Weekly FinTech & Financial News
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May 11-15, 2026
Top FinTech Updates this Week
💰 RBC alongside other investors invested in Photonic Inc., a Vancouver-based developer of distributed quantum computing infrastructure
🤝 Tetra Trust Company's CADD, a payment stablecoin backed 1:1 by Canadian dollars is now live on Base by Coinbase
🤝 KOHO, Vancouver-based challenger bank is joining the Interac e-Transfer service directly as a Participant following the recent broadening of access to the service for qualified Payment Service Providers (PSPs)
🤝 Humania Assurance, Québec-based life and health insurance firm partnered with Koïos Intelligence, Montreal-based AI-powered agents for insurance sectors to use their AI-driven platform, Olivo, to automate quality assurance and regulatory compliance across its life insurance workflows
🤝 Vendasta, Saskatoon-based business-to-business SaaS firm partnered with Italiaonline, Italy's largest internet company to roll out MARiO, an AI-driven employee platform, to more than 100,000 small- and medium-sized businesses across Italy
🌟 Venn, Toronto-based SME Challenger Bank surpasses 10,000 businesses across the country
Top Financial Institutions Updates this Week
🚀 Sun Life launched Sun Life Essential and Sun Life Essentials Plus, new digital-first workplace savings solutions designed specifically for small and medium‑sized enterprises (SMEs)
🚀 RBC and RBC Foundation unveiled the RBC Stronger Nonprofits Program and website as part of their ongoing commitment to help strengthen the capacity and resilience of the nonprofit sector
🤝 Desjardins Group and Nieuport Aviation, Toronto-based aviation company entered in a new multi-year partnership that elevates the passenger experience through thoughtful enhancements of the domestic lounge at Billy Bishop Toronto City Airport
🤝 CIBC partnered with Disney+, offering clients additional savings on their monthly streaming subscription
🤝 Scotia Wealth Management and SBI Canada Bank, a wholly owned subsidiary of State Bank of India, entered a referral relationship arrangement to offer wealth management services to SBI Canada's high-net-worth clients
💼 BMO entered in a definitive agreement with Stonepeak, US-based alternative investment firm for the sale of BMO's Transportation Finance and Vendor Finance businesses, including related loan portfolios in the United States and Canada
🌟 Tru Cooperative Bank (formerly First West Credit Union) is now a member of Payments Canada following its approval as Canada’s newest federally-regulated credit union
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The company is building a payment system that allows users to authenticate and complete transactions with the palm of their hand, aiming to remove the need for cards, phones, or PINs. The round marks an early step in Five’s ambition to modernize in-person payments through biometric identity, positioning itself within a growing segment that combines fintech and advanced authentication technologies. The $6 million raise will be used to accelerate product development, expand pilot programs, and support partnerships with merchants and payment providers. Five enters a competitive landscape where biometric payments are gaining traction, driven by demand for faster, frictionless checkout experiences and enhanced security. | LinkedIn
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Following regulatory approval from the Alberta Treasury Board and Finance, Canada’s first regulated stablecoin issued out of a financial institution is now on the network built to bring the next billion users onchain. | LinkedIn
Initial launch partners, including Moonshot, Bitcoin.com, Bread, and Trust Wallet, are already leveraging this newest product. Until now, MoonPay's core onramp product was a widget – a hosted checkout flow that lived visibly inside a partner's app as a MoonPay-branded experience. Headless replaces that model with a pure API integration that gives partners a fully white-labeled, highly-customizable checkout they control end to end, while MoonPay handles the payment rails, compliance and identity verification behind the scenes. | PR Newswire
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The plans are built to be simple and accessible, helping business owners better support their employees in building long‑term financial stability and confidence. Sun Life Essentials and Sun Life Essentials Plus are quick to implement, easy to administer, and help employees maximize investment growth. There are no set-up fees and no minimums for employee participation or contributions. Employees can begin saving right away through registered options such as RRSPs and TFSAs, supported by Sun Life's integrated digital experience, including the my Sun Life mobile app. | Sun Life
Available for passengers travelling within Canada, the space reinforces a shared vision between Desjardins and Nieuport Aviation: to create environments that enable connection for work, rest and travel while elevating the experience for passengers. The new amenities in the domestic lounge blend comfort, functionality, and modern design. Key features include future private office pods to support focused work or calls, wireless chargers integrated into lounge tables, greenery to create a calm and overall welcoming atmosphere. | Desjardins
This partnership will allow both Matthew and CIBC to focus on community impact while creating meaningful opportunities to engage with fans, communities, and clients. As the recent Rookie of the Year, Matthew has quickly distinguished himself as a rising star on the ice. His record-setting rookie-year performance highlights both his remarkable talent and his ability to inspire and elevate those around him. This collaboration exemplifies the shared commitment of Matthew and CIBC to excellence, growth, and making an impact together. | CIBC
In addition, the collaboration will see CIBC sponsoring select Canadian premieres for The Walt Disney Studios' upcoming theatrical releases and participating in select Disney+ Perks offers. Eligible CIBC cardholders can receive a statement credit of up to 50% off of their Disney+ subscription for up to six months. In addition, clients who subscribe will get access to Disney+ Perks, which feature exclusive monthly rewards and benefits along with discounts at major retailers and access to unique Disney experiences. | CIBC
The transaction will advance BMO's strategic priorities by improving capital efficiency and sharpening its focus on core markets where the bank has deep client relationships and attractive long-term growth opportunities. BMO's Transportation Finance business provides specialized financing for trucks and trailers predominantly through dealer-managed relationships, and its Vendor Finance business offers equipment financing through original equipment manufacturers and their dealer networks. The combined loan and lease portfolio in the United States and Canada totals approximately C$14.5B as of March 31, 2026. | BMO
In addition, TDAF ranked #1 among Non-Captive Prime lenders for the third year in a row--and for the eighth time in nine years overall. The JD Power Canada Dealer Financing Satisfaction Study measures Canadian auto dealers' satisfaction with their auto finance providers. In the 2026 study, TD Auto Finance Canada ranked #1 across all four study factors in the Non-Captive Prime segment, including: Finance Provider Offerings; Funding Process; Credit Staff Relationships; Sales Representative Relationships. | TD
According to the Kantar BrandZ 2026 Most Valuable Global Brands report, RBC ranked #55 globally, #7 in the Global Financial Services sector and is the highest-ranked Canadian brand, with its brand value reaching $51.5 billion USD, up 17% year-over-year. Climbed four spots since 2025 in the global rankings. | RBC
The new online hub will connect Canadian charitable organizations with essential capacity-building resources, programs and supports, enabling them to continue making a meaningful impact on their communities. RBC Stronger Nonprofits Program is strengthening the nonprofit sector in two critical areas: Leadership & Talent Resilience and Digital Skills Development. | RBC
Through this arrangement, high-net-worth clients of SBI Canada will benefit from the opportunity to access Scotia Wealth Management solutions. SBI Canada currently offers full-service retail, commercial, and corporate banking services to clients in Canada. The arrangement positions both SBI Canada and Scotia Wealth Management to deliver more coverage for clients locally in Canada while supporting their financial needs. Scotia Wealth Management will offer advisory and investment management services through Scotia Jarislowsky Fraser and ScotiaMcLeod® and private banking services through Scotiabank's Private Banking group. | Scotiabank
The Bank also maintained its eight-year track record of inclusion in the Dow Jones Best-in-Class Index North America. The Index is a global suite of sustainability best-in-class benchmarks, based on S&P Global's evaluation of a company's performance on and management of sustainability considerations expected to have an impact on growth, profitability, capital efficiency and risk exposure. The Bank scored 67/100, placing in the top 11 per cent of banks worldwide (as assessed in the 2025 CSA as of March 17, 2026) and is the only Canadian bank selected to S&P Global's 2026 Sustainability Yearbook. | Scotiabank
A federally regulated credit union is a financial institution governed by the Bank Act and regulated by the Office of the Superintendent of Financial Institutions (OSFI). Tru Cooperative Bank joins an increasingly diverse group of Payments Canada members that strengthens competition and innovation for the benefit of Canadian consumers and businesses. Membership provides access to policy development, research and payment expertise, allowing organizations to help shape the future of payments in Canada. | Payments.ca
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With this new access, KOHO will be able to offer its users a more seamless and integrated Interac e-Transfer experience. As one of the first direct connector PSPs to the Interac e-Transfer service, KOHO is removing legacy constraints and creating the foundation to deliver new payment innovations faster. This direct connection can give KOHO greater control, accountability and flexibility to build features for the Canadian marketplace. | Interac
Venn, Toronto-based SME Challenger Bank surpasses 10,000 businesses across the country
The 10,000 businesses on Venn span every industry and stage of growth. From local restaurants like Vero Italian Sandwiches, to fast growing startups like Spellbook, to international companies like Alan expanding into Canada, the platform serves businesses that look nothing alike, united by the need for something better than traditional banking and fragmented finance software. Venn’s growth has been driven by owning both the financial infrastructure and the software layer, and shipping relentlessly against real customer problems. That combination allows the team to move faster and deliver a level of product quality that fragmented tools and traditional players can’t match. | Business Wire
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Olivo, Koïos Intelligence’s multi-agent AI platform, streamlines insurance workflows by combining conversational AI, intelligent document processing, and advanced automation capabilities. Its compliance module validates information consistency across multiple sources, evaluates applications against underwriting and regulatory requirements, and generates risk profiling summaries. Aligned with Humania’s systems, Olivo adapts to product-specific rules and regulatory requirements across multiple distribution channels. It also provides reviewers with structured reporting and direct access to supporting documentation, enabling more efficient and targeted audits. Olivo is built with strict confidentiality controls to protect sensitive customer data throughout ingestion and processing. | Insurance-Canada.ca
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The partnership marks a significant growth move for Souqh as the company looks to position itself deeper within Canada’s real estate technology ecosystem. The platform is designed to connect real estate professionals with home service providers such as mortgage firms, law firms, movers, inspectors, and other housing-related businesses, aiming to reduce friction throughout the homeownership process. Under the agreement, GVR members and their preferred partners will gain access to Souqh’s marketplace platform, which focuses on streamlining communication and collaboration between professionals involved in property transactions and home services. | The Founders Press
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It raised over $200M USD ($275M CAD) in funding, achieving a $2B USD post-money valuation. The round was led by Planet First Partners, with participation from new investors BDC, EDC, Bell Ventures, Firgun Ventures, and InBC Investment Corp., alongside returning investors Mubadala Capital, RBC, TELUS, BCI, and Microsoft. The company intends to use the funds to continue hitting key technical milestones, expand its team of over 160 experts, and deepen international partnerships to scale its distributed quantum systems. | FinSMEs
DevCap operates differently from most venture capital (VC) firms. In 2024, DevCap raised $3M at $0.10 per share. The new funding is from a group that includes returning “anchor” investor Urbana Corporation, CEO Jordan Steiner himself, and other undisclosed individuals, such as tech founders and workers as well as portfolio managers and leaders from large asset managers. DevCap plans to deploy this capital across another 10 pre-seed and seed-stage startups and make follow-on investments in its existing winners. | BetaKit
EnsoData is advancing sleep medicine through AI-powered, FDA-cleared solutions that help simplify diagnosis and expand access to care. Its flagship product, EnsoHST, is a clinically proven, multi-night home sleep testing solution that uses a simple wearable device and mobile app to deliver fast, clinically reliable results. This facility from CIBC Innovation Banking enables EnsoData to expand access to the sleep care pathway today, while accelerating our investment in AI-driven innovations that will shape the future of diagnostics across multiple clinical domains. | CIBC
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Athena expands Shoplazza's AI-native commerce operating system by bringing agentic execution into the daily tasks merchants rely on to run their businesses. Instead of moving across multiple dashboards to create products, update information, configure discounts, check orders, review logistics, or analyze data, merchants can describe what they want to accomplish and let Athena help prepare the task, preview the result, and execute after confirmation. | PR Newswire
The firm raised from Khosla Ventures last year. The elevator pitch is that Synthetic can provide software businesses with an AI agent that automatically completes their books by connecting to banking, payroll, billing systems, and inboxes, before asking its human bosses the necessary clarifying questions to fill in any blank spots. | BetaKit
The $66M handed out through the fund will help the businesses access AI compute. That $66M comes from the AI Compute Access Fund, a previously revealed, $300M program that offers financial support to subsidize the cost of compute to commercialize or scale AI projects. The fund has been “oversubscribed,” and that there is overwhelming demand from tech companies to access the support. The AI Compute Access Fund is open to Canadian-incorporated companies with fewer than 500 employees that are generating revenue or have raised Series A financing. | BetaKit
MARiO is capable of answering phones, booking appointments and managing customer relations across a diversity of enterprise types and languages. Vendasta won the contract after Italiaonline searched globally for a provider, meaning the Saskatchewan firm beat out Silicon Valley companies. Vendasta said MARiO is purpose built for small business, characterizing its rollout as a way to remove barriers preventing uptake of AI tools in small business. | BetaKit
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