Weekly FinTech & Financial News
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Top FinTech Updates this Week
💰 Ledn, a Toronto-founded bitcoin-backed lending platform, received an investment from Tether, one of the world’s largest stablecoin issuers
💰 The Home Equity Partners, Toronto-based home equity sharing agreement (HESA) provider receives investment from The Myriad Group, Toronto-based property management firm
💰 TD Innovation Partners provided $5M in debt financing to Moment Energy, a Vancouver-based EV battery repurposing company
🌟 Revolut, UK- based challenger bank appointed Jan Pilbauer as its new Canada CEO
🌟 Stablecorp, Toronto-based digital money infrastructure's QCAD becomes Canada's first compliant CAD stablecoin
🤝 Visa partners with Aquanow, a Vancouver-based global digital assets infrastructure provider to enable faster settlement using stablecoins
🚀 Worldpay, US-based paytech launches Worldpay MCP (Model Context Protocol) to accelerate AI-powered payment integration and open the door for agentic commerce innovation
🚀 Mastercard launched Mastercard Access Pass, a new program that empowers issuers and partners to deliver tailored experiences and exclusive perks to deepen consumer connections
🚀 Monex Canada, Toronto-based FX risk management and international payments provider launches Mass Payments within its online FX payment platform, Monex Pay
🚀 Klarna, the BNPL provider launched KlarnaUSD, its first stablecoin
🌟 Payments Canada implemented a comprehensive set of amendments to its Automated Clearing Settlement System (ACSS) and Lynx Rules to enhance operational efficiency and aligning with global standards
🌟 Inovia Capital, Montreal-based venture capital firm opens Abu Dhabi office as Canada strengthens ties with UAE
💼 myAbode, Toronto-based proptech acquired FirstList, an Ottawa-based listing tool for real estate agents, for an undisclosed amount
Top Financial Institutions Updates this Week
💼 Vancity Credit Union and First Credit Union reported that First Credit Union members have voted in favour of the proposed merger between the two credit unions
💼 Scotiabank and Davivienda receive regulatory approvals for transfer of Scotiabank's banking operations in Colombia, Costa Rica and Panama
🚀 TD Bank Group expands its low-cost and no-cost banking options for Indigenous Peoples from Canada
🚀 TD is exempting public transit purchases from transaction count on both the TD Minimum Chequing Account and the TD Every Day Chequing Account
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Mastercard poised to acquire Zerohash, an US-based stablecoin and blockchain infrastructure provider for nearly $2B. The payments goliath is said to be in late-stage talks to acquire the crypto and stablecoin infrastructure startup Zerohash for between $1.5 and $2 billion. The deal would represent one of Mastercard’s biggest bets yet on stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar. | Fortune
Worldpay, US-based paytech launches Worldpay MCP (Model Context Protocol) to accelerate AI-powered payment integration and open the door for agentic commerce innovation. Worldpay MCP is available today on Worldpay’s Developer Hub and Github. Developers and merchants can download, modify, and deploy the protocol immediately, enabling the rapid creation of AI agents and direct payment integrations with Worldpay’s API. Worldpay MCP looks to inspire innovation in agentic commerce as consumers grow increasingly interested in its possibilities. By enabling agentic payments in which autonomous AI agents facilitate transactions and optimize payment flows, businesses can deliver seamless, personalized, and efficient commerce experiences. | Fintech Finance News
Mastercard launched Mastercard Access Pass, a new program that empowers issuers and partners to deliver tailored experiences and exclusive perks to deepen consumer connections. Debuting with the McLaren Formula 1 Team and First Abu Dhabi Bank (FAB) in the UAE, Access Pass will enable FAB cardholders to unlock unique perks and card art – all with their existing Mastercard. Mastercard Access Pass overlays digital designs and special benefits onto existing debit, credit, or prepaid cards with the click of a button, allowing users to keep their current cards and benefits while adding a new layer of perks. With just a few taps, cardholders can add unique card art to their digital wallet within minutes and instantly access special benefits. As Access Pass rolls out globally, additional partners and benefits will be added, bringing more opportunities for brands to deepen their relationship with consumers by tapping into their passions. | Fintech Finance News
Visa partners with Aquanow, a Vancouver-based global digital assets infrastructure provider to enable faster settlement using stablecoins. Visa expanded its stablecoin settlement capabilities across the Central and Eastern Europe, Middle East and Africa region (CEMEA). The integration of Aquanow’s digital asset infrastructure with Visa’s world-class technology stack will enable Visa’s network of issuers and acquirers to settle transactions using approved stablecoins such as USDC, reducing costs, operational friction, and settlement times. With strong demand among financial institutions for faster and more cost-effective cross-border transactions, Visa is leveraging stablecoins to digitize the backend of money movement, supporting 365-day settlement. | Fintech Finance News
Monex Canada, Toronto-based FX risk management and international payments provider launches Mass Payments within its online FX payment platform, Monex Pay. Mass Payments is designed for organizations managing complex payout operations such as global payroll, contractor payments, royalties, licensing fees, and dividend distributions. With the ability to process up to 10,000 payments per file, the solution streamlines FX conversion, payment execution, and reconciliation into a single workflow. Monex Canada will continue to enhance the Monex Pay platform and Mass Payments in the coming months, with additional product features and advanced capabilities currently in development to further support clients’ evolving multi-currency payment and treasury needs. | Fintech Finance News
Klarna, the BNPL provider launched KlarnaUSD, its first stablecoin. The move makes Klarna the first to launch a stablecoin on Tempo, a new independent blockchain started by Stripe and Paradigm that’s purpose-built for payments. With cross-border payments generating an estimated $120 billion in transaction fees annually, Klarna sees stablecoins as a way to dramatically reduce costs for both consumers and merchants. KlarnaUSD is built on Open Issuance by Bridge, a leading stablecoin infrastructure platform and Stripe company, and will launch on Tempo’s mainnet in 2026. It is currently live on their testnet and not publicly available, giving Klarna early access to its infrastructure for advanced testing, prototyping, and integration. | Fintech Finance News
Checkout.com, UK-based paytech firm adopts Agentic Commerce Protocol (ACP), backed by OpenAI, to power agentic commerce for enterprise merchants. Checkout.com will support ACP, allowing merchants to offer instant, secure checkout directly within AI platforms like OpenAI’s Instant Checkout, expanding their reach in this new AI-initiated commerce channel. Merchants will be able to maintain brand control, ensuring they retain the end-to-end customer relationship even when AI agents are acting on the consumer’s behalf. Checkout.com is actively collaborating with a wide range of partners, such as Visa, Mastercard, and Google, to establish global standards for secure, tokenized, and intelligent payments. | Fintech Finance News
Payments Canada implemented a comprehensive set of amendments to its Automated Clearing Settlement System (ACSS) and Lynx Rules to enhance operational efficiency and aligning with global standards. Changes include: Interest rate calculation (ACSS Rule J10 and Lynx Rule 14), an alignment with Swift's global mandate for wire payments to transition to the ISO 20022 messaging standard and its final adoption deadline in November 2025, Payments Canada has removed all references to the Swift MT format from the affected rules, a new policy has been implemented to standardize how Canadian financial institutions initiate the return of a Lynx payment message and ACSS and Lynx rules cleanup focusing on stylistic corrections, capitalizing defined terms and confirming or correcting by-law and rule references to ensure consistency and accuracy. | Payments.ca
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Vancity Credit Union and First Credit Union reported that First Credit Union members have voted in favour of the proposed merger between the two credit unions. The vote paves the way for the creation of a combined entity that will deliver enhanced member value, expanded services, and an even greater positive impact on communities. The merger is a strategic, values-driven partnership driven by a shared vision to preserve and enhance community cooperative banking across the province. Unlike traditional mergers which are often focused on immediate cost savings, this merger will serve as a blueprint for like-minded institutions to effectively combine resources while safeguarding local identity and the personal service standards members have come to expect. | Vancity
TD Bank Group expands its low-cost and no-cost banking options for Indigenous Peoples from Canada. As part of these enhancements, the TD Minimum Chequing Account will now be available with no monthly fee for Indigenous Peoples from Canada. The no-monthly-fee option will be available to Indigenous Peoples from Canada, complementing TD's ongoing initiatives to provide enhanced access to advice, and increased opportunities for economic inclusion. | TD Bank
TD is exempting public transit purchases from transaction count on both the TD Minimum Chequing Account and the TD Every Day Chequing Account. Access to a basic bank account is the foundation for building financial confidence and creating opportunities. These enhancements are designed to make everyday banking more flexible, affordable, and responsive to the needs of Canadians. | TD Bank
Scotiabank and Davivienda receive regulatory approvals for transfer of Scotiabank's banking operations in Colombia, Costa Rica and Panama. The combined operations of both institutions will operate under a new holding company, Davivienda Group. As previously stated on January 6, 2025, Scotiabank entered into an agreement with Davivienda providing for the transfer of the above referenced banking operations in exchange for an approximate 20% ownership stake in Davivienda Group. Scotiabank and Davivienda will work together to enable a smooth transition for clients and employees in these countries. | Scotiabank
National Bank commits $1.25M to empower community partners revitalizing Alberta’s Downtowns. A contribution of $330,000 for the Edmonton Downtown Business Association is directed at new daytime programming of Core Patrol, a service that deploys teams of peer support and security-trained personnel from its social enterprise partner, HireGood, to be a proactive presence on the streets. In Calgary, the Bank will give $450,000 to Inn from the Cold to support both an emergency shelter and transitional housing program. An additional $25,000 will be invested in the Calgary Drop-In Centre this year for its emergency shelter meal program. In Edmonton, $450,000 is directed to the Bissell Centre’s Services Hub which focuses on prevention, stabilization, and long-term well-being to ensure vulnerable individuals are best equipped to meet their present and future needs. | National Bank of Canada
Scotiabank named as one of Canada's Top 100 Employers 2026 by Mediacorp Canada Inc. This prestigious list aims to recognize organizations that lead their industries in creating progressive workplaces and assesses employers on criteria like workplace environment, employee benefits, skills development, and community engagement. Scotiabank is navigating a bold cultural transformation across its footprint, anchored by the launch of its culture ambition, ScotiaBond, in 2024. ScotiaBond encompasses the core Values and key Behaviours needed to support the Bank's strategy, boost performance, build resilient teams, and create lasting value for clients and shareholders. | Scotiabank
CIBC Private Banking is named the Best Private Bank in Canada by Global Finance in its 2026 World's Best Private Bank Awards. This year's awards focus on financial firms that are excelling at combining digital resources with expert advisors. CIBC Private Banking also received four awards this year in the 2025 Global Banking & Finance Awards for its leadership and client-centric approach. | CIBC
CIBC Asset Management partnered with Avantis Investors by American Century Investments for the launch of eight new Avantis CIBC ETFs. The partnership aims in bringing ETF solutions from Avantis Investors to the Canadian market. The name of each Avantis CIBC ETF is indicated below: Avantis CIBC Canadian Equity ETF, Avantis CIBC U.S. All-Cap Equity ETF, Avantis CIBC U.S. Large Cap Value ETF, Avantis CIBC U.S. Small Cap Value ETF, Avantis CIBC All-Equity Asset Allocation ETF, Avantis CIBC Global Small Cap Value ETF, Avantis CIBC International Equity ETF and Avantis CIBC Emerging Markets Equity ETF. | CIBC
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FINTRAC fined Xeltox Enterprises Ltd (operating as Cryptomus), a virtual asset service provider registered in British Columbia with a record-breaking $177M administrative monetary penalty. FINTRAC noted that the penalty reflected the “magnitude of non-compliance” and the very serious nature of the violations. FINTRAC found that the crypto company failed to file suspicious transaction reports, noting that the company processed many transactions that it had reasonable grounds to suspect were related to proceeds from trafficking in child sexual abuse material, fraud, ransomware payments, and sanctions evasion. The company also failed to report large virtual currency transactions of $10,000 or more. | Insight Threat Intelligence
Ledn, a Toronto-founded bitcoin-backed lending platform, received an investment from Tether, one of the world’s largest stablecoin issuers. The investment underscores Tether’s commitment to building real-world financial infrastructure that empowers individuals and businesses to access credit without selling their digital assets. Ledn’s infrastructure includes advanced custody, risk management, and liquidation systems that ensure clients’ digital assets backing their loan remain secure throughout the life of each loan. Ledn is well-positioned to expand access to credit across both retail and institutional markets as the bitcoin-backed lending market potentially enters a phase of significant growth. Ledn has originated over $2.8 billion in bitcoin-backed loans since inception, including more than $1 billion in 2025, marking its strongest year yet. | Tether.io
Coinbase acquired Vector, an onchain trading platform built on Solana. Coinbase is bringing on the Solana-native team and technology behind Vector, an onchain trading platform that gives traders access to one of the most active, high-velocity trading ecosystems in crypto. Vector’s team has deep Solana-native experience, plus infrastructure that can identify new assets the moment they’re created onchain or launched via major launchpads. Their tech will plug directly into Coinbase DEX trading integration to eventually improve speed, liquidity, and access to a broader set of assets across the Solana ecosystem. | Coinbase
Stablecorp, Toronto-based digital money infrastructure's QCAD becomes Canada's first compliant CAD stablecoin. Following a multi-year regulatory approval process, the QCAD Digital Trust received a final receipt for the prospectus qualifying the distribution of QCAD tokens pursuant to Canada's current regulatory framework for stablecoins. This officially makes QCAD Canada's first compliant CAD stablecoin. QCAD is a digital token that maintains a stable value of 1 Canadian dollar, by holding 1-to-1 dollar reserves for each issued QCAD at regulated financial institutions. | Newswire
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Relay headquartered and US operating SMB Challenger Bank Relay launched embedded payments, in partnership with Adyen. Relay launches embedded payments to make money management easier for small businesses. As a modern banking and money management platform for small businesses, Relay enables companies to take control of their cash flow with tools for banking, expense tracking, card spend, and now, integrated payments. By embedding payments directly into their platform, Relay is giving users a more seamless way to manage money end-to-end. | Adyen
Revolut, UK- based challenger bank appointed Jan Pilbauer as its new Canada CEO. Prior to this, Jan Pilbauer served as CEO of Al Etihad Payments. Also, earlier this year, Revolut reportedly began hiring talent for its planned return to the Canadian market, nearly four years after its exit. | LinkedIn
Revolut, UK-based challenger bank completes $3B fundraising at a valuation of $75B. The transaction was led by Coatue, Greenoaks, Dragoneer, Fidelity Management & Research Company, with participation from a broad group of world-class investors including Andreessen Horowitz (aka a16z), Franklin Templeton, and T. Rowe Price Associates, Inc. This sale also included investment from NVentures (NVIDIA’s venture capital arm), deepening Revolut’s collaboration with the global technology leader in key areas including AI. Current employees were given the opportunity to sell as part of this transaction. The $75 billion valuation is underpinned by powerful business momentum and strong financial performance. | Fintech Finance News
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TD Innovation Partners provided $5M in debt financing to Moment Energy, a Vancouver-based EV battery repurposing company. The company intends to use the funds to accelerate the repurposing of lithium-ion batteries into safe, high-performance, and compliant energy storage systems for commercial, industrial, and utility applications. The company works with major automotive companies, including Mercedes-Benz Energy, to support circular economy goals and ensure their batteries are safely used in second-life applications before they are recycled. | FinSMEs
Inovia Capital, Montreal-based venture capital firm opens Abu Dhabi office as Canada strengthens ties with UAE. The new office will be located in the Abu Dhabi Global Market, the city’s international financial centre and free economic zone, and what Inovia calls “one of the world’s most dynamic hubs for innovation and artificial intelligence.” Inovia’s head of strategic partnerships, Claire Glossop Irani will oversee Inovia’s global investor relations, the firm said in a statement. She will also foster new commercial and financial partnerships for portfolio companies in the region, particularly in the UAE and Saudi Arabia. | BetaKit
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The Home Equity Partners, Toronto-based home equity sharing agreement (HESA) provider receives investment from The Myriad Group, Toronto-based property management firm. The amount of the deal was not disclosed. As part of this investment, Kyle Goldenberg,Vice President, Finance and Operations at the Myriad Group, joined The Home Equity Partners’ Advisory Board. The company intends to use the funds to scale its Home Equity Sharing Agreement (HESA) nationwide. | FinSMEs
myAbode, Toronto-based proptech acquired FirstList, an Ottawa-based listing tool for real estate agents, for an undisclosed amount. FirstList provides a digital platform for exclusive home listings that are not or haven’t yet been shared on Multiple Listing Service (MLS). MyAbode is acquiring its assets. myAbode is also bringing on FirstList CEO Derek Hooper, and Andrew Paliga, as well as its team of fewer than 10 employees. According to the myAdobe website, more than 7,000 real estate agents across various Ontario brokerages use the platform. | BetaKit
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Sun Life Canada, in collaboration with Families Canada, United Way Greater Toronto, and Centraide of Greater Montreal, will provide more than 10,000 program participants with no-cost access to healthcare services through Dialogue. Sun Life is reimagining how they support communities across Canada with both support services and monetary donations. Dialogue is Canada's leading virtual healthcare and wellness platform that delivers affordable, on-demand access to quality care. In addition to virtual healthcare, Sun Life is contributing $500,000 in funding to support community-led programming focused on nutrition education, physical activity initiatives, money management resources, and other programs specifically designed for low-income women and families. | Sun Life
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Synthetic, a U.S.-based AI-powered accounting firm founded by Ian Crosby - the founder of Bench and Teal - has officially launched. The firm raised from Khosla Ventures and are hiring for early engineers. The founder posted that they are working 6 days a week to make the product a reality. | Synthetic.ai
Hiive, a Vancouver-based marketplace for trading private company shares, opened its Series B raise on its own platform. Hiive opened its Series B raise using its own digital fundraising model designed for late-stage companies, offering a US$650 million pre-money valuation and a streamlined, fully automated investment process for institutions and ultra-high-net-worth investors. | LinkedIn
Augmentt, Toronto-based centralized SaaS security platform built for MSPs to deliver scalable managed security services for Microsoft and cloud apps, raised CAD $18M Series A funding. The round was led by Camber Partners. The company intends to use the funds to accelerate its product roadmap, expand go-to-market operations, and deepen its partnerships. | FinSMEs
The United Arab Emirates’ (UAE) Technology Innovation Institute (TII) is set to open a new corporate research lab within Mila, Montréal’s artificial intelligence (AI) research centre. Mila and the applied research arm of Abu Dhabi’s Advanced Technology Research Council struck the agreement during Prime Minister Mark Carney’s visit to UAE last week. The new lab will allow TII researchers to establish a Canadian presence, and both organizations are already considering further expansions of the collaboration, including in applied AI research and quantum technologies. | BetaKit
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