Weekly FinTech & Financial News
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Top FinTech Updates this Week
🤝 Zum Rails, a Montreal an all-in-one instant payments ecosystem and embedded finance provider is becoming a payments facilitator in the US and Canada through a collaboration with Fiserv
💼 Stripe is considering an acquisition of all or parts of PayPal
🚀 Loop Financial, Toronto-based SMB challenger bank launched direct application programming interface (API) connectivity, which can sync its clients’ global banking data with accounting tools like Xero, Wave, and QuickBooks
🌟 Revolut wins FCA backing for stablecoin testing despite is still awaiting key lending approvals chosen by regulator to test cryptocurrency
Top Financial Institutions Updates this Week
🤝 BMO partners with Yield Exchange Inc., Vancouver-based platform for corporate and institutional cash providers to expand digital access to short-term liquidity markets
🌟 Office of the Superintendent of Financial Institutions (OSFI) to fast-track federal licensing process to improve FinTech and credit union entry into Canada’s banking system
🌟 EQ Bank reports net income of $79.5M for Q1 2026, a decline from $107.7M in Q1 2025
🌟 National Bank reports net income of $1,254M for Q1 2026, up 26% from $997M in Q1 2025
🌟 BMO Financial Group reports net income of $2,489M for Q1 2026, an increase of 16% from $2,138M in Q1 2025
🌟 Scotiabank reports net income of $2,299 for Q1 2026 compared to $993M in Q1 2025
🌟 RBC reports net income of $5.8B for Q1 2026, compared with $5.1B in Q1 2025, a 13% increase
🌟 CIBC reported net income of $3.1B for Q1 2026 compared with reported net income of $2.2B in Q1 2025
🌟 TD Bank Group reported net income of $4,043M for Q1 2026, compared with $2,793M in Q1 2025
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Zum Rails, a Montreal an all-in-one instant payments ecosystem and embedded finance provider is becoming a payments facilitator in the US and Canada through a collaboration with Fiserv. Zūm Rails will enable companies to embed credit card acceptance directly into its payments platform, covering both the US and Canada. The development marks the completion of what Zūm Rails describes as a unified payments ecosystem — one that consolidates bank rails (Interac, EFT, ACH, RTP, FedNow), Visa/Mastercard debit, Open Banking data aggregation, and now credit card acceptance, under a single platform spanning both countries. | The Paypers
Stripe is considering an acquisition of all or parts of PayPal. PayPal and Stripe both declined to comment. The report has not been confirmed by either company. The reported acquisition interest comes at a period of significant uncertainty for PayPal. Earlier in February 2026, the company removed CEO Alex Chriss, who had been appointed to lead a turnaround amid slowing growth and intensifying competition. PayPal has faced a combination of structural and cyclical pressures in recent periods. PayPal shares closed nearly 7% higher following the publication of the report. The company carries a market capitalisation of over USD 40 billion. Stripe was valued at USD 159 billion earlier on the same day, following a secondary tender offer for employees and shareholders. | The Paypers
Payoneer, US-based paytech firm for SMBs files OCC application to establish PAYO Digital Bank, N.A., a proposed national trust bank designed to support stablecoin-enabled infrastructure for its global business customers. The application represents a formal step in Payoneer's strategy to integrate stablecoin capabilities into its cross-border payments platform, which serves approximately two million customers globally. The company worked with advisors Davis Polk & Wardwell in preparing the filing. If approved, PAYO Digital Bank would operate as a federally supervised trust bank under the framework established by the GENIUS Act, the US federal legislation creating a regulatory structure for stablecoins. | The Paypers
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Office of the Superintendent of Financial Institutions (OSFI) to fast-track federal licensing process to improve FinTech and credit union entry into Canada’s banking system. The proposed framework introduces faster approval timelines, risk-based supervision, and greater transparency to reduce multi-year licensing delays and support increased competition in the financial sector. | Torys
EQ Bank reports net income of $79.5M for Q1 2026, a decline from $107.7M in Q1 2025. Adjusted net income is $$85.2 million and adjusted EPS was $2.26. EQ Bank added 26,000 new retail and business customers in Q1 who will benefit from its expanding shelf of everyday banking products and continued enhancements to the Business Banking platform, including the upcoming prepaid Business Card. Commercial lending loans under management (LUM) grew 3% q/q and 19% y/y. Personal lending LUM was flat q/q and declined 2% y/y. EQ Bank deposits grew to $9.94 billion in Q1. EQB's provision for credit losses (PCL) declined 28% q/q. | EQB
National Bank reports net income of $1,254M for Q1 2026, up 26% from $997M in Q1 2025. Adjusted net income is $1,320 million and adjusted EPS was $3.25, an increase from $1,050million and $2.93 in the Q1 2025. In the Personal and Commercial segment, Q1 2026 net income totalled $427 million, 47% increase from $290 million. In the Wealth Management segment, net income totalled $272 million in Q1 2026 compared to $242 million in Q1 2025, for an increase of 12%. | NBC
BMO Financial Group reports net income of $2,489M for Q1 2026, an increase of 16% from $2,138M in Q1 2025. Adjusted net income in Q1 2026 is $2,551 million and adjusted EPS is $3.39, an increase from $2,289 million and $3.04 in the Q1 2025. Canadian P&C reported net income of $948 million, 8% increase from the prior year. U.S. Banking reported net income of $742 million, an increase of $107 million from the prior year. BMO Wealth Management reported net income of $352 million, an increase of $24 million or 7% from the prior year. BMO Capital Markets reported net income of $657 million, an increase of $68 million from the prior year. | BMO
BMO partners with Yield Exchange Inc., Vancouver-based platform for corporate and institutional cash providers to expand digital access to short-term liquidity markets. The collaboration reflects increasing demand among institutions for transparent, digital infrastructure that simplifies liquidity management and trading workflows in Canada. | LinkedIn
RBC reports net income of $5.8B for Q1 2026, compared with $5.1B in Q1 2025, a 13% increase. Adjusted net income and adjusted diluted EPS are $5.9B and $4.08 respectively, an increase of 12% and 13%, respectively, from Q1 2025. Personal Banking net income is $1,962 million, an increase of 17% from a year ago. Commercial banking net income is $863 million, an increase of 11% from Q1 2025. Wealth Management net income is $1,295 million, an increase of 32% from last year. | RBC
TD Bank Group reported net income of $4,043M for Q1 2026, compared with $2,793M in Q1 2025. Adjusted net income is $4,216 million and adjusted EPS was $2.44, an increase from $3,623million and $2.02 in Q1 2025. Canadian Personal and Commercial Banking net income was a record $2,044 million, an increase of 12% compared with the first quarter last year. U.S. Retail reported net income was $1,040 million (US$747 million), an increase of $897 million (US$642 million) year-over-year. Wealth Management and Insurance net income was $757 million, an increase of $77 million year-over-year, driven by record assets, strong transaction revenue and insurance premiums growth. Wholesale Banking reported net income of $561 million for the quarter, an increase of $262 million year-over-year. | TD
Scotiabank reports net income of $2,299 for Q1 2026 compared to $993M in Q1 2025. Adjusted net income in Q1 2026 is $2,695 million and adjusted EPS is $2.05, an increase from $2,362 million and $1.76 in the prior year. Canadian Banking net income is $960 million compared to $913 million, an increase of 5%. International Banking net income is $717 million compared to $651 million, an increase of 10%. Global Wealth Management net income is $481 million, compared to $407 million. Global Banking and markets net income is $545 million compared to $517 million, an increase of 5%. | Scotiabank
CIBC reported net income of $3.1B for Q1 2026 compared with reported net income of $2.2B in Q1 2025. Adjusted net income is $2.7B, an increase from $2.2B in the prior year. The Canadian Personal and Business Banking reported net income of $960M can increase of 25% from Q1 2025. Canadian Commercial Banking and Wealth Management reported net income of $647M an increase of 9% from Q1 2025. The U.S. Commercial Banking and Wealth Management Reported Net Income of $294M (US$212M), an increase of $38M (US$34M or 19%) from Q1 2025. | CIBC
National Bank entered in a multi-year partnership with Victoria Mboko, an athlete who embodies the future of Canadian tennis and captured the title at the most recent National Bank Open presented by Rogers. This collaboration reflects the Bank’s commitment to advancing women’s tennis in Canada and working towards equity in the sport. This partnership ties in with the Bank’s continued support for the Game. Set. Equity. program, launched in 2023 in collaboration with Tennis Canada. | NBC
CIBC is recognized by Global Finance for its leadership in sustainable finance at the Global Finance's 2026 Sustainable Finance Awards. The awards include: Best Bank for Sustainable Finance – Canada; Best Bank for Green Bonds – North America; Best Bank for Transition/Sustainability Linked Loans – North America; Best Platform/Technology Facilitating Sustainable Finance – North America; and Best Platform/Technology Facilitating Sustainable Finance – Global. | CIBC
CIBC Asset Management Inc. launches Canadian and U.S. ETFs with Avantis Investors by American Century Investments. The Avantis CIBC ETFs launched include: Avantis CIBC Canadian Equity ETF; Avantis CIBC U.S. All-Cap Equity ETF; Avantis CIBC U.S. Large Cap Value ETF and Avantis CIBC U.S. Small Cap Value ETF. The strategic alliance with Avantis Investors expands the range of ETF solutions available to clients by offering them access to new investment opportunities designed to meet their evolving financial needs with confidence. | CIBC
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The Canadian Bitcoin Consortium (CBC), a business advocacy group for the cryptocurrency industry, launched 'Blockchain Insurance Inc.'. The company doesn’t insure cryptocurrencies or a customer’s digital wallets; instead, it insures businesses that operate in, or are adjacent to, the digital asset space. For most businesses involved in digital assets, the high risk associated with the industry—warranted or otherwise—can make obtaining reasonably priced business insurance difficult. The company can offer its members discounts of up to 25 percent on premiums, bringing their rates down to levels lower than those they’re presently paying. | BetaKit
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Loop Financial, Toronto-based SMB challenger bank launched direct application programming interface (API) connectivity, which can sync its clients’ global banking data with accounting tools like Xero, Wave, and QuickBooks. The new feature will help customers contend with what has been an imperfect data-sharing system, which relies on “scraping” banking data, frequently malfunctions, and often requires users to re-authenticate. It also aims to give clients more control over their financial data, which is a key tenet of the long-anticipated open banking system in Canada that would require financial institutions to make customers’ data accessible to third parties if they request it. Loop is seeking to give its customers more control over their data sharing while it waits for an open banking system to come into effect. | BetaKit
Neo Financial, a Calgary-based Challenger Bank and United Airlines are teaming up to launch the United MileagePlus Neo World Elite Mastercard to expand global travel rewards for Canadians. Set to launch this spring, the co-branded credit card will help Canadians turn everyday spending into faster travel rewards with the world's largest airline. Launching in April 2026, the card will offer: All new cardmembers will receive a welcome offer, plus the first 3,000 customers to join the waitlist will secure their eligibility for an additional 5,000 bonus miles on top of the welcome offer when activated; Cardmembers will earn extra miles when booking flights on United and Star Alliance carriers and can use miles to book travel with any Star Alliance airline; and Cardholders get access to the Neo Rewards network, featuring over 10,000 local and national partners, where they can earn accelerated miles at participating locations nationwide. | Newswire
Revolut wins FCA backing for stablecoin testing despite is still awaiting key lending approvals chosen by regulator to test cryptocurrency. The Financial Conduct Authority selected Revolut, Monee Financial Technologies, ReStabilise and VVTX out of 20 companies that applied to test stablecoins in its regulatory “sandbox”. The companies will trial stablecoin products for use in payments, settlement and crypto trading, as the UK seeks to finalise its rules overseeing stablecoins by the end of the year. Revolut is also yet to receive the green light from UK financial regulators, including the FCA, to provide consumer credit services to its 11mn customers in Britain after applying for approval in 2024. | LinkedIn
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Novacap, Montreal-based private equity firm closed nearly $3.8B USD ($5.2B CAD) for its seventh tech-focused private equity fund that will continue the firm’s strategy of buying majority stakes in profitable companies. The fund, which exceeded its target of $2.75B USD and was raised in under a year, will maintain the same investment approach as Novacap’s previous tech fund. The new fund thesis “reflects continuity rather than change,” and maintains its “disciplined, cycle-tested strategy” of technology buyouts, where it takes a majority stake in a company with an average cheque size of $300 million USD. Novacap plans to complete approximately three platform investments per year over four years. | BetaKit
Prairies Economic Development Canada (PrairiesCan) invests $3M in Black entrepreneurship through the federal government’s Black Entrepreneurship Program (BEP). The funding as an effort to help Black entrepreneurs navigate the systemic barriers that they can face accessing business networks, capital, and growth and scaling opportunities. Two specific projects are receiving support: the Black Business Ventures Association (BBVA), a Prairies-based non-profit organization that amplifies and advocates for Black businesses and entrepreneurs, and the African Canadian Civic Engagement Council (ACCEC), a national organization based in Edmonton that empowers African-descent communities in Canada. | BetaKit
CIBC Innovation Banking provides provision of a $50M growth capital facility to AlayaCare Inc., Montreal-based provider of innovative home and community care software solutions. The financing will support AlayaCare’s continued growth as well as strategic mergers and acquisitions, furthering its mission to transform the delivery of care across Canada, the U.S., and globally. AlayaCare provides data-driven, cloud-based software that delivers innovative solutions for home and community-based care, such as simplified billing, remote patient monitoring and a mobile app. | CIBC Innovation Banking
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FIS launched its Insurance Risk Suite AI Assistant, a generative AI tool that instantly answers complex questions about building and maintaining risk models - in any language. The FIS Insurance Risk Suite AI Assistant acts as an always-available expert, eliminating hours of manual searching and helping actuaries build resilient models. The result: insurers can price policies more competitively while maintaining profitability and detect emerging risks earlier. The solution’s intuitive interface provides real-time guidance on model operation and maintenance, making deep actuarial expertise accessible to teams of any size. | Fintech Finance News
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Wealthsimple, a Toronto-based wealthtech platform named the 2026 CIX Innovator of the Year, for its recent growth and product innovation by Elevate. Wealthsimple had doubled both its total assets under administration and valuation to $100 billion CAD and $10-billion, respectively; announced an up to $750-million CAD Series E; and added 650,000 clients, bringing the size of its customer base to more than three million. The company also revealed new banking and investing offerings at its first two product showcases, and made a pair of strategic acquisitions, snapping up Fey and Plenty. Last month, Wealthsimple followed that up by adding cash deposits in partnership with Canada Post. | BetaKit
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New trade association, Alliance of Canadian Defence Companies (ACDC), officially launched and aims to lobby the federal government on behalf of domestic defence businesses while also fostering greater collaboration across the country’s defence supply chain. The organization will advocate for faster defence procurement and more contracts for Canadian companies, two key pillars in the feds’ major defence spending plans. ACDC’s other founding members include the Canadian Strategic Missions Corporation, Canada Rocket Company, Cybeats, The Icebreaker, NordSpace, One9, and Reaction Dynamics, among others. The launch of ACDC comes as the feds gear up to pour billions into shoring up Canada’s sovereign military capabilities and building a “robust” defence industrial base after decades of underinvestment, as the country looks to reduce its reliance on the United States. | BetaKit
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