Weekly FinTech & Financial News
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Top FinTech Updates this Week
💰 Cyder, Toronto-based loyalty platform secures $3M seed round to fuel growth of credit union loyalty platform
💰 Neo Financial, Calgary-based Challenger Bank secures $68.5M in equity, backed by 100+ Canadian investors to fuel securitization strategy
🤝 Fresha, UK-based leading marketplace for wellness and beauty partnered with Adyen to launch Fresha Capital, an embedded lending product in Canada and other markets
🤝 TransUnion is partnering with FrontLobby, Toronto-based rent reporting platform to incorporate rental payment data into its alternative data reporting system
🤝 TransUnion and Zenbase, Calgary-based rental reporting platform entered in a partnership to expand the availability of rental payment information within the credit reporting ecosystem
🤝 Wealthsimple, a Toronto-based wealthtech platform partnered with Canada Post to test deposit physical cash into chequing account at over 5,500 post office locations
🚀 BOXX Insurance, Toronto-based insurtech launches next generation 'Tech E&O by BOXX' for tech companies spanning within SaaS, AI, digital infrastructure and traditional software
💼 BDO Canada acquires GrantMatch, Oakville-based government grants & incentives firm to strengthen its credits & incentives capabilities and foster Canadian innovation
🌟 Nubank, Brazil-based challenger bank received conditional approval from the OCC of the United States for the formation of a de novo national bank, Nubank, N.A.
Top Financial Institutions Updates this Week
🤝 RBC, Scotiabank, CIBC and National Bank becomes partner banks of the development group working to establish the Defence, Security and Resilience Bank (DSRB)
🤝 RBC and REALTOR.ca entered in a strategic partnership to support Canadians on their homeownership journey with added education and advice
🤝 Versabank, London, Ontario-based Canadian Schedule I chartered bank signed a definitive agreement with Stablecorp, Toronto-based digital money infrastructure to serve as the custodian for QCAD stablecoin
🌟 The Bank of Canada just launched a staff blog called "Sparks at Bank", a new platform for sharing insights, research and analysis from staff at the Bank of Canada
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Cyder, Toronto-based loyalty platform secures $3M seed round to fuel growth of credit union loyalty platform. The seed financing for the Toronto firm was led by Conexus Venture Capital with participation from participation from MaRS IAF, Graphite Ventures, and Sprout Fund. The investment will enable Cyder to “expand marketplace partnerships, accelerate onboarding of additional credit unions, and continue scaling its platform across the United States and Canada". | Fintech.ca
American Express launches Flexible Payment Option (FPO), a feature designed to offer businesses greater ability to manage and control their cashflow needs with an instant line of credit. FPO is available for new American Express Business Platinum and Gold Cardmembers, providing them the option to repay their statement balance in full or pay a portion over time, with interest. Business Cardmembers also continue to get up to 54 calendar days interest free until their payment is due – so cash can stay in their account for longer, keeping cashflow more flexible. | Fintech Finance News
Visa introduced a software development kit (SDK) that enables Visa Acceptance Platform clients to offer Tap to Pay on iPhone. Tap to Pay on iPhone enables merchants to seamlessly and securely accept in-person contactless payments directly on an iPhone – without card readers or payment terminals – through a compatible iOS app. Merchants can accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, wherever they do business, and the solution supports Visa and other major card networks. | Fintech Finance News
Payments Canada appoints Lisa Ford as Chief Legal and Policy Officer (CLPO) to strengthen organizational oversight and agility. This executive role represents Payments Canada’s commitment to delivering secure, innovative and globally competitive payment infrastructure that supports economic growth and prosperity. As CLPO, Lisa will oversee an integrated governance framework, spanning legal, compliance and the critical intersection of policy and rules for the payment ecosystem. By aligning oversight with agile policy and rules development, she will support the safety and competitiveness of Canada’s financial infrastructure within a rapidly evolving global and domestic payment environment. | Payments.ca
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The Bank of Canada just launched a staff blog called "Sparks at Bank", a new platform for sharing insights, research and analysis from staff at the Bank of Canada. Sparks at Bank features insights and analysis from Bank of Canada economists and researchers. It takes its name from the intersection of Sparks and Bank streets in Ottawa where the Bank’s head office is located. To start, three articles looking at Toronto's condo market dynamics, food inflation, and hedge fund activity in the GoC market are published. | Bank of Canada
RBC, Scotiabank, CIBC and National Bank becomes partner banks of the development group working to establish the Defence, Security and Resilience Bank (DSRB). The Canadian banks’ partnerships with the group working to establish the DSRB comes days after the federal government publicly endorsed the multilateral lending institution, when Ottawa hosted a virtual meeting of the 13 founding nations of the DSRB. | The Globe and Mail
RBC and REALTOR.ca entered in a strategic partnership to support Canadians on their homeownership journey with added education and advice. This is the first partnership of its kind between Canada's leading home search marketplace and leading financial institution. Under this partnership, RBC and REALTOR.ca will offer a comprehensive suite of resources and expert advice to help Canadians build their financial literacy around homeownership within the REALTOR.ca platform, delivering a seamless path from discovery to purchase, just in time for the spring home buying season. The partnership will expand over time to leverage RBC's capabilities to bring AI-enabled advice to Canadians and REALTORS® using the platform. | RBC
Business Development Bank of Canada (BDC) recently reported that nearly 61% of small- and medium-sized business owners are aged 50 or older, and nearly one in five plan to exit within the next five years. The report draws from Statistics Canada data that tracked the financial performance of companies that made at least one acquisition between 2010 and 2022 against firms that did not. BDC’s analysis found that businesses in the wholesale trade, manufacturing, retail trade and education and health industries reported higher revenues five years after an acquisition compared to their non-acquiring counterparts. The report noted that smaller private deals aren’t as complex, expensive or risky as those between larger public corporations, but acquisitions do come with growing pains. Buying another company requires significant financial investment, and the integration process can disrupt operations for months. | Financial Post
BMO's Chief AI & Data Officer, Kristin Milchanowski, named to AI Magazine's Top 100 AI Leaders 2026 list. Milchanowski was selected for her leadership in advancing AI at scale across financial services, with a focus on talent development, trusted innovation and enterprise-wide learning. She currently co-leads enterprise-wide AI learning initiatives at BMO, helping equip employees with the skills needed for the effective and ethical application of AI across business lines. AI Magazine's Top 100 AI Leaders list recognizes global executives shaping the future of artificial intelligence through strategy, innovation and responsible deployment. | BMO
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Versabank, London, Ontario-based Canadian Schedule I chartered bank signed a definitive agreement with Stablecorp, Toronto-based digital money infrastructure to serve as the custodian for QCAD stablecoin. VersaBank will earn both a fee based on the value of QCAD assets held in custody and a spread based on the QCAD deposits. Stablecorp have chosen VersaBank and our proprietary VersaVault® technology for their QCAD stablecoin custody requirements. | Newswire
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Fresha, UK-based leading marketplace for wellness and beauty partnered with Adyen to launch Fresha Capital, an embedded lending product in Canada and other markets. Fresha Capital, an embedded lending product that allows beauty and wellness businesses to access financing directly within the Fresha platform (Adyen). The product is now live in seven markets: the US, UK, Australia, Canada, the Netherlands, Finland, and Sweden. Over $5.5 million in loans have already been issued. Fresha Capital offers loans from $500 to $50,000, pre-approved based on sales performance data from the Adyen payments integration. Businesses must process payments through Fresha to qualify, and eligibility increases as transaction volume grows (Fresha). | Embedded Finance Review
TransUnion is partnering with FrontLobby, Toronto-based rent reporting platform to incorporate rental payment data into its alternative data reporting system. This integration enables renters to have their consistent, on-time rental history more broadly reported, while offering housing providers greater visibility into tenant performance and confidence in their portfolios. Through this collaboration, rental payment information from FrontLobby will be added to TransUnion credit reports as a dedicated category – separate from traditional credit obligations – so that timely rent payments help build credit files without being treated as debt. | Transunion
TransUnion and Zenbase, Calgary-based rental reporting platform entered in a partnership to expand the availability of rental payment information within the credit reporting ecosystem. Rental payment information will now appear on TransUnion credit reports as a dedicated category – separate from traditional credit obligations – so that timely rent payments help improve credit files without being treated as debt. This will help Canadians showcase their responsible payment behaviour beyond traditional measures. | Yahoo! Finance
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BOXX Insurance, Toronto-based insurtech launches next generation 'Tech E&O by BOXX' for tech companies spanning within SaaS, AI, digital infrastructure and traditional software. With a next-generation form designed for traditional and evolving technologies, Tech E&O by BOXX has stronger terms and broad policy wordings that reflect the real-world exposures from a broad range of technologies, including advanced technology like artificial intelligence. It’s the complete digital risk package as every policy includes integrated cyber coverage with threat protection, 24/7 incident response and proactive cyber services. | Fintech Finance News
Manulife introduced a redesigned electronic application and an enhanced version of its proprietary AI underwriting engine, MAUDE (Manulife Automated Underwriting Decision Engine). The enhanced application streamlines the process of applying coverage. Designed to support advisors as they guide clients through the questionnaire, its new intelligent features improve usability – helping MAUDE make faster decisions and enabling underwriters to review complex cases more efficiently. Key enhancements include: Up to 40% fewer medical questions, the form is automatically tailored based on age, coverage amount, and responses, reducing complexity and saving time, advisors can select from predefined options for areas like travel and hobbies, speeding up data entry, standardized lists improve consistency and help the system process applications more efficiently and advisors can choose whether to complete the medical section when a paramedical exam is required. | Manulife
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Neo Financial, Calgary-based Challenger Bank secures $68.5M in equity, backed by 100+ Canadian investors to fuel securitization strategy. The oversubscribed round was led by a syndicate of more than 100 Canadian investors, founders, and entrepreneurs, alongside participation from institutions including Alberta Investment Management Corporation (AIMCo), Northleaf Capital Partners, Plaza Ventures, Sandstone Asset Management, and Caldwell Growth Opportunities Fund. The capital will be used to fund Neo's inaugural securitization program, a first of its kind for a Canadian fintech. By securitizing its credit assets, Neo is adopting the capital-efficient model already used by the world's largest banks and allowing it to grow its lending portfolio to billions of dollars without being constrained by equity-funded lending. This aligns Neo's credit modeling and risk management practices with the rigorous standards of Canada's Tier 1 banking sector. | Newswire
Nubank, Brazil-based challenger bank received conditional approval from the OCC of the United States for the formation of a de novo national bank, Nubank, N.A. The conditional approval represents a milestone in the company’s long-term strategy to expand its operational footprint and product offerings in the United States. Once fully approved, the national bank charter will allow Nu to operate under a comprehensive federal framework, facilitating the launch of deposit accounts, credit cards, lending and digital asset custody. | Nubank
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Wealthsimple, a Toronto-based wealthtech platform partnered with Canada Post to test deposit physical cash into chequing account at over 5,500 post office locations. It will be available to all Wealthsimple customers in a few weeks. Eligible customers can make a deposit using a QR code, which a Canada Post clerk would scan to initiate the transfer after validating a government-issued photo ID. There is no fee for depositing the funds. The rollout is part of Wealthsimple’s recent efforts to replace branch-based banking. | The Globe and Mail
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OpenText, Waterloo-based cloud and AI company sells its analytics business Vertica to US-based Rocket Software for $150M USD ($205M CAD) in cash. OpenText provides a suite of cloud-based information management solutions to businesses. Vertica is one of those products, capable of analyzing “petabyte-scale” datasets in seconds. OpenText expects to use the proceeds from the sale of Vertica to reduce its outstanding debt. Under the sale agreement, Rocket Software will acquire Vertica and its associated software, customer contracts, services, and employees. The Vertica transaction is expected to close during fiscal year 2026, subject to customary approvals and closing conditions. | BetaKit
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BDO Canada acquires GrantMatch, Oakville-based government grants & incentives firm to strengthen its credits & incentives capabilities and foster Canadian innovation. This deal bolsters BDO Canada’s ability to support clients across the country in gaining access to capital through government programs and incentives, fostering Canadian innovation. Through this acquisition, GrantMatch will join BDO Canada’s Credits & Incentives (C&I) group expanding its current service offerings and providing clients with access to the C&I group’s tailored tax credit services. | BDO
Una Software, a Toronto-based AI-powered financial planning and analysis (FP&A) company raised an undisclosed amount in Seed funding. Backers were not disclosed. The raise brought the total amount to US$13M. The company intends to use the funds to accelerate: its AI agent framework (Modeler, Analyst, Planner, Supervisor), its expansion of the Global Template Library to deliver continuous innovation to customers and its sales, marketing and partnerships to meet growing midmarket and enterprise demand. The company also appointed Michael Morrison, former CEO of Fluence Technologies and Jirav, as Chief Executive Officer. | FinSMEs
Vena Solutions, Toronto-based FP&A software signed a definitive agreement to acquire Acterys, Australia-based BI–based operational planning and app development platform to expand its financial planning and analysis (FP&A) capabilities. The transaction is set to combine Vena’s Microsoft Excel-native FP&A software with Acterys’ enterprise-grade operational planning and app development platform. That platform allows IT clients to write data directly into Microsoft’s Power BI business intelligence software and provides unified analytics across Microsoft Fabric, the American tech giant’s data platform. The financial terms of the deal, which remain subject to customary closing conditions and regulatory approval, were not disclosed. | BetaKit
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