Weekly FinTech & Financial News
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August 10-14, 2026
Top FinTech Updates this Week
💰 LoopX, a Sudbury, Ontario-based provider of a physical AI platform for uncontrolled mining environments, raised $4.05M in Seed funding, led by BDC Seed Venture
🤝 Intact Insurance and the Canadian Olympic Committee have launched the $1 million Intact Olympian Impact program to fund athlete-led community initiatives focused on youth play, high performance, and sustainability
🚀 Shakepay, Montreal-based crypto firm launches BLOC, a Bitcoin-backed Line of Credit allowing Canadians to access liquidity without selling their assets
🚀 Square upgraded its Square Credit Card to offer 3% cash back on vendor payments via its new Bill Pay tool
🌟 The Office of the Comptroller of the Currency (OCC) rejected bunq, Europe’s second-largest neobank's national bank charter application
🌟 Coinbase Abu Dhabi secured a Financial Services Permission from the FSRA to establish a global tokenization hub
Top Financial Institutions Updates this Week
🤝 Multifonds, Luxembourg-based SaaS-ready platform for adviser, insurers and pension funds is selected by National Bank of Canada to modernize its fund accounting operations and support the continued growth of its ETF business
🚀 TD becomes the first bank in Canada to offer a fully integrated in-app direct deposit switching experience, helping clients switch payroll deposits quickly, securely and online in about a minute, with most employers in collaboration with Atomic, a U.S.-based embedded banking infrastructure provider
🌟 EQ Bank is celebrating its role as the exclusive financial services partner of the PC Optimum loyalty program, bringing more ways to earn PC Optimum points directly to millions of Canadians where they already shop, browse and run errands this summer
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The partnership allows tradespeople using the Housecall Pro platform to offer their customers a choice of payment methods, including paying in full, an interest-free instalment option split into four payments, and longer-term financing. More than 200.000 users on the Housecall Pro platform will be able to offer Klarna's payment options to their customers. Housecall Pro states that the professionals using its platform, which spans trades such as plumbing, electrical work, and HVAC services, have collectively served one in four American homes. In addition, the partnership is aimed at giving homeowners clearer visibility of payment terms before committing to repair or improvement work, while giving service providers an additional tool to structure how customers settle invoices. | The Paypers
This allows U.S. businesses to generate unique digital card numbers with adjustable spending limits, enhancing security and streamlining expense management for employees and contractors. American Express solves the challenge of fragmented business spending by embedding Amex Virtual Cards into the tools commercial customers already use. By integrating these capabilities into the @ Work platform, businesses can now manage corporate card applications and track employee spending in one centralized location. This integration supports Enterprise Resource Planning (ERP) systems, allowing for seamless data flow between payment activity and financial records. Custom Spending Limits: Set specific timeframes and merchant category restrictions. Flexible User Access: Issue digital cards to contractors, interns, and guests without traditional cards. Fraud Prevention: Leverage the lowest U.S. fraud rate among major networks for 19 years. | Merchant’s Eye
This allows small businesses to pay any vendor—even those not accepting cards—using their credit line, effectively optimizing cash flow and earning rewards on major expenses like rent and inventory. The Square Credit Card addresses the common mismatch between accounts receivable and payable by allowing sellers to use their credit line for non-card-accepting vendors. By funding these payments through Square Bill Pay, businesses can keep their cash on hand longer while ensuring suppliers are paid on time via ACH or check. Unlimited 3% cash back on all Square Bill Pay transactions. 1.5% cash back on all other business purchases. Dynamic credit lines that scale automatically as the business grows. | Merchant’s Eye
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Concurrent with the closing of the transaction, RBC and BMO will enter into new exclusive, long-term customer referral arrangements with Moneris. The transaction marks the next chapter for Moneris, positioning the business to accelerate its strategy and continue delivering value to Canadian businesses. Since its creation 25 years ago, Moneris has become one of Canada's largest commerce solutions providers, helping businesses accept and manage payments at over 325,000 points of commerce. Moneris offers versatile payment options and integrated solutions customized for the Canadian market, allowing merchants to focus on running and growing their business. With access to Francisco Partners' global platform, Moneris is expected to accelerate modernization and growth across small, medium and enterprise businesses in the Canadian marketplace. RBC and BMO will continue their long-standing relationships with Moneris through exclusive long-term customer referral arrangements, which will ensure that new and existing business clients receive the trusted support and innovative solutions they have come to expect from Moneris over many years. | RBC
Launching nearly a month of rewards-rich experiences for Canadians through The Grand Scan Contest and multiple interactive in-store pop-ups across the country, EQ Bank is turning ordinary moments into unexpected wins through PC Optimum™ points, providing extra value for everyday actions. Whether they're grocery shopping, running errands or simply opening their PC Optimum™ App, Canadians are invited to engage with EQ Bank in new ways this summer for a chance to win PC Optimum™ points, complementing the everyday points-earning opportunities already available through PC® Mastercard® and PC Money™ Account. | EQB
In this role, General Hillier will assist the Bank's efforts to deepen the support that it is providing to the defence and security industry, as well as dual-use companies across the country in the rapidly evolving landscape. Working closely with the Bank’s partners and leaders, he will provide strategic advice on defence-related trends and contribute insights on issues affecting Canada's resilience, security, advanced manufacturing, aerospace and the defence industrial base. General Hillier served for more than 35 years in the Canadian Armed Forces, culminating in his appointment as Chief of the Defence Staff from 2005 to 2008. During his distinguished military career, he led major domestic and international operations, including NATO missions, and played a key role in strengthening Canada's defence capabilities during a period of significant transformation. | National Bank of Canada
In addition, for clients who are impacted in northwestern Ontario, CIBC is providing the following financial relief, advice, and support: Re-amortizing mortgages to lower payments; Special payment arrangements and deferrals on loans and lines of credit; Conversion of Aventura® points into cash payment for applicable credit cards and Debt consolidation for more manageable payments. To further support those affected by the wildfires, donations can be made to the Ontario Wildfire Emergency Response. Donations received through this fund will be used to provide assistance to local organizations to promote immediate relief and provide long-term assistance for recovery in the area. | CIBC
The launch reflects TD's continued focus on simplifying everyday banking by digitizing routine tasks, while delivering that convenience within the trusted, full-service banking relationship clients expect. The feature helps reduce administrative steps traditionally associated with updating payroll information, including paper forms and employer coordination. With the new in-app experience, clients can:Set up or switch payroll direct deposit in about a minute, with most employers; Avoid printing, scanning or emailing sensitive financial documents; Reduce the risk of manual data-entry errors and Keep banking information secure within the TD mobile app. | TD
The initiative is one of several that will help achieve the organization's bold ambition to generate $700 million to $1 billion in enterprise value from AI benefits by 2027. The CIO Award recognizes RBC's investments in modernized technology infrastructure, AI talent, and disciplined execution. Early results from the program, which enables the bank to look beyond traditional credit models, include improved approval rates, accelerated decision timelines and increased client acquisition. AI-enhanced retail credit underwriting was built on ATOM, RBC's proprietary foundation model which was securely trained on large-scale financial datasets, providing it with a unique breadth of knowledge in financial services and expertise that can be used across a variety of banking tasks. The retail credit underwriting program demonstrates how the bank is translating infrastructure investments into scaled business outcomes. Through this program, RBC can tailor credit offers to each client's unique circumstances, leading to better decisions and more personalized experiences. The in-house development and use of cutting-edge science enables RBC to derive unique insights and develop innovative solutions, all within a responsible AI framework. | RBC
National Bank selected Multifonds for the depth of its fund accounting capabilities and proven experience supporting complex, multi-asset fund operations. Supporting more than 40,000 funds across 35+ jurisdictions, Multifonds brings the scale, flexibility and global expertise to address National Bank's Canadian market requirements and future product ambitions. The move will help National Bank replace siloed systems with a centralized platform, creating a stronger foundation for operational resilience, faster product onboarding and more consistent service delivery. By managing fund and ETF accounting in one environment, National Bank will be able to reduce operational fragmentation, accelerate processing and gain stronger oversight across the fund administration lifecycle. Multifonds Global Accounting provides real-time processing, exception-driven workflows and more than 350 user-definable controls, helping teams with exception-based oversight across NAV, valuation and distribution cycles. | Newswire
The program will roll out this fall with a limited U.S. dollar (USD) to British pound (GBP) exchange and will expand over the course of 2027 to more clients, countries, and currencies. Wells Fargo’s tokenized deposits solution will be integrated into our existing offering and automatically route payments through tokenized deposits when they can improve speed, timing, and flexibility, delivering a more seamless client experience. Future enhancements will be designed to deliver measurable operational value: Always-on settlement: Wells Fargo clients will be able to move funds between accounts, subsidiaries, or counterparties 24/7, including weekends and holidays — no more waiting on batch cutoffs or wire windows; Programmability: The ability to set conditional payments with Wells Fargo smart contracts, which will allow the release of funds based on predefined logic; The same Wells Fargo client protections: Wells Fargo’s tokenized deposits will carry the same regulatory protections and deposit insurance eligibility as Wells Fargo's existing deposit products. Wells Fargo’s tokenized deposits capability leverages its leading proprietary blockchain platform, which can support in-house custodial wallets and the bank’s inter-chain connectivity technology in future offerings. | Wells Fargo
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By using bitcoin as collateral, eligible users can fund business opportunities or expenses while maintaining their long-term investment positions in the digital currency ecosystem. Shakepay solves the liquidity dilemma for long-term investors by allowing them to borrow against their holdings. The Bitcoin-backed Line of Credit (BLOC) enables users to access cash for large purchases or business ventures without triggering a taxable sale of their assets. This product is integrated directly into the Shakepay app, where users can monitor loan-to-value ratios and collateral requirements in real-time. Instant liquidity access without selling underlying bitcoin assets. Integrated dashboard for tracking credit limits and payments. Regulatory compliance through Shakepay Credit Inc., a FINTRAC-registered MSB. | Fintech Finance News
This allows the firm to offer regulated digital asset services, focusing on tokenizing real-world assets within the Abu Dhabi Global Market (ADGM) framework to serve international institutional clients. By establishing a global tokenization hub in the UAE, Coinbase is positioning itself at the center of the digital asset evolution. The hub will focus on bringing real-world assets (RWA) onto the blockchain, providing a regulated environment for institutions to trade and manage tokenized securities. This move is designed to bridge the gap between traditional capital markets and decentralized technology. | Tradetech Eye
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Introducing crypto trading with zero trading fees*, including no account maintenance or custody fees. The new product provides a transparent, low-cost alternative to many incumbent UK platforms, which often rely on opaque pricing structures and apply wide spreads that can erode customers' returns. It will begin rolling out to eligible UK customers this week. With this launch, we’re enhancing our all-in-one platform for UK investors, giving customers access to more than 50 cryptocurrencies within the Robinhood app, including Bitcoin ($BTC), Ethereum ($ETH) and XRP ($XRP). | Robinhood
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The OCC says it denied Bunq's application over "significant supervisory and compliance concerns". The company failed to clearly explain how its US operations would be capitalised, while the regulator also raised concerns about its experience with unsecured credit cards. The company says it will address the OCC's concerns and continue to operate in the US. Bunq applied for the license earlier this year having withdrawn an earlier application in 2024. In 2025, the firm did secure a broker-dealer license from Finra. | Finextra
This "New Bet" strategy expands the fintech's digital ecosystem into physical travel hospitality, partnering with Plaza Premium Group to serve its 75 million global customers and growing Nordic user base. Revolut is transitioning from a digital-only platform to a lifestyle brand by launching the premium airport lounge network. This initiative, dubbed a "New Bet," aims to provide tangible travel benefits that mirror the company's high-end digital offerings. 75 million customers worldwide will eventually have access to this network. The strategy targets high-impact physical environments to increase brand loyalty. The rollout follows the announcement of the first Revolut Store in Barcelona. | Fintech Finance News
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It provides multi-year funding for Olympian-led projects focused on youth sports access, high-performance excellence, and environmental sustainability across Canada through the Team Canada 2035 framework. The Intact Olympian Impact program serves as a bridge between elite athletic achievement and grassroots community development. By committing $1 million over three years, Intact Insurance enables Team Canada athletes to scale their personal philanthropic efforts into sustainable programs. These initiatives are designed to remove participation barriers for youth and promote healthy, active lifestyles nationwide. Direct Grant Funding: Financial support for projects led by active and retired Olympians. Community Alignment: Projects must focus on the "Play, Podium, or Planet" pillars. National Reach: Impacting communities from coast to coast to coast. | Insurtech Eye
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The round was led by FINTOP with participation from Pegasystems. The raise brought the total amount to $6.3M. The company intends to use the funds to expand its enterprise go-to-market team, strengthen its customer enablement and deployment engineering capabilities and accelerate product development. Fisent Technologies helps regulated enterprises turn unstructured content into automated outcomes. Their platform, BizAI (including BizAI Studio), reliably understands and processes content within complex enterprise workflows, enabling organizations to automate time-consuming, repetitive, and knowledge-dependent work. | FinSMEs
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It was also co-led by Orion Industrial Ventures with participation from Hatch. The company intends to use the funds to expand its team across applied AI engineering, customer success, and go-to-market. LoopX provides an All-Condition Intelligence platform designed to bring machine intelligence to complex underground mining operations. Their platform combines thermal vision AI, edge computing, and proprietary AI models to power safety and operational applications, including the LoopX Collision Avoidance System (CAS), LoadSight for automated payload measurement and material tracking, and BoomGuard for active safety around boom machines. | FinSMEs
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The Rounds will maintain its standalone brand with a Halifax-headquartered team, with plans to continue hiring in Atlantic Canada and remotely across Canada. The company’s new ownership will allow it to improve product capabilities, expand its membership base, and build upon its platform for patient support programs, which are set up by pharmaceutical companies and typically offer free support in taking drug treatments. The CEO says the tech platform provides personalized options for patients enrolling in these programs. | BetaKit
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