Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
🌟 Bank of Canada lowers policy rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%
🤝 Plaid to pay JPMorgan for access to customer data
🌟 National Bank is launching a nationwide creative campaign showcasing the Bank’s new brand identity with a new tagline "Build something"
🤝 Uber and TD Bank expanded their loyalty relationship to give cardholders free Uber One membership trials for up to six months and exclusive savings
🌟 TD Bank internal innovation platform, iD8, helps turn some colleague ideas into measurable business outcomes
💰 Definity Financial Corporation, Waterloo-based P&C insurance to raise $1B in debt offering to fund Toronto-based insurance firm Travelers Canada deal
Top FinTech Updates this Week
🤝 Worldpay, US-based paytech and Trulioo, a Vancouver-based an identity verification platform collaborate to embed Know Your Agent (KYA) framework
🤝 Google and PayPal forge a multiyear strategic partnership focused on advancing several commerce solutions
🚀 FIS launched new Bank Modernization Framework to help its client modernizing the full banking ecosystem
💰 DeFi Technologies, a Toronto-based decentralised finance company made a strategic investment in Continental Stablecoin Inc., backers of cNGN, to accelerate regulated stablecoin adoption across Africa
💰 Rainforest, a US-based embedded payment provider purpose-built for software platforms raised an oversubscribed $29M Series B funding and looking for Canada expansion
🚀 Coinbase launches weekly 4% rewards on USDC holdings for Canadian customers
💼 Thomson Reuters, a Toronto-based information provider acquires Additive, a US-based startup that uses AI to automate tax document processing for tax and accounting professionals
🌟 Cohere, a Toronto-based AI firm opens an office in Paris, France that will serve as the company’s “central hub” for Europe, the Middle East, and Africa (EMEA)
🤝 BOXX Insurance, a Toronto-based insurtech and US-based insurance firm Millennial Shift Technologies partnered to expand access to cyber and professional liability insurance coverage
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Interac broadened participation criteria for the Interac e-Transfer service to include Payment Service Providers registered under Canada’s new Retail Payment Activities Act. PSPs that are both RPAA-registered and registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are now eligible to apply for participation in the Interac e-Transfer service. This creates a new avenue to access Interac e-Transfer and opens participation in the network to eligible PSPs alongside existing bank, credit union and fintech participants. This expansion aligns with the RPAA, Canada’s first federal oversight framework for PSPs. | Interac
Google and PayPal forge a multiyear strategic partnership focused on advancing several commerce solutions. The collaboration will deliver innovative solutions that transform how businesses and consumers transact across platforms and devices. Innovations Redefining the Future of Commerce: PayPal’s solutions—including PayPal branded checkout, Hyperwallet and PayPal Payouts solutions—will be integrated throughout various Google products supporting best-in-class seamless experiences; PayPal Enterprise Payments will be one of the key payment providers processing card payments across products like Google Cloud, Google Ads, and Google Play; Agentic Shopping and Commerce Experiences and PayPal will partner with Google Cloud to reimagine its technology foundations, applications, and infrastructure to power PayPal’s next-generation commerce and payments platform. | Fintech Finance News
Rainforest, a US-based embedded payment provider purpose-built for software platforms raised an oversubscribed $29M Series B funding and looking for Canada expansion. The round led by Matrix Partners and Infinity Ventures with participation from Accel and Tech Square Ventures. The new capital brings the company’s total funding to date to $57.5 million and will fuel hiring, geographic expansion to Canada, and product development including tap-to-phone, alternate payment methods and fintech orchestration. | Business Wire
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Plaid to pay JPMorgan for access to customer data. The renewed deal with Plaid will preserve access to customer data but at a price that has not been disclosed. Plaid says the deal, which extends the existing contract between the two firms, would not impact its current customer agreements and pricing. | Finextra
Bank of Canada lowers policy rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing. Canada’s GDP declined by about 1½% in the second quarter, as expected, with tariffs and trade uncertainty weighing heavily on economic activity. Exports fell by 27% in the second quarter, a sharp reversal from first-quarter gains when companies were rushing orders to get ahead of tariffs. Business investment also declined in the second quarter. Consumption and housing activity both grew at a healthy pace. Employment has declined in the past two months. | Bank of Canada
National Bank is launching a nationwide creative campaign showcasing the Bank’s new brand identity with a new tagline "Build something". National Bank is highlighting its commitment to helping individuals, communities, and businesses move forward with their projects. The campaign celebrates doers, those who build, create, and transform their everyday lives. It illustrates how the Bank stands beside them, listening, adapting, and offering tailored solutions, giving Canadians the opportunity to embrace and identify with this new identity. A nationwide survey conducted by Léger on behalf of National Bank reveals that a majority of Canadians have postponed personal or professional projects believing it wasn’t “the right time.” In response, National Bank is positioning itself as a true partner to its clients, reaffirming its mission to make a positive impact by supporting them at every stage of their financial journey. | National Bank
BMO Financial Group reported the upcoming retirement of its Chief Financial Officer Tayfun Tuzun and the appointment of Rahul Nalgirkar to the role. Mr. Tuzun will retire from BMO in early 2026. Appointed to the board of directors of BMO's U.S. subsidiary, BMO Financial Corp. in 2023, Mr. Tuzun plans to continue to serve in that capacity. Following a transition period as Deputy CFO, Rahul Nalgirkar will be appointed CFO, effective January 1, 2026, and join the bank's Executive Committee. | BMO
TD Bank internal innovation platform, iD8, helps turn some colleague ideas into measurable business outcomes. TD iD8 program launched in 2019, was created to give TD colleagues a clear path to identify the challenges that clients and colleagues are facing and propose solutions. Since its introduction, more than 100,000 ideas have been submitted, and over 10,000 have been implemented. This approach is fostered as part of TD Invent, the strategic umbrella effort aimed at powering purposeful innovation across the bank. Through programs like iD8, TD Invent encourages all TD colleagues to help transform the bank by challenging the status quo, anticipating future needs, and innovating with purpose. | BetaKit
Versabank, Ontario-based Canadian Schedule I chartered bank implemented new, internally developed, state-of-the-art artificial intelligence (AI) capabilities within its proprietary core banking technology. The new AI capabilities enable VersaBank to now actively monitor the entirety of its Receivable Purchase Program (RPP) portfolio continuously in real time, further enhancing its already low-risk credit asset model. The Bank is developing innovative new financing options within its RPP, including real-time purchasing of cash flow streams, based on its enhanced AI capabilities to further expand market share in Canada and accelerate the ramp up in the United States, which it expects to launch in the near term. | PR Newswire
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DeFi Technologies, a Toronto-based decentralised finance company made a strategic investment in Continental Stablecoin Inc., backers of cNGN, to accelerate regulated stablecoin adoption across Africa. CSI is building exactly what this environment demands: a next-generation stablecoin framework that aligns with Africa’s evolving regulatory priorities and meets the practical needs of banks, fintechs, and retail users. The cNGN stablecoin is issued by Wrapped CBDC Limited, a joint venture between some of Africa’s leading blockchain infrastructure and solution architecture companies. It aims to enable secure, transparent, and scalable digital payments across Nigeria and beyond. | Fintech Finance News
Coinbase launches weekly 4% rewards on USDC holdings for Canadian customers. All Canadians can earn 4.1% uncapped rewards on USDC on Coinbase, and up to 4.5% with Coinbase One. With weekly payouts, the launch of USDC rewards in Canada adds a new contender among rival personal finance products such as GICs, chequing and savings accounts, and loyalty programs. | Fintech.ca
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Applied Systems, US-based innovative technology for the global insurance industry expands Applied Pay with flexible payment Ooptions for Canadian brokerages. The latest release enables policyholders across Canada to pay their insurance premiums using Electronic Funds Transfer (EFT), Apple Pay and Google Pay, helping brokerages reduce errors, liability, and administrative overhead associated with manual payments. Applied Pay is a cloud-based electronic payments hub that enables brokers to provide their clients with a secure, online way to pay for new and recurring premiums. | Insurance-Canada.ca
BOXX Insurance, a Toronto-based insurtech and US-based insurance firm Millennial Shift Technologies partnered to expand access to cyber and professional liability insurance coverage. This partnership will enhance broker access to Cyberboxx® Business, BOXX's all-in-one solution that combines cyber insurance and cybersecurity services to protect small to medium-sized businesses, while streamlining the placement process through mShift's distribution platform. The partnership highlights both organizations' commitment to advancing digital distribution in specialty insurance by helping Brokers meet the growing demand amongst their clients for cyber insurance and professional liability solutions. | PR Newswire
Definity Financial Corporation, Waterloo-based P&C insurance to raise $1B in debt offering to fund Toronto-based insurance firm Travelers Canada deal. Definity Financial Corporation is raising through a private placement of senior unsecured notes to accredited investors in Canada, with proceeds earmarked to finance its $3.3 billion acquisition of the Canadian operations of The Travelers Companies. The financing will be split between two series: $650 million of 3.709% series 1 notes, maturing Sept. 12, 2030, and $350M of 4.393% series 2 notes, maturing Sept. 12, 2035. The offering is being conducted on a best-efforts basis by a syndicate co-led by RBC Capital Markets and TD Securities. | Insurance Business Mag.
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Cohere, a Toronto-based AI firm opens an office in Paris, France that will serve as the company’s “central hub” for Europe, the Middle East, and Africa (EMEA). According to Cohere, the region “a key market” for the business and “a cornerstone” of its global strategy and its presence in EMEA is growing. Cohere expects to grow its Paris workforce to 20 employees by the end of the month. This will include a pair of new business and public policy leads that will join the company’s existing research, engineering, safety, and product teams in France. | BetaKit
Kuvi.ai, Toronto-based agentic finance platform raised $700k in seed round to fuel the launch of a private beta. The round was led by Moon Pursuit Capital with participation from crypto angels Michael Terpin of Transform Ventures and Dennis Liu, which doubled the Canadian firm’s valuation from $15 million to $30M. The funding supported the beta launch of Kuvi.ai’s Agentic Finance Operating System, which describes as a “first of its kind next-gen interface that empowers users to design, automate, and deploy complex financial strategies using natural language.” | Fintech.ca
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Purpose Investments, a Toronto-based investment management firm will contest an enforcement action brought by the Ontario Securities Commission against it. The OSC recently quoted about its need to prioritize 'the most egregious' cases due to resource limitations. Purpose struggles to understand how a proceeding alleging no investor harm, no prospectus misrepresentation, and no disclosure deficiencies in core documents aligns with the OSC’s stated focus on serious matters requiring urgent regulatory attention. | Globe Newswire
Wealthsimple, a Toronto-based wealthtech platform is named as one of the 'Best Workplaces for Innovators: Large companies in 2025' by Fast Company. Amongst the seventh annual edition of the list, which features just 12 firms, Wealthsimple is the only Canadian entity. Wealthsimple creates space for creativity, such as “Innovation Days” which bring teams together to pitch ideas, while investing in workforce development through certifications, workshops, and programs. | Fintech.ca
TMX Group Post Trade Innovations partnered with Yield Exchange Inc., Vancouver-based platform for corporate and institutional cash providers. This new collaboration allows Yield Exchange and Canadian Collateral Management Service (CCMS) clients to negotiate trades and facilitate related collateral transactions in a secure, transparent, and automated way. | LinkedIn
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FIS launched new Bank Modernization Framework to help its client modernizing the full banking ecosystem. This approach empowers financial institutions to tailor their modernization journeys to their current needs, allowing them to begin with any part of their technology stack, whether it’s digital channels, data and AI, or open banking integrations. By emphasizing flexibility and componentization, the framework enables banks to make strategic upgrades where they matter most, delivering comprehensive value and supporting long-term growth across the entire organization. | Fintech Finance News
nCino, a US-based FinTech firm launched 'nCino Integration Gateway', a purpose-built Integration Platform as a Service (iPaaS) that transforms how banks, credit unions, and fintech partners connect their technology ecosystems. Formerly known as Glyue by Sandbox Banking, Integration Gateway delivers dynamic integration capabilities directly to financial institutions and enables fintech partners to power their own integration services, expanding nCino’s addressable market by offering connectivity solutions within third-party ecosystems. The solution eliminates integration bottlenecks by seamlessly connecting your systems, enabling faster adoption and deployment of new technology. This approach allows institutions to utilize AI-driven applications with ease, eliminate manual data silos, and create connected customer experiences that drive competitive advantage. | Fintech Finance News
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Worldpay, US-based paytech and Trulioo, a Vancouver-based an identity verification platform collaborate to embed Know Your Agent (KYA) framework. At the core of this collaborative effort is the Know Your Agent (KYA) framework, powered by a Digital Agent Passport. This tamper-proof credential bundle will enable merchants to assess whether an AI agent is legitimate, authorized and acting with proper consent. The KYA framework will lay out structured guidelines for verification of the developer’s identity, code integrity, user consent and the ongoing trustworthiness of the agent in real time. Worldpay will empower merchants to leverage the KYA framework, enabling them to trust shopping agents by validating consumer intent and the authority granted to those agents. This innovation can help merchants grow sales while safeguarding against fraud and unauthorized purchases. | Worldpay
1Password, a Toronto-based password management firm partners with Perplexity’s AI-powered Comet browser. Comet users can now navigate the internet with a 1Password browser extension that securely stores sensitive user information, such as account logins and credit cards, and automatically fills the data into online forms when needed. Comet is based on the same Chromium browser code as Google Chrome, but operates more like an AI assistant with direct access to the internet. The partnership with 1Password protects that data using end-to-end encryption. | BetaKit
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Thomson Reuters, a Toronto-based information provider acquires Additive, a US-based startup that uses AI to automate tax document processing for tax and accounting professionals. The amount of the deal was not disclosed. This transaction complements Thomson Reuters existing tax workflow automation capabilities. | FinSMEs
Alberta Institute for Machine Intelligence (Amii) receives $9M from feds to help train nearly 5,000 Canadian mid-career workers in the energy sector with AI skills. The funds were allocated through the Sustainable Jobs Training Fund under Employment and Social Development Canada, whose application period was open briefly last year. A total of $75 million was awarded to various organizations in February this year, aiming to upskill workers for clean energy jobs. The initiative is in partnership with the University of Alberta and the Northern Alberta Institute of Technology. The training will be delivered both in-person and online, allowing workers to participate remotely. | BetaKit
RaiseRight, US-based digital fundraising solutions, acquired FlipGive, Toronto-based digital fundraising platform that helps community groups raise money through everyday spending. The acquisition brings together two established brands in community-based fundraising with a shared mission to make giving simpler, more accessible, and more impactful. | PR Newswire
Evolo, Toronto-based AI video tool for businesses to bridge between finding marketing leads and making sales raised $4.1M CAD. US-based VC Portage led the round, with participation from Toronto-based Golden Ventures and angel investors. Evolo plans to expand internationally after gaining a foothold in North America. The startup is using the funding for product development and hiring top talent. | BetaKit
