Weekly FinTech & Financial News
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Top FinTech Updates this Week
💰 Padder, Toronto-based insurtech startup closed $2.5M CAD in funding to support the launch of its “guarantor-as-a-service” platform for Ontario landlords and tenants
🚀 Wealthsimple, a Toronto-based wealthtech platform is publicly launching its business "chequing" accounts and currently in a beta phase
🤝 Peoples Group, Toronto based financial institution teams with Fiserv to build Canada's next generation payments platform
🤝 Canada Post is entering a partnership with Western Union to support its global money transfer service available at post offices across the country
🌟 Addy, Vancouver-based fractional real estate investment platform is restructuring its business
🚀 Clio, Burnaby, BC-based legal tech officially launched Clio Capital, a new, embedded working capital service for US-based law firms in partnership with Stripe and Celtic Bank
💰 Spellbook, Toronto-based legal AI startup secured $40M USD ($54.7M CAD) in debt financing from RBCx, the innovation banking division of the Royal Bank of Canada
🌟 Revolut files U.S. National Bank Charter application and also appointed Cetin Duransoy as U.S. CEO
Top Financial Institutions Updates this Week
🤝 BMO joins as a partner bank for the Defence, Security and Resilience Bank (DSRB) Development Group
🤝 Casa, Toronto-based payments and rewards platform and Scotiabank team up to offer the first credit card in Canada with no transaction fees on rent payments
🤝 Scotiabank collaborates with Canadian Hearing Services, Toronto-based healthcare provider for deaf and hard of hearing Canadians to launch on-demand sign language interpretation nationwide
🤝 SoFi and Mastercard partner to enable SoFiUSD settlement across Mastercard’s global payments network
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Peoples Group, Toronto based financial institution teams with Fiserv to build Canada's next generation payments platform. The technology will enable clients and partners to leverage instant payments, always-on infrastructure and rich ISO 20022 data through direct connections to Canada's prominent payment systems, streamlining automation and enhancing digital client experiences. This modernized infrastructure, built on Fiserv's leading-edge payments technologies and the DNA core platform deployed in the public cloud, will streamline existing banking and payment capabilities in preparation for Payments Canada's Real-Time Rail deployment. | Newswire
Visa and Bridge expand collaboration, with plans to launch stablecoin-linked cards to over 100 countries. Bridge enables businesses and FinTech developers to offer stablecoin-backed Visa cards. Now, through Bridge’s partnership with Lead Bank, these card transactions can be settled onchain with Visa. Bridge-enabled stablecoin-linked cards are now live in 18 countries, with planned expansion to over 100 countries across Europe, Asia Pacific, Africa and the Middle East by end of year. Popular crypto platforms like Phantom and MetaMask are using cards to enable millions of customers to easily spend stablecoins on everyday purchases. | Business Wire
Canada Post is entering a partnership with Western Union to support its global money transfer service available at post offices across the country. Western Union provides services for international money transfers and cash pickup, which will be available to customers at Canada Post locations. Canada Post continually evaluates its partnerships to ensure they best align with its long-term business objectives. Last year, following a thorough review, the Corporation decided to make this key change to how it delivers its global remittance and bill payment services to customers. | Canada Post
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BMO joins as a partner bank for the Defence, Security and Resilience Bank (DSRB) Development Group. BMO's participation supports the development of the DSRB – a proposed multilateral financial institution focused on providing financing mechanisms for defence, security, and infrastructure projects for NATO members and allied nations. | BMO
Casa, Toronto-based payments and rewards platform and Scotiabank team up to offer the first credit card in Canada with no transaction fees on rent payments. As part of this collaboration, ScotiaGold Passport Visa cardholders can use the card to make rent or condo fee payments through the Casa platform with no transaction fees. Cardholders earn 1 Scene+™ point on every dollar spent on everyday purchases, and those who spend a minimum of $350 per month also earn 1 Scene+ point on every dollar spent on their housing payments made through Casa. | Scotiabank
BMO the Official and Exclusive Banking and Financial Services Partner of Canada Soccer and the new training kit sponsor across Canada Soccer’s National Teams. This comprehensive partnership spans several key Canada Soccer properties, including Canada Soccer’s National Teams and the TELUS Canadian Championship. The partnership will kick into action immediately, starting with Canada Soccer’s Women’s National Team debuting the BMO branded training kits as they open their 2026 campaign at the SheBelieves Cup. BMO will also become the Presenting Partner of Canada Soccer’s 2026 ‘Send-Off Celebration’. | BMO
SoFi and Mastercard partner to enable SoFiUSD settlement across Mastercard’s global payments network. SoFiUSD, is a fully reserved U.S. dollar stablecoin by SoFi, is the first stablecoin offered by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain. Together, the companies will explore how issuers and acquirers can settle card-based transactions with Mastercard using SoFiUSD, enabling fast settlement options for Mastercard customers and unlocking faster money movement for use cases such as cross-border remittances and B2B money transfers. | Mastercard
RBC Training Ground launches its 11th season calling for young Canadians to discover their Olympic potential. The season launch comes after a record 11 RBC Training Ground graduates competed for Team Canada at the Milano Cortina Winter Olympic Games: an exciting culmination of a decade of finding and funding future Olympians. | RBC
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FreshBooks, Toronto-based accounting software company partnered with Bluevine, an US-based small business banking platform to help SMB owners simplify financial management. The partnership integrates Bluevine’s high-yield business checking account with FreshBooks’ financial platform, bringing banking and bookkeeping workflows into a single experience. The partnership helps reduce manual work, speed up reconciliation, and provide clearer visibility into day-to-day finances, allowing owners to stay focused on running and growing their business. Eligible customers may receive limited-time promotional offers administered by Bluevine. | LinkedIn
Revolut files U.S. National Bank Charter application and also appointed Cetin Duransoy as U.S. CEO. It has applied to the U.S. Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation and to be called Revolut Bank US, N.A.. Additionally, US CEO Cetin Duransoy succeeds Sid Jajodia who remains at the company as Global Chief Banking Officer. | Revolut
Revolut launches the official Audi Revolut F1 Team Card design and exclusive fan benefits ahead of Grand Prix debut in Melbourne. Revolut customers can join the waitlist to be among the first notified when the limited-edition card becomes available. Beyond the hardware, Revolut is delivering on its partnership promise to bring immediate value to fans of the sport. Revolut customers eager to get their hands on Audi Revolut F1 Team merch - from caps to T-shirts and jackets - can benefit from the opportunity to earn 20x RevPoints when checking out at store.audif1.com with Revolut Pay. | Revolut
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CIBC Innovation Banking provided growth capital financing to Gradient AI, US-based AI solution provider for the insurance industry. This financing will support Gradient’s growth plans and development efforts to better serve clients and address evolving challenges across the insurance industry. Gradient is a leading enterprise software provider of artificial intelligence solutions in the insurance industry. The company’s solutions help improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. | CIBC
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Padder, Toronto-based insurtech startup closed $2.5M CAD in funding to support the launch of its “guarantor-as-a-service” platform for Ontario landlords and tenants. Padder’s equity seed round, which closed earlier this month, led by North Exit Ventures, with support from Westdale Properties and angel investors from real estate, insurance, and finance. The startup plans to use this capital to grow its six-person team, invest in product development, and fuel its go-to-market efforts. | BetaKit
General Magic, Toronto-based firm building SMS native AI agents that power insurance workflows through natural language raises oversubscribed US$7.2M to cut insurance quote time to 3 minutes. The seed funding round led by Radical Ventures, with significant participation from a16z Speedrun and new investment from Figma VP of Product Brendan O'Driscoll and Larry James Erwin from OpenAI. General Magic reduced time-to-quote from roughly 30 minutes down to under 3 minutes via its SMS-based agent. These agents work across the full insurance lifecycle, covering pre-quote eligibility, post quote engagement, and claims coordination. | Globe Newswire
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Wealthsimple, a Toronto-based wealthtech platform is publicly launching its business "chequing" accounts and currently in a beta phase. Business chequing accounts are currently only available to single-owner and multi-director incorporated businesses. The Business chequing account is an interest-earning account with no monthly fees, designed for incorporated businesses. It includes many of the same features as a personal chequing account, with added functionality for business needs, like CRA payments. | Wealthsimple
Wealthsimple, a Toronto-based wealthtech platform becomes a member of the SWIFT global financial messaging network. Wealthsimple is the first Canadian FinTech, and the second non-bank FinTech in the world, to achieve membership. Wealthsimple is now officially registered as a SWIFT member and is completing final technical integration and security certification ahead of a full client launch, expected in Spring 2026. | Wealthsimple
Addy, Vancouver-based fractional real estate investment platform is restructuring its business. Whether the restructuring means formal insolvency proceedings, layoffs, or something else is not clear. Addy’s website now only directs to its app dashboard, while other pages (such as its blog or about page) deliver 404 errors, though its help centre is still live. When signed into the Addy platform, only two properties from Atlas One Digital Securities are listed, and attempts to interact with the listings deliver errors. | BetaKit
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Pluvo, Ottawa-based AI-native financial analysis platform built for CFOs and FP&A teams, raised $5M in seed financing to build the AI Decision Intelligence Platform for modern finance teams. The round includes participation from Andreessen Horowitz’s a16z speedrun, Deel, The Perseverance Fund, StandUp Ventures, and AltaIR Capital. A group of strategic angel investors, including existing Pluvo clients, also participated in the round. The company plans to deploy the new capital toward expanding its agentic analysis engine, scaling the product and engineering team, deepening integrations across ERP, CRM, HRIS, and billing systems, and growing go-to-market efforts targeting finance leaders. | Business Wire
Clio, Burnaby, BC-based legal tech officially launched Clio Capital, a new, embedded working capital service for US-based law firms in partnership with Stripe and Celtic Bank. Clio Capital, is a financing solution designed to bridge the funding gap for ambitious law firms. Fully integrated into Clio’s Intelligent Legal Work Platform, it provides eligible U.S. law firms with fast, flexible access to working capital to stabilize cash flow and accelerate strategic growth. Clio Capital loans are issued by Celtic Bank and powered by Stripe utilizing a proprietary evaluation to offer pre-qualified financing, allowing firms to skip the mountain of paperwork and lengthy bank visits typically associated with business loans. | LinkedIn
Spellbook, Toronto-based legal AI startup secured $40M USD ($54.7M CAD) in debt financing from RBCx, the innovation banking division of the Royal Bank of Canada. It aims to finance acquisitions of other contract-focused legal AI companies. Spellbook is on track to hit $100 million USD in annual recurring revenue in 2026, after tripling its revenue over the past year. The company aims to hire between 130 and 140 new people by the end of the year. | BetaKit
Stay22, a Montreal-based content monetization company, received a USD$122M growth investment. Summit Partners made the investment. As part of this investment, Summit’s Colin Mistele and Daniel Kim have joined the Stay22 Board of Directors. The company intends to use the funds to support its continued global expansion, product innovation, team growth and ongoing investment in the infrastructure and partner ecosystem that connects content to commerce at scale. | FinSMEs
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