Weekly FinTech & Financial News
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Top Financial Institutions Updates this Week
💰 CIBC Innovation Banking provided a $1.6M debt facility in growth capital to Montreal- based Vasco, an end-to-end Revenue Operations platform
🚀 Manulife Bank launches streamlined specialized lending suite to empower advisors and enhance client experience
🚀 Manulife Canada launches a new platform designed specifically for travel agents, making it easier to offer insurance solutions to their customers
🚀 Canada Life Investment Management launches three new enhanced equity income mutual funds: the Canada Life Canadian Enhanced Equity Income Fund, Canada Life U.S. Enhanced Equity Income Fund, and Canada Life International Enhanced Equity Income Fund
🚀 RBC and WestJet deliver enhanced flexibility and points earning potential with refreshed suite of co-branded Mastercard personal credit cards
🌟 TD Bank Group appointed new executives to drive execution excellence and client experience leadership
🌟 Competition Bureau of Canada launched 'consultations' on how to best conduct a 12-month study on competition for small and medium-sized business loans
Top FinTech Updates this Week
💰 Elysian, a US-based AI-native third-party administrator (TPA) for commercial insurance raises $6M seed round led by Toronto-based Portage, with participation from American Family Ventures and TenOneTen Ventures
💰 Tetra Trust, Calgary-based crypto custodian formed a new parent company called Tetra Digital Group, which has closed $10M CAD
🚀 Float, a Toronto-based SMB challenger bank launches SME “hybrid” accounts to offer more alternatives to Canada’s big banks
🚀 Quarters, a Toronto-based proptech launched first rewards program built for housing, helping Canadians transform everyday spending into home savings
🚀 Revolut, UK-based challenger bank launches Pay by Bank as an option on the Revolut Gateway
💼 Shopify, Ottawa-based global commerce firm acquires US-based design firm Molly Studio for an undisclosed sum and launched an internal design studio to bolster its product design team
💼 Fiserv expands Clover offerings for hospitality with acquisition of US-based CardFree, an integrated commerce solution provider
🌟 Wealthsimple, a Toronto-based wealthtech platform ended the second quarter with $84B assets under administration, up 15.8% from the previous quarter and up 93.8% from a year ago
🌟 DeFi Technologies, a Toronto-based decentralised finance company filed a Base Shelf Prospectus with the securities regulatory authorities in each of the provinces and territories of Canada
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Shopify, Ottawa-based global commerce firm acquires US-based design firm Molly Studio for an undisclosed sum and launched an internal design studio to bolster its product design team
The studio will operate as an “internal agency,” where software product design leads at Shopify will act as clients, help scope out projects, and turn around finished designs in two to three months. All seven of Molly Studio’s designers will join Shopify as founding members of its new Product Design Studio, chief design officer Carl Rivera. | BetaKitFiserv expands Clover offerings for hospitality with acquisition of US-based CardFree, an integrated commerce solution provider
This transaction enhances the capabilities of Clover, the world's smartest point-of-sale solution, to support small businesses as they grow into larger, multi-location merchants with complex technical needs. CardFree’s platform will be fully integrated into both the Clover and Commerce Hub ecosystems, adding capabilities such as drive-through software, kiosk and sub-inventory enablement, and providing third-party software integration support in loyalty, delivery services, and property management. The financial terms of the transaction were not disclosed. | FiservBrex, US-based corporate card and spend management platform partners with US-based logistic company DoorDash for business to deliver DashPass to Brex corporate cardholders
Through this collaboration, employers who offer Brex cards to their teams can now extend DashPass as a built-in benefit for their teams – a seamless way to offer a high-impact perk through a card employees already use for business expenses. Brex cardholders will receive a DashPass membership, courtesy of Brex, unlocking $0 delivery fees and reduced service fees on eligible orders, exclusive promotions, discounted Lyft rides, and more. | Fintech Finance News -
Manulife Bank launches streamlined specialized lending suite to empower advisors and enhance client experience
Specialized Lending refers to tailored credit solutions designed to meet the unique financial needs of high-net-worth individuals and business owners — from leveraging insurance assets and investment portfolios to financing advisory practices. The new Specialized Lending suite from Manulife Bank includes: Immediate Financing Arrangement (IFA); Access Line of Credit Plus (ALOC+) – Quick & Max; Investment & RRSP Loans and Advisor Financing. | ManulifeTD Bank Group appointed new executives to drive execution excellence and client experience leadership
Taylan Turan will join TD as Senior Executive Vice President and Chief Operating Officer and will reduce complexity to speed-up execution, re-engineer key operations to enhance efficiency, and establish the programs and strategies needed to elevate the client experience and accelerate growth. Also, Paul Whitehead will be appointed Executive Vice President, Global Head of Client & Colleague Experience and Marketing on December 1, 2025and will position TD to be the undisputed leader in client experience, establishing Bank-wide programs and standards to drive experience, marketing and brand leadership. And, Simon Fish will join TD as Senior Executive Vice President and General Counsel, TD Bank Group. | TD BankRBC and WestJet deliver enhanced flexibility and points earning potential with refreshed suite of co-branded Mastercard personal credit cards
Starting November 5, 2025, cardholders will be able to earn WestJet points faster on everyday purchases, while enjoying expanded travel benefits and insurance options on both credit cards. The enhancements follow earlier announcements of the redesigned WestJet Rewards program and launch of the WestJet RBC World Elite Mastercard for Business. With these exciting changes, WestJet RBC World Elite Mastercard and WestJet RBC Mastercard cardholders will earn more WestJet points across new everyday categories. | RBCU.S. Bank launches all-in-one cash flow management platform for small businesses
Providing a comprehensive accounts payable solution with streamlined cash flow management, enhanced bill pay capabilities with industry-leading flexible payment options, and the ability to easily sync with accounting software, it’s all seamlessly integrated into the U.S. Bank online banking platform. The accounts payable solution, called , is now available for new users with any U.S. Bank business checking account, providing a one-stop hub where small business owners can manage their finances in less time with more confidence. | U.S. Bank -
DeFi Technologies, a Toronto-based decentralised finance company filed a Base Shelf Prospectus with the securities regulatory authorities in each of the provinces and territories of Canada
These filings will allow the Company, if it chooses, to make offerings of common shares, debt securities, warrants, subscription receipts, convertible securities and units of the Company. The Company has filed the Base Shelf Prospectus and Registration Statement to maintain financial flexibility, but has no present intention to undertake an offering of securities under the Base Shelf Prospectus. | PR NewswireTetra Trust, Calgary-based crypto custodian formed a new parent company called Tetra Digital Group, which has closed $10M CAD
It aims to launch a Canadian-dollar stablecoin and expand its newly-launched Tetra Unity software business. Tetra Digital Group’s all-equity financing closed last week and was supported by existing backer Urbana Corporation, as well as new investors like ATB Financial, National Bank, Purpose Unlimited, Shakepay, Shopify, and partner Wealthsimple. About 30% of this funding consisted of secondary capital that went to early Tetra investors. | BetaKit -
Elysian, a US-based AI-native third-party administrator (TPA) for commercial insurance raises $6M seed round led by Toronto-based Portage, with participation from American Family Ventures and TenOneTen Ventures
The funding will accelerate Elysian’s go-to-market efforts, support customer onboarding, and scale the company’s delivery operations and technology platform. The company’s long-term vision is to deliver better outcomes for carriers and claims professionals by redesigning claims services with modern tools and experienced leadership at its core. | ElysianManulife Canada launches a new platform designed specifically for travel agents, making it easier to offer insurance solutions to their customers
The new platform promises new tools and enhanced technology that will continuously evolve to meet the needs of travel professionals and customers. The new system is designed to create a smoother process for agents, providing them with options and benefits that make transitioning to the new platform seamless. This new system is designed with travel professionals in mind, providing them with intuitive tools and the ability to easily follow up with customers. | Manulife -
Float, a Toronto-based SMB challenger bank launches SME “hybrid” accounts to offer more alternatives to Canada’s big banks
The new product, Float Business Accounts, is the FinTech startup’s first dedicated chequing account, offering zero fees, no minimum balance requirements, and no lock-in to access funds. Float describes the accounts as a mix between chequing and savings accounts, as they offer up to four percent interest It’s a new addition to a growing suite of products designed to simplify expense management for SMEs, including corporate cards, accounting services, and expense-tracking software. | BetaKitJeeves, US-based SME challenger bank launches Jeeves Instant Pay, a stablecoin powered payments solution that settles cross-border transactions in minutes instead of days
With Instant Pay, companies can access 24/7/365 settlement rails across major currencies, while reducing foreign exchange costs by up to 80%. This new solution has been integrated directly into Jeeves’ existing cards, credit, and spend management platform. The service is designed to help exporters, importers, e-commerce sellers, IT services firms, logistics providers, SaaS companies, and multinationals improve liquidity and streamline international operations. | Fintech Finance NewsRevolut, UK-based challenger bank launches Pay by Bank as an option on the Revolut Gateway
This new feature enables businesses to accept fast and secure payments directly from a customer’s bank account, providing a seamless experience for consumers and significant benefits for merchants. The launch comes as ‘Pay by Bank’, also known as Open Banking, has surged in popularity in the UK, growing from 15 million to 27 million monthly transactions in just one year. | Fintech Finance News -
Wealthsimple, a Toronto-based wealthtech platform ended the second quarter with $84B assets under administration, up 15.8% from the previous quarter and up 93.8% from a year ago
In June, the company introduced Wealthsimple Presents, a new product event series, to share the company’s latest product updates and look at what’s next in the future of money in Canada. This past tax season, more than 1.7 million tax returns were filed using Wealthsimple Tax as of April 30, 2025. | WealthsimpleCanada Life Investment Management launches three new enhanced equity income mutual funds: the Canada Life Canadian Enhanced Equity Income Fund, Canada Life U.S. Enhanced Equity Income Fund, and Canada Life International Enhanced Equity Income Fund
The new Funds offer diversified exposure to Canadian, U.S., or international equity markets, with the potential for enhanced cash flow, long-term capital growth and lower overall portfolio volatility compared to their respective broad-based benchmarks. The Funds will be sub-advised by Irish Life Investment Managers. | Canada Life -
CIBC Innovation Banking provided a $1.6M debt facility in growth capital to Montreal- based Vasco, an end-to-end Revenue Operations platform
The financing will support Vasco’s continued product innovation and market expansion. Vasco’s platform enables organizations to plan and execute growth initiatives, set sales and marketing goals, and identify gaps for sales and company leadership. | CIBC Innovation Banking -
Quarters, a Toronto-based proptech launched first rewards program built for housing, helping Canadians transform everyday spending into home savings
It aims reduce rent deposits, down payments, and ongoing rent or mortgage costs. Quarters unites consumers, businesses, and real estate partners in a shared mission to give back. Key Features: Earn Every Day with rewards accrue automatically on debit and credit purchases; Accelerate Progress by boosting rewards from partner businesses turn loyalty into housing momentum and Redeem When It Matters at life's biggest housing moments, from a first lease to a first home. | Yahoo! Finance -
Competition Bureau of Canada launched 'consultations' on how to best conduct a 12-month study on competition for small and medium-sized business loans
The agency said the research will explore how Canada can improve the lending landscape for small- to mid-size enterprises (SMEs), which is dominated by big banks. At the same time, it plans to look at how non-traditional financial lenders—such as FinTech companies—could benefit from increased competition. The Competition Bureau said it will focus on term loans, not equity or venture capital, in response to concerns about financing access. These include domination by big banks, unfavourable loan conditions for SMEs, and barriers to switching loan providers. | BetaKit
