Weekly FinTech & Financial News
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May 25-29, 2026
Top FinTech Updates this Week
🤝 Blossom Social, a Vancouver-based social network platform for retail investors, partnered with Wealthica, an investment aggregation platform, to expand connectivity across major Canadian brokerages
🤝 Tetra Trust Company's CADD, a payment stablecoin backed 1:1 by Canadian dollars is now under custody by Anchorage Digital, federally chartered crypto bank and qualified custodian providing regulated digital asset custody infrastructure for institutional clients
🤝 Interac Corp. collaborated with Incode Technologies, Inc., a global leader in identity security and fraud prevention to add advanced capabilities to Interac Verified solutions
🚀 Canada’s Real-Time Rail is set to launch in Q4 2026 with phased instant payment rollout
🚀 At its third Wealthsimple Presents event, the Toronto-based wealthtech unveiled a new suite of banking products designed to help both individual Canadians and businesses better manage different aspects of their finances
🚀 Finofo, a Calgary-based financial operations platform for businesses sets a new standard for AI native accounts payable automation for Canadian finance teams
💼 WonderFi, Toronto-based cryptocurrency company received the final regulatory approval from the Canadian Investment Regulatory Organization (CIRO) for its acquisition by Robinhood, an US-based wealthtech and the deal is expected to close on June 1
🌟 Truly Financial, US-based global money movement for businesses now supports CADD, enabling on/off-ramp access and cross-border payments
Top Financial Institutions Updates this Week
🌟 Scotiabank reports net income of $2,632 for Q2 2026 compared to $2,032M in Q2 2025
🌟 BMO Financial Group reports net income of $2,630M for Q2 2026, an increase of 34% from $1,962M in Q2 2025
🌟 RBC reports net income of $5.5B for Q2 2026, compared with $4.4B in Q2 2025, a 25% increase
🌟 CIBC reported net income of $2.5B for Q2 2026 compared with reported net income of $2.0B in Q2 2025
🌟 TD Bank Group reported net income of $4,251M for Q2 2026, compared with $11,129M in Q2 2025
🌟 National Bank reports net income of $1,234M for Q2 2026, up 26% from $896M in Q2 2025
🤝 The Bank of Canada is joining the Bank for International Settlements’ (BIS) Project Agorá, an initiative exploring how tokenization could improve wholesale cross-border payments
🤝 Scotiabank is supporting the expansion of Scene+ with Shell Canada (Shell), giving Canadians new ways to earn more everyday value when they pay with their Scotiabank debit and credit cards at more than 1,400 Shell locations across the country
🤝 National Bank is expanding its presence in the broker channel as a prime lender, starting in mid-June in Ontario and Quebec before stretching from coast to coast by the end of next year through Canada’s three largest brokers: TMG, DLC & M3
🚀 SoFi, the first national bank to offer a stablecoin on a public blockchain, allowing its nearly 15 million members to buy, sell, and hold SoFiUSD, a bank-grade, 1:1 redeemable U.S. dollar stablecoin
🚀 TD Bank launches its first agentic AI model, to automate and streamline the application process for mortgages and Home Equity Lines of Credit (HELOC)
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Canada’s Real-Time Rail is set to launch in Q4 2026 with phased instant payment rollout
They’re planning to roll out access in three stages, with access available to everyone some time in 2027. Banks must be able to receive RTR payments at launch, while sending services will roll out progressively. PSPs and FinTechs must pre-fund accounts through Lynx and maintain liquidity for settlement obligations. | LinkedIn
With support for CADD, Truly Financial’s global payments and multi-currency platform enables businesses to move funds faster and more efficiently across borders. CADD is Canada’s first regulated stablecoin issued by a financial institution, designed for real-time on-chain settlement. | LinkedIn
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Support for CADD gives institutions another regulated custody option for holding CADD within institutional digital asset workflows. CADD is Canada’s first regulated stablecoin issued by a financial institution, enabling on-chain Canadian dollar settlement for payments, treasury management and cross-border transactions. | LinkedIn
Initially set to close in the latter half of 2025, WonderFi announced in October that the deal’s closing was delayed until the first half of 2026. By closing on June 1, WonderFi manages to just barely stay within that deadline. WonderFi said it needed more time to secure regulatory approval. However, the company was also reporting widening losses in its earnings calls. One of its loudest detracting shareholders, Vancouver-based Orion (formerly Mogo), sold half its WonderFi shares at a discount to the sale price in August of 2025. In January of 2026 it offloaded its remaining stake in the company. | PYMNTS
The round was led by Blockchange Ventures, with participation from Coinbase Ventures, Compound VC, Primitive Ventures, and angels. The company intends to use the funds to expand operations and its development efforts. Spun out of Informal Systems and led by CEO Ethan Buchman, Cycles is building a private clearing network for crypto markets and stablecoin payments. It uses zero-knowledge proofs, execution environments, and multilateral clearing to preserve privacy while enabling net settlement. | FinSMEs
MoonPay Trade collapses complexity into a single integration that handles all onchain transaction execution, settlement, conversion and payments in over 120 fiat currencies. MoonPay Trade is powered by the technology and team from Decent.xyz, the Y Combinator-backed cross-chain routing company MoonPay acquired. MoonPay Trade will serve as the execution layer for MoonPay Institutional, the company's business unit for regulated financial services firms led by former acting CFTC Chairman Caroline D. Pham. Where MoonPay once handled the entry and exit points, MoonPay Trade now powers everything in between: cross-chain execution, collateral movement, tokenized fund subscriptions, and onchain settlement, all backed by institutional-grade compliance infrastructure. | PR Newswire
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Scotiabank reports net income of $2,632 for Q2 2026 compared to $2,032M in Q2 2025
Adjusted net income in Q2 2026 is $2,652 million and adjusted EPS is $2.02, an increase from $2,072 million and $1.52 in the prior year. Canadian Banking net income is $935 million compared to $613 million, an increase of 53%. International Banking net income is $701 million compared to $676 million, an increase of 4%. Global Wealth Management net income is $474 million, compared to $399 million. Global Banking and markets net income is $457 million compared to $413 million, an increase of 11%. | Scotiabank
Adjusted net income in Q2 2026 is $2,733 million and adjusted EPS is $3.67, an increase from $2,046 million and $2.62 in the Q2 2025. Canadian P&C reported net income of $884 million, 15% increase from the prior year. U.S. Banking reported net income of $790 million, an increase of 32% from the prior year. BMO Wealth Management reported net income of $428 million, an increase of $108 million or 34% from the prior year. BMO Capital Markets reported net income of $638 million, an increase of 47% from the prior year. | BMO
RBC reports net income of $5.5B for Q2 2026, compared with $4.4B in Q2 2025, a 25% increase
Adjusted net income and adjusted diluted EPS are $5.6B and $3.90 respectively, an increase of 23% and 25%, respectively, from Q2 2025. Personal Banking net income is $1,870 million, an increase of 17% from a year ago . Commercial banking net income is $854 million, an increase of 43% from Q2 2025. Wealth Management net income is $1,185 million, an increase of 28% from last year. | RBC
CIBC reported net income of $2.5B for Q2 2026 compared with reported net income of $2.0B in Q2 2025
Adjusted net income is $2.5B, an increase from $2.02B in the prior year. The Canadian Personal and Business Banking reported net income of $846 can increase of 15% from Q2 2025. Canadian Commercial Banking and Wealth Management reported net income of $614M an increase of 12% from Q2 2025. The U.S. Commercial Banking and Wealth Management Reported Net Income of $260M (US$190M), an increase of $87M (US$68M or 56%) from Q2 2025. | CIBC
TD Bank Group reported net income of $4,251M for Q2 2026, compared with $11,129M in Q2 2025
Adjusted net income is $4,168 million and adjusted EPS was $2.38, an increase from $3,626million and $1.97 in Q2 2025. Canadian Personal and Commercial Banking net income was a record $1,925 million, an increase of 15% compared with the second quarter last year. U.S. Banking reported net income was $813 million (US$595 million), an increase of $771 million (US$560 million) year-over-year. Wealth Management and Insurance net income was $837 million, an increase of 18% year-over-year, driven by record assets, higher insurance earned premiums, and deposit volume growth. Wholesale Banking reported net income of $612 million for the quarter, an increase of 46% year-over-year. | TD
National Bank reports net income of $1,234M for Q2 2026, up 26% from $896M in Q2 2025
Adjusted net income is $1,303 million and adjusted EPS was $3.23, an increase from $1,166 million and $2.85 in the Q2 2025. In the Personal and Commercial segment, Q2 2026 net income totalled $355 million versus $132 million in Q2 2025. In the Wealth Management segment, net income totalled $274 million in Q2 2026 compared to $232 million in Q2 2025, for an increase of 18%. | National Bank of Canada
By expanding SoFiUSD to its nearly 15 million members, SoFi is building the bridge between traditional banking and digital assets. This is the first phase of a broader roadmap to integrate stablecoin utility across the entire SoFi ecosystem. In the coming weeks, SoFi plans to rapidly add to their product offering by: Building the ability for SoFi members to convert SoFiUSD into tokenized deposits, allowing members to earn interest and access FDIC insurance on the deposits. Separate deposit account terms will apply; Offering global mobility on the blockchain, by allowing SoFi members to move value across borders 24/7/365, with fewer delays and lower costs than typical legacy financial systems and Launching SoFiUSD on its first centralized exchange partner, Bullish, to provide seamless trading for institutional clients. This relationship further supports stable pricing and efficient execution for high-volume trades. | Business Wire
The 2026 report identified several key findings impacting Canada’s investment landscape, including a growing concentration of capital deployed in fewer, more heavily concentrated deals. According to the report, just 10 publicly disclosed, big-ticket deals accounted for 49 percent of all investment in 2025. Additionally, the report found that investors are increasingly more selective, prioritizing perceived winners like AI (which accounted for half of all dollars invested), as safer investments. That creates a “scale-up gap,” according to BDC, in which fewer companies can access the capital needed to move from early growth to commercialization. The report shows that gap has widened, with deal volumes and investment values dropping at Series A rounds and beyond. BDC also identified difficulty in accessing Canadian investment during late-stage fundraising as a key issue. | BetaKit
The project has successfully tested the feasibility of a multi-currency unified ledger that enables atomic settlement of cross-border wholesale transactions. The Agorá prototype combines tokenized commercial bank deposits and wholesale central bank money on a programmable platform with the aim of improving the speed, efficiency, transparency and accessibility of international payments. Project Agorá brings together central banks and private sector financial institutions to experiment with next-generation payments infrastructure. The project will continue to test the prototype and examine how an Agorá-type platform could operate within existing legal and regulatory frameworks, including rules on settlement finality as well as laws designed to counter money-laundering and terrorism financing. | Bank of Canada
TD Bank reveals the 20 recipients of its 2026 TD Scholarships for Community Leadership program
This year's recipients are helping address pressing local challenges – from community health to initiatives that support belonging and access – all grounded in what their communities need. Current recipients of TD Scholarships for Community Leadership receive up to $70,000 over four years of post-secondary education towards tuition and living expenses. Beyond financial support, the scholarship offers mentorship, work experience, and networking connections that can help recipients build on their community involvement early on. | TD
This is the first step the Bank is taking to leverage agentic AI to begin an end-to-end transformation of its Real Estate Secured Lending (RESL) operations. Layer 6, the Bank's AI research and development centre, developed its inaugural agentic AI model alongside the Bank's Global Technology & Solutions, data, Real Estate & Secured Lending and risk management teams. It automates the pre-adjudication process by generating application summary memos for underwriters in minutes instead of hours. | TD
The Digital Banker's Digital CX Awards is the world's only program dedicated to recognizing leading innovation in the digital customer experience across the financial services ecosystem. The awards are: Best Goal Based Planning & Portfolio Personalization CX: My Financial Progress | Best Savings & Financial‑Wellbeing Coaching Experience: Credit Coach | Excellence in Real-Time Decisioning & Journeys Orchestration – Canada: BMO-Google Dynamic Card Benefits and Card Art | Best Agent-Assist/Copilot Deployment for Contact Centre: Call Assist | Best Use of Data and Analytics for Customer Experience: Simplified Authorization for Entities (SAFE) | Best Use of Technology for Customer Experience: Corporate Card Hub | Outstanding Use of Digital Channels for Improved CX – United States: BMO Digital Card Control Suite. | BMO
The Community Spaces Grant supports capital projects aimed at reducing emissions and environmental impact and enhancing accessibility in public spaces across Canada. The fund focuses on two key objectives: 1. Helping improve environmental sustainability: Funding high-impact capital projects and improvements to community buildings that use engineered and nature-based solutions to help improve energy efficiency, reduce emissions and build climate-resilience.| 2. Helping improve accessibility: Funding high-impact capital projects and improvements to community buildings that help enhance accessibility. | RBC
Eligible Scotiabank credit cards help clients get more value from Scene+ by accelerating how quickly rewards add up. On average, clients who use an eligible Scotiabank credit card can earn up to 4.5 times more Scene+ points than members using a Scene+ membership on its own. Scotiabank clients with an eligible Scotiabank debit or credit card linked to a Shell Go+ account can save instantly on fuel and earn Scene+ points every time they visit participating Shell locations: Instant savings of 3 cents per litre on all grades of fuel for all Scotiabank clients with an eligible Scotiabank debit or credit card linked to a Shell Go+ account - automatically applied and visible immediately at the pump. An extra 4 cents per litre in savings on Shell V-Power with an eligible Scotiabank credit card linked to a Shell Go+ account. Up to 3 cents per litre in Scene+ point value on Shell V-Power with an eligible Scotiabank credit card linked to a Shell Go+ account. Earn and redeem Scene+ points on fuel, car washes and eligible convenience retail purchases. | Scotiabank
The bank exited the broker-direct channel in 2016 and pivoted to funding mortgages via Paradigm Quest, now owned by MCAP, and its dealer arm, National Bank Financial. National Bank is expanding its prime broker strategy through its existing partnership with M3 while adding TMG and DLC to its distribution network. As part of the rollout, National Bank will be working with First National on underwriting and back-office support, while maintaining a focus on the client experience. | Canadian Mortgage Trends
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It now supports major Canadian brokerages including RBC, TD, NBDB, Disnat, CIBC Investor’s Edge, Scotia iTRADE, BMO InvestorLine, and Qtrade. Also, Blossom recently surpassed $7 billion in connected assets, and with connectivity across nearly all major brokerages, the platform appears well-positioned to move toward the $10 billion milestone. | LinkedIn
That includes products for families, like the ability to manage household finances across multiple accounts, and a chequing account and spend card for kids that allows visibility, customization, and parental control. Parents will be able to top up the interest kids receive in their account, to teach them about the power of compound growth and reward them for saving money—a feature that’s new to the Canadian market. Wealthsimple will also introduce an authorized trading option, where you can trade on behalf of a family member, like a parent or partner. For small business owners, there is now a business chequing account that offers up to 2.25 percent interest on deposits, a prepaid business card option, a USD account, and a line of credit. | BetaKit
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For businesses processing 200 or more Accounts Payable invoices a month, Finofo brings invoice intake, collaboration, approvals, payments, and reconciliation into one AI powered platform built around how finance teams actually work. It also brings invoice ingestion, matching, coding, approvals, ERP posting, and payments into one AI powered accounts payable platform built for Canadian finance teams. | Financial Post
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The enhancement strengthens the Interac document verification service with iBeta Level 3-validated liveness and deepfake and injection-attack detection. In addition, Interac will hold exclusive Canadian rights to deliver document verification capabilities using Incode's technology. To deliver these improvements, Interac is integrating new capabilities from Incode into the Interac Verified suite including: Passive liveness detection; Deepsight and Fraud network intelligence. | Newswire
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The report found that Canadian angel investors deployed nearly $114 million across 490 investments in 2025, marking another decline for angel investing and erasing 2024’s partial recovery from what NACO calls the “2023 trough.” Last year’s 490 deals marked a 20-percent year-over-year decline and the second-lowest deal count in five years, only beating that 2023 slump. Meanwhile, capital deployed declined by 22 percent from 2024, making 2025 the worst year for capital deployment in that same five-year period. However, NACO said that over the $1.92 billion in cumulative angel investment it has tracked since 2010, women’s participation has never been higher. Forty percent of members in reporting Canadian angel networks are women, NACO said; a significant jump from 14 percent in 2017 and a note higher than the five-year average of 35.4 percent. | BetaKit
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The product is now available on WestJet.com and through the WestJet mobile app, with customers able to select either an 80% or 100% refund option at the point of booking. The feature applies to Econo and EconoFlex fares, with pricing that varies based on fare type, origin, destination, travel dates, and the number of passengers on the booking. Cancel For Any Reason sits within a broader category of travel fintech products designed to address booking hesitancy and post-purchase uncertainty, two factors that airlines have increasingly sought to monetise through optional add-ons. Through the process of providing refund guarantees at a fee, carriers can convert otherwise undecided travellers while generating ancillary income outside of the base fare. | The Paypers
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