Weekly FinTech & Financial News
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June 8-12, 2026
Top FinTech Updates this Week
💰 KOHO, Vancouver-based challenger bank secured $130 million CAD in Series E financing as the company continues its quest to obtain a federal banking licence
💰 Nesto, Montréal-based online mortgage lender secured $302 million in a nearly $1.5 billion CAD valuation as part of a new Series E funding round meant to bring AI into the lending process
🤝 Moneris, a Canadian commerce solutions, expanded enablement of Konek, a Canadian payment solution offering shoppers more choice, convenience and control in how they pay
💼 Nuvei, a Montreal-based payment infrastructure provider is in talks to acquire Payoneer, US-based paytech firm for SMBs for approximately $2.7 billion
🚀 Cash App, a part of Block, Inc. is launching a Cash App Tags are NFC-enabled, physical payment accessories that let customers pay without having to reach for their phone or card
🚀 DataBraid, Toronto-based AI-powered software connects directly with existing broker management systems raised $1.9 million USD ($2.7 million CAD) in pre-seed funding from Ontario Teachers’ Pension Plan (OTPP)-backed venture studio Koru Ventures
🚀 Neo Financial, Calgary-based Challenger Bank launched four new credit cards across its Neo World Mastercard and Neo World Elite Mastercard lineups, the largest product expansion in the company's history
🚀 Mastercard introduced Agent Pay for Machines (AP4M), a new service that will allow these transactions to be permissioned, orchestrated and settled at machine speed across its global payments network
🌟 Coinbase Canada appointed established Canadian crypto leader Eric Richmond as its new country director and CEO
Top Financial Institutions Updates this Week
💰 RBC invested in an Indigenous real estate fund - Seven Generations Capital's Growth Fund, a private real estate investment firm affiliated with Hungerford Properties
🚀 U.S. giants like JPMorganChase, Bank of America and Citi along with Canadian Banks TD and BMO launching a shared tokenized deposit network operated by The Clearing House
🌟 Bank of Canada maintains the policy rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%
🌟 There's a new addition to the Ontario Securities Commission's webpage listing registered crypto platforms
🌟 RBC Capital Markets become the first Canadian bank to be granted permission by the Korean Ministry of Economy and Finance to trade Korean Won (KRW) directly in Korea's onshore market as a Registered Foreign Institution (RFI)
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The first-edition Cash App Tag—the pearlescent Cash App Wand is now available for Cash App Card holders to purchase in the app, while supplies last. Designed to match the way Gen Z expresses their style and identity, the Cash App Wand is equipped with a keychain so customers can clip, wear, and carry it with ease. Cash App Tags were built for on-the-go payments and also shine in situations where phones aren’t allowed or cumbersome to pull out, from paying for food at a venue that’s phone-free, to ordering merch at a music festival without digging through a bag for a card. The physical payment accessories are linked to the Cash App Visa Card, enabling customers to pay without their phone or wallet. | Business Wire
The purchase price includes Payoneer’s cash, implying an enterprise value of roughly $2.3 billion, according to the report. A purchase would meld Nuvei’s payment acceptance business with New York-based Payoneer’s networks for transmitting funds to suppliers, freelancers and sellers, the report said. It would also give Nuvei more of a presence in emerging markets and access to Payoneer’s large online marketplace customers, which include Amazon, Walmart and eBay. Payments firms are increasingly looking to scale through mergers and acquisitions, along with exposure to faster-growing segments such as cross-border and B2B payments, as growth in traditional payment processing slows. | PYMNTS
As part of the partnership, Visa’s payment capabilities will be integrated into OpenAI experiences, giving developers and merchants a streamlined way to accept Visa payments initiated by agents. Through the partnership, Visa will provide its global network, credentialing capabilities and security infrastructure to support agentic commerce experiences, helping consumers and businesses interact and transact with confidence. Together, Visa and OpenAI will also explore a range of enterprise applications, including developer-focused experiences powered by Codex, as well as more automated and conversational workflows, as AI continues to evolve as an important interface for digital interactions. | Fintech Finance News
Agent Pay for Machines will create the conditions for a superbloom of AI business models. Machine payments can make it possible for services to be bought and sold among agents at fundamentally different scales than payments today — very high volumes, very small values, very fast and at extremely low latency. Unlike traditional point-of-sale or person-to-merchant payments, which are discrete and user-initiated, these transactions are programmatic, always-on and executed between systems in the background of digital commerce. Agent Pay for Machines allows Mastercard network participants to bring the trust and controls of the company’s global network to machine-driven commerce, helping AI innovators enable secure, reliable payments as software begins to transact on its own. | Fintech Finance News
New and existing Moneris customers now have more flexible ways to enable Konek, providing their customers a fast, secure method to pay online directly from their financial institution accounts. Expanding Konek enablement to more businesses. Businesses using Moneris Checkout can enable Konek with no additional development by selecting “Pay with Konek” in their configuration and completing a simple onboarding process. For businesses that require greater customization, Konek is also available through Moneris API, enabling a tailored checkout experience. | Moneris
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The conflict in the Middle East is now in its fourth month. The resulting increases in energy prices and disruptions in global supply chains are weighing on global economic growth and pushing up inflation. Canadian financial conditions have loosened since the April Monetary Policy Report. Global equity markets have been buoyant and bond yields remain volatile. The Canadian dollar has weakened against the US dollar and other currencies. In Canada, GDP edged down by 0.1% in the first quarter, weaker than expected at the time of the April MPR. Consumer spending grew 1.4% but government spending unexpectedly declined. Housing activity also declined and business investment remained weak. Exports fell while imports rose strongly as inventories were rebuilt. Employment was up in May, but looking through monthly volatility, employment in Canada is little changed since the start of the year. The unemployment rate continues to fluctuate in the 6 ½%-7% range with the most recent reading at 6.6% in May. | Bank of Canada
They are the logical operator given they already run multiple payment systems including CHIPS, EPN and RTP. TCH is owned by 21 banks including JP Morgan, Citi, Bank of America and Wells Fargo. Additionally, it has multinational shareholders such as Barclays, Deutsche Bank, HSBC and Santander, meaning there is future potential for cross border payments. Many of the largest US banks already have blockchain-based tokenized deposits enabling large corporate clients to make 24/7 payments. For the most part these only work for their own customers rather than for interbank payments, which the TCH solution will support. It will be available to “banks across the U.S.”, but it remains to be seen whether that means broad access or a more restricted participant model like CHIPS. The technology provider has not yet been selected (more later). | Ledger Insights
Coinbase is the only one with the regulator's express blessing to offer crypto rewards programs, in which the user earns incentives for holding balances of certain crypto assets on the platform. Here are some things Coinbase has to disclose to users before they sign up: Whether the rewards are guaranteed or can be changed at any time | How to opt out of the rewards program | That neither the crypto assets nor the rewards qualify for deposit insurance | That the rewards program is not the same as, and is in fact riskier than (the OSC's words, not mine, before you all jump down my throat) a bank deposit or a balance on the platform denominated in dollars | Details of any potential conflicts of interest, including any agreements with the issuer of the crypto asset. | LinkedIn
Halifax Tides FC named Desjardins as its front-of-kit sponsor under a multi-year partnership
The partnership will debut on the club’s jerseys June 13, 2026, when the Tides host Calgary Wild FC at Wanderers Grounds. The Tides and Desjardins share a commitment to strengthening communities and creating opportunities beyond the pitch. As part of the partnership, the organizations will collaborate on initiatives aimed at bringing people together, generating regional impact and supporting long-term progress across Atlantic Canada.The club competes in the Northern Super League and is the only professional women’s soccer team based in Atlantic Canada. Desjardins will be integrated into select matchday experiences throughout the season, including fan activities and community programming at home matches. | Desjardins
With this addition, CIBC will now offer 132 CDRs across six countries. The new CDR and its corresponding TSX ticker symbol are listed below: SpaceX CDR (CAD Hedged) – SPCX. First introduced to investors nearly five years ago, CDRs make it easy to access many of the world's largest companies in Canadian dollars. Offered at a fraction of the price per share of the underlying reference share and with a built-in notional currency hedge, CDRs provide affordable access to global stocks while helping mitigate currency risk. | CIBC
A city-spanning campaign transforms Toronto with large-scale soccer activations, from a 50-foot rooftop installation to city-wide transit and landmark takeovers. Toronto's Union Station and downtown core takeover, alongside transit, street-level and digital dominance across Toronto. A hands-free ATM that invites fans to kick "PIN codes" to unlock special soccer surprises, live at the CF Toronto Eaton Centre June 15-18. The "BMO Deskshaw", bringing "The BMO Guy's" iconic Help Desk to the streets of Toronto with a custom-branded rickshaw, helping fans get around on match days while serving up soccer and banking trivia along the way. BMO and Cadillac Fairview's 'Fast Feet' activation will be live at the CF Toronto Eaton Centre from June 15-30. The soccer drill is meant to enhance targeting and agility in quick 'sprints'. Fans can engage and test their skills in high-energy activations including the BMO Goal Challenge or ignite their soccer spirit by posing in front of a larger-than-life, giant BMO soccer ball – both which will be live at Canada Soccer House in Toronto and Vancouver. BMO is bringing its Canada Soccer partnership to life in BMO branches across Toronto and Vancouver, equipping frontline teams with co-branded jerseys, scarves and pins to spark client engagement and celebrate Canada's journey on the global stage. Creating in-branch "matchday" moments during key periods so employees can drive conversation, build community pride and reinforce BMO's role in growing the game across Canada. | BMO
The investment strives to support solutions to help close the housing gap and foster capacity development for Indigenous communities across Canada. Seven Generations Capital is currently open to commitments throughout 2026 to build real estate developments through Indigenous collaboration that aspires to support economic development and capacity for Indigenous communities. The fund's investment strategy and platform aim to protect capital, de-risk opportunity, and responsibly generate long-term wealth for stakeholders. Investments are designed to benefit from distinct jurisdictional and legal advantages allowing for strong downside protection and outperformance. | RBC
This registration marks a significant milestone for global investors who require efficient, cost-effective access to Korean currency markets, enabling them to execute KRW transactions through a single trusted relationship rather than navigating complex multi-institution workflows. By securing RFI status, RBC Capital Markets clients can now execute KRW transactions directly onshore, resulting in a more seamless experience and competitive pricing at every step. This is part of RBC Capital Markets' broader strategic commitment to emerging market FX expansion. | RBC
As part of the research process, Investment Executive surveyed investment advisors from brokerage firms across the country, including RBC Dominion Securities. Advisors were asked to rate how well their firm meets their needs across 27 support categories, including compensation and bonus structure, access to comprehensive technology, such as AI, product quality and key aspects of the firm's overall culture. Of the 14 Canadian institutions surveyed, eight independent brokerages and six bank-owned investment dealers, RBC Dominion Securities received an average rating of 8.9 out of 10 from its advisors, making it the highest-rated bank-owned investment dealer in Canada. This recognition reflects RBC Wealth Management's commitment to empowering its more than 2,000 advisors across Canada with the tools and support they need to focus on what matters most: the clients. | RBC
Centred around the three core objectives of elevating client experience, delivering speed and efficiency, and enhancing risk management, the expanded suite of tools will help more teams apply AI in practical ways across their day-to-day work. Adoption of Scotia Intelligence continues to grow with over 71,000 employees enabled access to assistive AI tools, and 5,500 engineers using AI to support coding productivity. Scotia Intelligence is increasingly embedded in workflows that support client service, operations, and decision-making across the Bank, with a 30 per cent quarter-over-quarter increase in the use of AI by employees to reply to client questions. | Scotiabank
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Richmond revealed that he was taking over the crypto exchange’s Canadian operations in a LinkedIn post. He brings experience from multiple other Canadian crypto companies, most recently as general counsel and head of business development at Shakepay. He also previously served as the president of Coinsquare and co-founded Canada’s first regulated digital asset custodian in Tetra Trust. | BetaKit
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The partnership will support the modernisation of Canada Life’s IT infrastructure services across its European Businesses. As part of the agreement, TCS will leverage its AI & digital capabilities to modernise and manage Canada Life’s data centres, core infrastructure, end-user computing, and software lifecycle management. The transformation will help improve operational resilience, increase automation, and enhance user experience for its customers. The partnership combines TCS’ technology prowess with the knowledge and experience of Canada Life teams. Together they will build a strong foundation for Canada Life’s long-term technology modernisation journey. | Fintech Finance News
DataBraid’s AI-powered software connects directly with existing broker management systems, eliminating the need for re-entry and multiple log-ins by instantly propagating the information brokers need across carrier portals. The platform is essentially a unified broker workspace where [brokers] can operate in one place to do all the things that they need, and then manage the complexity of connecting to the individual carriers. Founded by OTPP, Koru’s mandate is to work with the pension giant’s portfolio companies to create startups that could benefit them. DataBraid was created in late 2025 following conversations between Koru and OTPP-backed Scoop Insurance Brokers about some of the pain points that Welland, Ontario-based Scoop was facing. | BetaKit
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Tailored specifically for financial institutions and built directly into Coconut's core platform, bWFM helps branch leaders move beyond spreadsheets and gut-feel capacity planning toward a more intelligent, banking-specific approach to workforce optimization through: More Nuanced Planning, Intelligent, Instant Forecasting and Stronger Staffing Precision. The key capabilities of Coconut Software's Branch Workforce Management (bWFM) include: AI-Driven Demand Forecasting, Smart Schedules and Branch & Staff Performance Insights. | PR Newswire
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The all-equity round, which Koho closed in recent weeks and announced on Thursday, provides the initial capital base the company requires to become a federally regulated bank, and cash to invest in continued growth. It comes at a post-money valuation of $1.33 billion, officially granting Koho—which was last publicly valued at $800 million—unicorn status. Koho’s Series E, which brings the company’s total funding to $507 million, adds Abu Dhabi sovereign wealth fund Mubadala, Baltimore-based Savano Capital, Shopify co-founder and CEO Tobi Lütke to its cap table. | BetaKit
The new cards are built around distinct rewards categories: Shop & Dine and Everywhere, complementing the existing Gas & Grocery, giving Canadians the power to choose a card that matches their real spending habits from day one. Neo's expanded lineup flips that: instead of asking customers to strategize how they use a card, Neo built four new cards with customers spending in mind. These cards include access to Neo's partner rewards network of over 10,000 merchants, where cardholders earn an average of 5% cashback (up to 15%) on top of the base card rewards. World Elite cardholders also receive comprehensive travel insurance, Mastercard World Elite benefits, and the DragonPass lounge membership. All Neo cards also have access to no FX fees⁴ when enrolled in the Grow membership. | Newswire
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Nesto announced the fresh funding, which included $107 million in primary capital and $195 million in secondary capital. Nesto will use the money to develop its technology and AI capabilities so it can faster onboard partners and clients while scaling its platform. The round is backed by new investors La Caisse, Fidelity, Picton Investments, and Endeavor Catalyst, as well as returning investors Portage, Diagram, NAventures, Fonds de solidarité FTQ, and Fondaction. | BetaKit
The agreement is expected to support up to approximately US$8 billion in consumer loan volume over its two-year term and builds on a longstanding relationship. Since 2019, CPP Investments has purchased nearly US$14 billion in Affirm assets through forward-flow agreements and asset-backed securitizations. This investment will help power Affirm’s growing network of consumers and merchants. | CPP Investments
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It tasks the company with helping the government strategize about how to secure digital sovereignty and responsibly integrate AI into the public sector. A news release notes that the partnership is “exploratory,” with no financial implications, and does not constitute a contract. Instead, the agreement covers exchanges, workshops, and discussions with Cohere to better understand AI’s potential uses in the public sector. | BetaKit
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Jurisage’s entire 10-person team is joining Clio, which did not disclose the financial terms of the deal. Jurisage, offers one of Canada’s most comprehensive AI-ready legal datasets, spanning more than 470,000 cases across over 40 courts. Clio, which recently surpassed $500 million USD ($698 million CAD) in annual recurring revenue and boasts a $5-billion valuation, established itself selling software designed to help lawyers manage their practices more efficiently. | BetaKit
Located in Manhattan, the office is the first dedicated US location for Clio, which already has locations in Vancouver, Toronto, Calgary, the UK, Australia, Ireland, Spain, and Colombia. In a statement, Clio said the new office is the culmination of its efforts to expand its US workforce. The company is currently hiring for several roles in New York. | BetaKit
Pricepoint announced $6.6 million in equity funding from an all-Québec cap table, led by Brightspark Ventures with participation from Boreal Ventures and AQC Capital. Brightspark managing partner Sophie Forest and Boreal managing partner JD Saint-Martin (formerly an executive at Lightspeed Commerce) will both join Pricepoint’s board. The startup, which helps hospitality providers optimize booking prices, said that the funding will go toward product development, expanding integrations, and doubling its 35-person team. | BetaKit
SensorUp, Calgary-based cleantech software company closed a growth financing round
The round was led by Pender Ventures, with participation from Climate Investment, Evok Innovations, and US-based petroleum company and SensorUp client, Occidental. Neither SensorUp nor Pender Ventures gave a dollar figure or funding stage. But Pender Ventures partner Cheri Corbett will join the company’s board of directors. | BetaKit
CashIO is the Client Advisory Services (CAS) platform built for the fastest-growing and most profitable business line for accounting and fractional CFO firms. From day one, CashIO mission has been to help accountants and advisors do more. By joining MNP, they're able to accelerate that vision at a much larger scale. The team is thrilled to take part in this next chapter. | LinkedIn
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