Weekly FinTech & Financial News
Subscribe to our Weekly Newsletter
✉️
Subscribe to our Weekly Newsletter ✉️
July 27-31, 2026
Top FinTech Updates this Week
💰 Tenor, Quebec City-based blockchain-based lending platform for asset managers and businesses, has raised $2.5 million USD ($3.5 million CAD) in seed funding
🤝 Plus500, UK-based multi-asset FinTech group formed a strategic partnership with Wealthsimple, Toronto-based wealthtech to provide the B2B infrastructure necessary for Canadian retail investors to access US futures
🤝 Brisc, Toronto-based insurance-native AI platform built for enterprise insurance operations revealed that its Brisc AI is now available in the Microsoft Marketplace
🚀 Ramp, US-based all-in-one financial operations platform designed for businesses is expanding its footprint in Canada by opening a new Toronto-based office and launching localized financial tools
🚀 Coinbase plans to start moving Canadian customers beyond spot crypto trading within weeks, with the aim to turn its app into a single account holding crypto, cash, and stocks
🚀 Motiv, Calgary-based venture studio launched Opal, a new enterprise platform designed to help organizations deploy, manage, and govern AI agents at scale
🚀 TrueDoc, Toronto-based an AI-powered trust and verification platform built to help people and businesses identify fake, edited, AI-generated, or suspicious digital content before making important decisions is officially launched in Canada
🚀 Questrade, Toronto-based online trading & wealth management platform unveiled $0 options trading and also launching a new age of agentic finance with Flows, the first-in-Canada financial automation engine and Pre-IPO access is coming soon
💼 Vena Solutions, Toronto-based FP&A software entered an agreement to acquire Morpheo AI, Toronto-based AI Data Coworker provider
Top Financial Institutions Updates this Week
🤝 Swift, RBC, and TD Bank have launched a new international money transfer initiative in Canada, ensuring full-amount delivery and near-instant speeds for retail and SME cross-border payments
🤝 CIBC collaborated with Taskrabbit, US-based (operated in Canada too) home services platform to expand the bank's support for Canada's skilled trades sector
-
The Office of the Comptroller of the Currency (OCC) said Wise's application presented "significant supervisory and compliance concerns," including longstanding deficiencies in its anti-money laundering and counter-terrorist financing controls in the U.S. The regulator also concluded that the proposed management team and board lacked sufficient expertise in banking regulation, fiduciary activities and anti-money laundering requirements. The decision represents a blow to Wise's U.S. expansion strategy. A national trust bank charter would have allowed the company to gain direct access to the U.S. federal payments system rather than relying on partner banks, potentially reducing costs and strengthening its position in what it previously described as its most promising market. Wise said it plans to submit a new application for a national trust bank charter under the framework of the Genius Act—President Donald Trump’s recently enacted law that governs stablecoins. The company believes the new framework could provide a clearer path to obtaining a trust charter, which would provide direct access to the federal payments network. | Forbes
-
Coinbase Financial Markets, the company's US Commodity Futures Trading Commission-regulated arm, had secured an international exemption to offer contracts to Canadian permitted clients. The rollout would take the platform, which currently lists more than 200 crypto assets on the spot market, beyond simple buying and selling, though the first version would reach permitted clients rather than every retail customer. Coinbase became the first international crypto exchange to register as a restricted dealer in Canada. Coinbase plans to release them for non-US customers this month, putting share ownership on the blockchain with dividend payouts and shareholder rights attached. | Wealth Professional
-
This initiative ensures the full amount arrives without hidden fees, often within minutes, significantly improving the experience for Canada's large immigrant and SME population. International money transfers have historically been plagued by opaque fees and slow processing times. This new framework solves these issues by mandating that the full transfer amount reaches the recipient's account without unexpected intermediary deductions. By leveraging Swift's global network, Canadian banks can now offer: Instant payment arrival in markets where local infrastructure supports real-time settlement; Upfront cost transparency, allowing senders to see exact exchange rates and fees before confirming and Predictable delivery windows, often reducing wait times from days to mere minutes. | Fintech Finance News
Through this collaboration, Taskers will have access to exclusive skilled trades banking offers, including free everyday banking (via the CIBC Smart Account), access to special credit card offers and tailored advice as well as CIBC's financial literacy resources, through the onboarding process and platform. CIBC will also sponsor Taskrabbit's quarterly Top Tasker program, which recognizes high-performing taskers on the platform. Each quarter, the top Taskers will be awarded a cash incentive for their performance and dedication. CIBC's dedicated support for the skilled trades sector spans key moments throughout the journey, from education and training through to early career development and business growth, as well as ongoing support through scholarships. The bank first launched its skilled trades banking offer in 2024 to support apprentices and skilled trades professionals. In 2025, the bank expanded its support with a dedicated Business Banking program tailored to the needs of skilled trades business owners. | CIBC
CIBC is named among the World's Top Disability Inclusive Businesses in the 2026 Disability Index
The recognition reflects CIBC's ongoing commitment to advancing accessibility and disability inclusion across the bank and to building a workplace where all team members can thrive. The Disability Index is the leading independent, third-party benchmark for disability inclusion in business. It helps organizations assess their performance, identify opportunities for improvement, and measure progress over time across areas such as culture, leadership, accessibility, recruitment, career development, accommodations, and supply chain inclusion. Companies performing at the highest levels are recognized as a World's Top Disability Inclusive Business. | CIBC
This marks the third consecutive year that CIBC has won The Digital Banker's Best Gen-AI Initiative award. The bank was recognized in 2025 for its CIBC AI platform (CAI) and in 2024 for its Knowledge Central pilot. CIBC received the Best Gen-AI Initiative award for two initiatives launched in 2025: the Smart Library, an AI-powered, self-serve tool that enables team members to search and work with internal content using natural language, significantly reducing time spent manually browsing documents; and the Agents Marketplace, a centralized platform that allows users to create custom agents that automate tasks, as well as browse, subscribe to and share agents across the bank. Together, these capabilities reduce time spent on administrative tasks, improve access to institutional knowledge, and enable team members to spend more time with clients and on analytical work. Both initiatives were commended for fostering collaboration and innovation across the organization and for their rigorous design and governance approach, leveraging advanced techniques to ensure accuracy, efficiency, and secure use of enterprise data at scale. | CIBC
BMO is been named Canada's Best Retail Bank at the Euromoney Awards for Excellence 2026
The award recognizes the bank's client-focused strategy that combines the power of human, digital, data and AI to help Canadians make real financial progress. The recognition builds on BMO's momentum in digital and AI transformation including the scaling of AI to personalize client experiences, augment employee capabilities and automate processes at scale. The award highlights BMO's commitment to: Creating connected digital and in-person experiences that combine convenience with trusted financial advice, Expanding value for clients through innovative rewards, partnerships and everyday banking solutions and Advancing financial education and inclusion to help more Canadians build financial confidence. | BMO
This year, BMO has awarded a total of $100,000 in grants to ten Canadian women-owned businesses recognized for innovative solutions that strengthen communities and advance at least two United Nations Sustainable Development Goals (UN SDGs). In addition to funding, recipients will be paired with a BMO for Women business advisor for a personalized coaching session and will gain access to tailored resources designed to accelerate business growth. Each grant recipient will also receive an invitation to a two-day BMO Celebrating Women grant Summit in Toronto this fall, where they will connect with BMO leaders and strategic partners. This year's Summit marks the ten-year anniversary of BMO for Women, celebrating a decade of programming aimed at fostering community, and supporting the growth and success of women‑owned businesses. | BMO
As a founding sponsor, RBC has worked with Vector since 2017 to advance AI research, innovation and talent development across Canada - applying cutting-edge techniques in areas like agentic AI, retrieval-augmented generation, computer vision and federated learning to drive responsible AI adoption across the bank and strengthen Canada's broader AI ecosystem. RBC is a leading voice on AI in Canada and globally in financial services. Today, the bank is ranked #1 in Canada and #3 globally for AI maturity among 50 global financial institutions. This recognition reflects not only investment in talent and innovation, but investments in AI research, responsible innovation and creating opportunities for homegrown IP. | RBC
This includes: More Ways to Pay and Plan Ahead: The Scotia app makes everyday banking easier with its new Digital Bill Payment Receipts. This feature allows clients to view, download, and share digital receipts for bill payments, including key details such as the payment amount, payee, date and confirmation number | Faster Access to New Credit Cards: Eligible clients can get faster and easier access to their Visa credit card in the Scotia app. Once approved, they can add it directly to their mobile wallet and start using it right away, without waiting for a physical card to arrive. | Access to Exclusive Benefits and Offers, Including Fuel Savings at Shell with Scene+™*: Clients can explore valuable benefits and offers like the newly expanded Scene+ program in the Scotia app. Scotiabank clients can link their eligible credit or debit card to their Shell Go+ account to take advantage of up to 10 cents per litre of value at participating Shell stations across Canada | Enhanced Safety Features: Enhanced in-app push notifications make it easier and faster for clients to sign in to the Scotia app using two-step verification. Clients can also report suspected fraudulent transactions directly through the app, with added transaction details – including merchant names, locations and timestamps – to help them spot and address potential fraud more quickly. These enhancements reflect Scotiabank's continued focus on delivering secure, seamless and client-first digital banking experiences. | Scotiabank
-
The round is led by Prosus, one of the world’s largest technology operators and investors, with Ontario Teachers’ Pension Plan returning to invest in Alan for the third consecutive round, since leading the Series E back in May of 2022. With the new financing, the company plans to deepen its Canadian presence — doubling the team over the next 24 months, and expanding from Toronto into Montreal — and to bring its prevention-first, fully digital model to a group-benefits market long dominated by three incumbents that together hold roughly three-quarters of coverage. Alan believes AI will fundamentally transform healthcare by making personalized prevention, navigation and support available to everyone. Combined with Alan’s integrated healthcare platform, these technologies have the potential to improve outcomes for millions of people while reducing the long-term cost of care. | Insurance-Canada.ca
It looks to ride its organic growth to higher highs and process more vehicle data than ever before. The new Series A funding, led by Battery Ventures, will help it firmly take that next step. The round saw participation from new strategic investors, Penske Transportation Solutions and Intact Private Capital; the latter is the investment arm of insurance giant (and Terminal customer) Intact. Y Combinator and Wayfinder Ventures also returned to invest in the round, while Battery Ventures general partner Marcus Ryu will join Terminal’s board. Telematics is vehicle data, like the speed, location, or even what’s on the dash camera of a commercial transport truck. This data is useful for fleet management software, logistics software, fleet financial services software, and commercial auto insurers to plug into; Terminal has already secured customers in all of these areas with minimal sales help. | BetaKit
-
Plus500 solves the complex regulatory and technical hurdles of US futures access by providing a full-stack, institutional-grade infrastructure. This includes proprietary clearing technology, order routing, and comprehensive risk management systems. By integrating these services, Wealthsimple can offer its users direct access to US markets without building the underlying financial plumbing from scratch. Institutional-grade clearing and order routing. CFTC-regulated infrastructure ensuring compliance. Seamless integration into Wealthsimple’s existing platform. This move highlights Plus500’s evolution from a retail-focused broker to a premier B2B infrastructure provider. The partnership allows Wealthsimple to scale its product offering rapidly while maintaining the high standards required for regulated futures operations in North America. | Tradetech Eye
The expansion gives Canadians new ways to outpace the market: Flows automates investing from plain-language instructions, Questrade MCP connects accounts to AI assistants like Claude and ChatGPT, and $0 Options² eliminates per-contract fees on U.S.-listed equity options. Questrade Plus adds cashback and enhanced member perks, while Streaming News & Insights provides personalized market updates. Equity Engine automates the Smith Manoeuvre strategy, and Pre-IPO Access (coming soon) will give accredited investors early access to private companies. | Globe Newswire
-
Western Union International Bank is an independent agent within the Western Union money transfer network; is headquartered in Vienna, Austria; and is regulated by the Austrian Financial Market Authority (FMA). It was founded in 2004 as part of the Western Union Group. On Western Union Digital Bank’s account closure date, users will no longer have access to the Western Union Digital Bank app, the debit card linked to their accounts will be deactivated, and users will receive a confirmation notice when the account is closed. | PYMNTS
Under the partnership, Revolut customers can access ChatGPT Go at no additional cost, with the benefit varying according to plan type. Customers on the Standard plan can unlock three months of ChatGPT Go free of charge, while customers on higher-tier plans can access up to 12 months included within their existing subscription. The offering forms part of Revolut's curated subscription portfolio, an existing feature through which the company bundles third-party services spanning travel, connectivity, and productivity into a single Revolut membership. In addition, the stated aim of the portfolio is to reduce the number of separate subscriptions that customers manage individually, consolidating multiple monthly payments into one plan. The partnership brings the tool into a financial services context, positioning it alongside other services Revolut already bundles for its customer base. Neither company disclosed the financial terms of the agreement. | The Paypers
-
The bootstrapped company began development in Toronto in October 2025 and received its first payment in May. It has since grown to 40 paying customers and 1,500 free users, with 32 of its paying customers joining in July alone. TrueDoc is intended to complement identity-verification, KYC, lending and fraud-prevention systems rather than replace them. While identity technology may establish who an applicant is, TrueDoc examines whether the documents submitted by that applicant can be trusted. The platform analyzes several layers of forensic evidence, including PDF structure, metadata, mathematical inconsistencies, visual alterations, screenshot indicators and conflicts between embedded text and what appears on the rendered page. | Fintech.ca
-
Opal positions itself as an “agentic operations” platform, bringing together people, AI agents, enterprise knowledge, and business systems into a single operating environment. Rather than relying on standalone AI assistants or disconnected copilots, the platform is designed to coordinate collaboration between employees and AI across the organization. A key feature of the platform is a centralized resource registry that enables businesses to manage AI assets, including agents, tools, skills, guardrails, and reusable workflows from one location. The platform also includes orchestration capabilities that support autonomous AI execution, human-in-the-loop processes, and structured workflows involving both employees and AI agents. | The Founders Press
-
This move allows Canadian businesses to access Ramp's spend management platform with enhanced multi-currency support and tax compliance features designed specifically for the local market. Ramp provides a comprehensive spend management platform that integrates corporate cards, expense management, and accounts payable. By opening a new Toronto office, Ramp is positioning itself to better serve the unique needs of the Canadian market. Key features include: Multi-currency card issuance to eliminate high foreign exchange fees, Automated tax tracking aligned with Canadian GST/HST/QST requirements, Direct accounting integrations with platforms like NetSuite, Sage Intacct, and QuickBooks. These tools allow finance leaders to automate manual tasks and focus on strategic growth rather than administrative overhead. | Fintech Finance News
The acquisition will help Vena deepen the agentic AI capabilities of its financial planning and analysis (FP&A) platform. The acquisition, which is still subject to some customary closing conditions, will combine Vena’s FP&A software with Morpheo’s agentic orchestration platform Omega. The result will be Vena Omega, a “context engine” that learns how a business uses its data to plan, make, and execute decisions, allowing AI agents to plug in and take on more of the FP&A burden. All seven of Morpheo’s employees will join Vena when the deal is closed, including Patil and Lin, for whom Vena is carving out a “special role” around its AI portfolio. | BetaKit
Complex Questions,
Simple Answers
FathomPRO applies advanced financial analysis to reveal critical signals, emerging trends, and tailored, actionable insights. Discover FathomPRO for yourself
