Weekly FinTech & Financial News
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Top FinTech Updates this Week
💰 Innocap Investment Management, a Montreal-based dedicated managed account platform, received an investment from Bain Capital and has surpassed $100B USD in platform assets
💰 Flare, Montreal-based cybersecurity software raises another $30M USD to fuel its global expansion, product development, and M&A plans
💰 BDC Capital’s Thrive Entrepreneurship Through Acquisition (ETA) Fund invested $2M USD in Montreal-based Magnum Capital Partners, a PE fund that backs entrepreneurs looking to buy businesses
🤝 Tangerine, a digital bank and wholly-owned subsidiary of Scotiabank, partnered with Engine by Starling, a Banking Software-as-a-Service (SaaS) business of the UK-based Starling Group, to provide a next-generation banking platform for Canadians
🤝 Nuvei, a Montreal-based payment provider expands payout offering with Visa Direct for Account integration
🤝 Desjardins Insurance partners with OncoHelix, Calgary-based diagnostics laboratory, Constant Health, Ottawa-based personalized program platform and Sword Health, US-based AI-powered healthcare, to enhance cancer and virtual healthcare access for Canadians
🚀 Canadian Anti-Scam Coalition, a partnership of leading Canadian financial, telecom, and technology firms formed to combat rising fraud, launches its first campaign to help consumers stand against scams
🚀 Interac Corp. and Canada’s leading financial institutions have launched Konek, a new e-commerce payment platform designed to transform how Canadians pay and send money online
🚀 Venn, Toronto-based SME Challenger Bank launches 2% interest on all CAD and USD account balances
💼 Guidewire signs definitive agreement to acquire ProNavigator, a Kitchener-based all-in-one knowledge management platform purpose-built for the P&C insurance industry
🌟 Canadian government commits to implementing Open Banking in Budget 2025
🌟 Canada moves forward with plans to regulate fiat-backed stablecoins in Budget 2025
Top Financial Institutions Updates this Week
🚀 BMO launches BMO Credit Coach, a new no-fee credit monitoring and reporting tool to help BMO clients better understand, monitor and build their credit history
💼 BMO completes acquisition of Burgundy Asset Management, a Toronto-based wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices
🤝 BMO Insurance and Trupanion, Canada & US-based medical insurance provider for cats and dogs, are partnering to expand access to trusted, high-quality pet health coverage for Canadian pet owners
🚀 Scotiabank officially launches its modernized U.S. Cash Management program, supported by the advanced cloud-based treasury platform, ScotiaConnect, strengthening North American corridor capabilities
🚀 Questrade Financial Group, Toronto-based online trading & wealth management platform secures approval from OSFI to launch a bank in Canada
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Nuvei, a Montreal-based payment provider expands payout offering with Visa Direct for Account integration. Nuvei integrated Visa Direct for Account into its global payments platform, giving merchants the ability to send funds directly to consumers’ and workers’ bank accounts in eligible countries. The new functionality expands Nuvei’s portfolio of faster payout solutions, enabling businesses to provide customers with quick, reliable, and convenient access to money wherever they are. | Fintech Finance News
Interac Corp. and Canada’s leading financial institutions have launched Konek, a new e-commerce payment platform designed to transform how Canadians pay and send money online. The platform unifies multiple payment options within a single digital interface, enabling shoppers at participating merchants to pay securely using their chequing, savings, line of credit, credit, or debit accounts. For merchants, Konek helps reduce cart abandonment, streamline checkouts, and boost completed sales with a future-ready payment solution. Financial Institutions are BMO, National Bank of Canada, TD Bank, RBC, Scotiabank. | KONEK
payabl., UK-based FinTech firm launched a new payments integration with Ottawa-based e-commerce platform Shopify, enabling merchants to offer faster, secure, and convenient payments at checkout. The new payabl. payment extension allows Shopify merchants to streamline their payment experience with popular payment methods, fast onboarding, and built-in fraud protection, all supported by payabl.’s secure infrastructure. Merchants can go live in as little as 48 hours, supported by payabl.’s dedicated onboarding and optimisation team. Beyond online payments, the integration includes key operational features such as refunds, 3D Secure, AI-enabled fraud protection tools, and chargeback management, allowing merchants to manage transactions and resolve issues efficiently within one platform. | Fintech Finance News
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National Bank Investments wins multiple LSEG Lipper Fund Awards Canada 2025. NBI earned awards for the following funds: NBI Floating Rate Income Fund – FT Series (3years coverage); NBI Floating Rate Income Fund – FT Series (5years coverage); NBI Quebec Growth Fund – F Series; NBI Global Real Assets Income Fund – F Series; NBI Preferred Equity Fund – F Series. | National Bank of Canada (NBC)
BMO Insurance and Trupanion, Canada & US-based medical insurance provider for cats and dogs, are partnering to expand access to trusted, high-quality pet health coverage for Canadian pet owners. Ontario pet owners can now visit the BMO Insurance Solutions Store, explore coverage options, obtain a quote, and enroll easily online. The program will expand to additional provinces with the goal of reaching pet families across Canada by January 2026. This new online store is part of BMO Insurance Solutions Inc. (BMOIS), a new insurance brokerage launched to connect Canadians to trusted, everyday insurance products and reflects BMO's commitment to making insurance more accessible and convenient. With 24/7 support, unlimited payouts, and the ability to pay veterinarians directly at checkout, Trupanion helps the veterinary community to ensure pets get the care they deserve, when they need it most. | BMO
BMO launches BMO Credit Coach, a new no-fee credit monitoring and reporting tool to help BMO clients better understand, monitor and build their credit history. Available for all BMO personal banking clients using BMO's Mobile Banking app and Online Banking, BMO Credit Coach delivers a smart and intuitive way to help manage overall credit health with alerts, personalized guidance, and a dynamic credit score simulator. Clients can track credit utilization trends, learn about score factors, and explore how financial decisions such as taking out a car loan, opening a new credit card account, or consistently paying bills on time would affect their score. | BMO
BMO completes acquisition of Burgundy Asset Management, a Toronto-based wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices. The acquisition expands BMO Wealth Management and strengthens BMO's offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients. Burgundy's Chief Executive Officer, Robert Sankey, continues to lead the business which will operate as a separate line of business under BMO Wealth Management. Burgundy Co-Founders Tony Arrell and Richard Rooney remain with the business. | BMO
Scotiabank officially launches its modernized U.S. Cash Management program, supported by the advanced cloud-based treasury platform, ScotiaConnect, strengthening North American corridor capabilities. Scotiabank's upgraded Cash Management offering is designed to help businesses manage and move money in the U.S., enabling a connected experience that supports cross-border treasury and liquidity needs. The launch includes a full suite of U.S. Deposit solutions, with various options of Savings, Operating and Term Deposit products and new account features. It also offers ACH, wire transfer and account transfer capabilities to support companies' payment and receivables needs. The new ScotiaConnect platform offers a personalized, frictionless and secure experience through an online portal with real-time visibility into account balances, and empowers businesses to control and optimize their payments. | Scotiabank
Questrade Financial Group, Toronto-based online trading & wealth management platform secures approval from OSFI to launch a bank in Canada. It received approval to open Questbank by the Office of the Superintendent of Financial Institutions (OSFI), the federal regulator for financial institutions. The company first applied for the bank licence in 2019. Questbank will be a Schedule I bank — a fully-fledged domestic bank rather than a subsidiary of a foreign one, in the same class as Canada's six major institutions. The company is expected to begin operations with a comprehensive range of banking services by early 2026. | CBC
BMO Global Asset Management (BMO GAM) received twelve awards at the 2025 Canada LSEG Lipper Fund Awards, recognizing the firm's continued excellence in delivering strong, risk-adjusted returns for clients across a diverse range of investment solutions. The following BMO Mutual Funds received top honours: BMO Growth & Income Fund (Series F), BMO Growth & Income Fund (Series F), BMO Monthly Dividend Fund Ltd. (Series F), BMO Monthly Dividend Fund Ltd. (Series F), BMO European Fund, BMO Global Infrastructure Fund (Series F), BMO U.S. Small Cap Fund. The following BMO ETFs received top honours: BMO Canadian Bank Income Index ETF (Ticker: ZBI), BMO Mid Provincial Bond Index ETF (Ticker: ZMP), BMO Ultra Short-Term US Bond ETF (USD Units) (Ticker: ZUS.U), BMO Ultra Short-Term US Bond ETF (USD Units) (Ticker: ZUS.U), BMO MSCI USA High Quality Index ETF (Ticker: ZUQ. | BMO
RBC Global Asset Management Inc. recognized for investment excellence at LSEG Lipper Fund Awards 2025 Canada. In total, RBC GAM Inc. won 10 individual fund awards in the following categories: Phillips, Hager & North Dividend Income Fund – Series F, RBC Managed Payout Solution-Enhanced Plus Fund – Series F, RBC North American Growth Fund – Series F, RBC Global Dividend Growth Fund – Series F, Phillips, Hager & North U.S. Dividend Income Fund – Series F, RBC U.S. Mid-Cap Growth Equity Fund – Series F, RBC U.S. Mid-Cap Growth Equity Fund – Series F, RBC Quant European Dividend Leaders ETF – USD Units, RBC Quant U.S. Dividend Leaders ETF – USD Units, RBC Quant U.S. Dividend Leaders ETF – USD Units. | RBC
Scotia Global Asset Management wins across fund families at the 2025 LSEG Lipper Fund Awards. The winning individual funds and ETFs are: Dynamic Active Preferred Shares ETF, Dynamic Power Balanced Fund , Dynamic Preferred Yield Class, Dynamic Premium Balanced Private Pool Class, Dynamic Premium Balanced Private Pool Class, Dynamic Ultra Short Term Bond Fund, Scotia Canadian Growth Fund, Scotia U.S. $ Balanced Fund, Scotia Diversified Balanced Fund, Scotia Nasdaq Index Fund. | Scotiabank
TD Asset Management Inc. Funds recognized in seven categories at the 2025 Canada LSEG Lipper Fund Awards. Two TD Mutual Funds – TD Canadian Diversified Yield Fund and TD U.S. Monthly Income Fund (US$) – and five TD Exchange-Traded Funds ("TD ETFs") – TD Q Canadian Dividend ETF (TQCD), TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB), TD Active Global Enhanced Dividend ETF (TGED), TD Active Preferred Share ETF (TPRF) and TD Global Technology Leaders Index ETF (TEC) – received awards in their respective categories as leading funds. | TD
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Desjardins Insurance partners with OncoHelix, Calgary-based diagnostics laboratory, Constant Health, Ottawa-based personalized program platform and Sword Health, US-based AI-powered healthcare, to enhance cancer and virtual healthcare access for Canadians. Through its Cancer Care Focus initiative, Desjardins Insurance is partnering with OncoHelix to offer coverage for advanced cancer biomarker testing, including liquid biopsy. At the same time, Desjardins Insurance is expanding its digital health offering through a partnership with Sword Health, a global leader in AI-powered musculoskeletal and pelvic healthcare. Desjardins Insurance has also partnered with Constant Health to provide personalized, data-driven nutritional support to individuals with cancer or in remission. | Desjardins
Guidewire signs definitive agreement to acquire ProNavigator, a Kitchener-based all-in-one knowledge management platform purpose-built for the P&C insurance industry. ProNavigator delivers precise, context-aware best practice information directly within insurance workflows, helping professionals work faster and more effectively. Its platform captures, connects, and surfaces institutional knowledge across claims, underwriting, and distribution. Once the acquisition is complete, Guidewire will integrate ProNavigator’s insurance-trained intelligence across its platform, delivering advanced search and contextual knowledge retrieval capabilities for underwriters, claims adjusters, brokers, agents, and customer service representatives. | Business Wire
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Innocap Investment Management, a Montreal-based dedicated managed account platform, received an investment from Bain Capital and has surpassed $100B USD in platform assets. The amount of the deal was not disclosed. The company intends to use the funds to expand operations and its development efforts. Bain Capital joined tenured shareholders, including Innocap senior management, La Caisse, BNY, Walter Global Asset Management, BNP Paribas, and ADIA. | FinSMEs
Nutmeg UK-based wealth manager, acquired by J.P. Morgan, rebrands as J.P. Morgan Personal Investing, expanding services with new tools and platforms. In addition to managed investments, pensions, and ISAs, J.P. Morgan Personal Investing will offer a range of new products and services, including digital financial planning tools, dedicated relationship managers and, in 2026, a new DIY investment platform. | Fintech Finance News
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Flare, Montreal-based cybersecurity software raises another $30M USD to fuel its global expansion, product development, and M&A plans. This includes a $15-million USD equity, primary capital Series B extension from existing backers Inovia Capital (which led through its Growth Fund), Base10 Partners, and White Star Capital, as well as another $15 million in debt financing from the Bank of Montreal. This raise, which closed in September, comes a year after the cyber threat monitoring tech provider closed a $30-million USD Series B round to scale its presence globally. | BetaKit
1Password, a Toronto-based password management firm revealed that it surpassed $400M USD in annual recurring revenue (ARR) this year, up from $250M in 2023. The 1,400-person Canadian tech firm now serves over 180,000 businesses—including nearly a third of the Fortune 100—secures more than 1.3 billion human and machine credentials, and supports more than one million developers. The company aims to eclipse $500 million in ARR in the “not too distant future” as it scales toward $1 billion in ARR “and beyond.” | BetaKit
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Canada moves forward with plans to regulate fiat-backed stablecoins in Budget 2025. The Canadian government has planted a flag committing itself to legislation that'll regulate stablecoins backed by its dollar. The Bank of Canada will perform a key oversight role. This legislation will require issuers to maintain and manage adequate asset reserves, establish redemption policies, implement risk management frameworks, and protect the sensitive and personal information of Canadians. | CoinDesk
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BDC Capital’s Thrive Entrepreneurship Through Acquisition (ETA) Fund invested $2M USD in Montreal-based Magnum Capital Partners, a PE fund that backs entrepreneurs looking to buy businesses. Magnum claims to be Canada’s first women-led PE fund operating with the search fund model, where it backs entrepreneurs looking to acquire businesses with solid track records and executives approaching retirement. Its first fund, launched this year, will help up to 40 entrepreneurs buy profitable businesses with between $1 million and $4 million in annual revenue. The firm will invest between $500,000 and $1 million in each entrepreneur, helping fund their search before they’ve chosen an acquisition target. | BDC
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Tangerine, a digital bank and wholly-owned subsidiary of Scotiabank, partnered with Engine by Starling, a Banking Software-as-a-Service (SaaS) business of the UK-based Starling Group, to provide a next-generation banking platform for Canadians. Under the terms of the 10-year agreement, Tangerine will upgrade its core digital banking system to Engine’s cloud-native banking platform, enabling the digital bank to supercharge its client experience. With Engine’s SaaS platform, Tangerine’s clients will experience best in class digital onboarding, chequing accounts, instant access savings, overdrafts, debit cards and smart money management features such as card controls and spending insights, delivered through an intuitive mobile app. Behind the scenes, Engine’s end-to-end platform will provide a simplified account view and consolidate the capabilities and support tools Tangerine needs to reduce operational cost and complexity for employees. | Engine by Starling
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Canadian government commits to implementing Open Banking in Budget 2025. The Federal government committed to “advancing” Open Banking in Canada by introducing legislation to complete the Consumer-Driven Banking Act and extending the framework to include payment initiation by mid-2027, while oversight will move to the Bank of Canada. The Canadian government also confirmed it will introduce a data-mobility right in the Personal Information Protection and Electronic Documents Act to facilitate economy-wide data sharing. Oversight of the Consumer-Driven Banking Act will shift from the Financial Consumer Agency of Canada (FCAC) to the Bank of Canada, “building on its oversight activities of payment service providers”. Budget 2025 also reiterated the government’s support for the launch of Canada’s “nation-building payments infrastructure”, the Real-Time-Rail, in 2026. | Open Banking Expo
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Canadian Anti-Scam Coalition, a partnership of leading Canadian financial, telecom, and technology firms formed to combat rising fraud, launches its first campaign to help consumers stand against scams. The campaign promotes a simple message: Stop.Check.Talk., created to help Canadians remember what they can do to protect themselves from increasingly sophisticated scam attempts. The Stand Against Scams campaign includes a national advertising effort across digital, broadcast, out-of-home, social, and community channels. Canadian sports legend and community builder Michael “Pinball” Clemons, consumer protection expert Julie Matthews, and journalist and author Michel Jean will act as spokespeople for the campaign, bringing their insights, experiences, and expertise to consumers. | Business Wire
UPS, an US-based transportation and logistics platform acquired Andlauer Healthcare Group, Vaughan-based supply chain management company for approximately CAD $2.2B (USD $1.6B). With the addition of AHG’s specialized cold chain network and expertise, UPS Healthcare customers will benefit from reduced transit times, enhanced end-to-end visibility, deepened global reach, and leading quality assurance. Michael Andlauer, founder and CEO of AHG, will lead UPS Canada Healthcare and AHG to expand the businesses’ specialized capabilities and meet the needs of healthcare customers. His track record and commitment to excellence further strengthen our capabilities and drive continued innovation. | FinSMEs
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