OnePay CashRewards Card. The OnePay CashRewards Card is a credit card with zero annual fee that earns unlimited 3% cash back at Walmart (and 5% cash back for Walmart+ members). It also earns 1.5% cash back on all other purchases, everywhere Mastercard is accepted. | OnePay
Procurify, Vancouver-based AI-enhanced procurement and AP automation platform appointed Jonathan Su as Chief Product & Technology Officer to accelerate AI innovation in spend management. Su will spearhead Procurify’s next phase of AI innovation, aimed at giving finance and procurement teams faster, deeper insights and unprecedented control over every dollar spent. Su’s arrival marks a milestone in Procurify’s rapid ascent, with the company now processing more than $100 billion USD in spend and expanding AI capabilities that are reshaping how mid-market organizations operate. | Fintech Finance News
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Marianne Harrison appointed to CIBC's Board of Directors. Ms. Harrison was previously President and Chief Executive Officer at John Hancock as well as President and Chief Executive Officer of Manulife Canada and brings significant experience in the financial services sector having held a variety of senior leadership roles across her career over the last 25 years. In addition, Ms. Harrison is a seasoned board member with a breadth of experience having served on not-for-profit and corporate boards including roles on audit and finance committees. | CIBC
JP Morgan Chase partners with US-based credit infrastructure firm Nova Credit to enhance underwriting capabilities and broaden access to credit for consumers. Through the partnership, Chase has selected Nova Credit's Cash Atlas solution, which the vendor states "creates a more comprehensive view of the consumer" by capturing customers' actual financial health through trended data on income, expenses, and assets. | FinTech Futures
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Balance, a Calgary-based digital asset custodian facilitated a “pioneering transaction” in Alberta. Using Bitcoin as collateral, Balance enabled someone to purchase a vehicle from Shift Happens Auto Sales, a tech-forward used vehicle dealership based in Airdrie. | Fintech.ca
Rain, US-based stablecoin payment infrastructure secures $58M funding of Series B round led by Sapphire Ventures. The financing included participation from Dragonfly, Galaxy Ventures, Endeavor Catalyst, Samsung Next, Lightspeed, and Norwest, bringing the company’s total funding to $88.5 million. | Ledger Insights
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White Star Capital launched a new $50M USD fund to lead Canadian seed rounds. The global, multi-stage VC firm has secured a first close of $25 million USD for its North American Seed Fund, with a $50-million USD target. With this, it aims to lead pre-seed and seed financings for tech startups across Canada and the United States (US). | BetaKit
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The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) pledges millions to support Black entrepreneurs. It will invest $2.4 million in Toronto’s Black Creek Community Health Centre to support the Black Entrepreneurship Alliance’s (BEA) incubator programs. | BetaKit
