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FinTech news in Canada category

FinTech startup Vault raised seed round of $3.7M led by Gradient Ventures

Gradient Ventures and Fin Capital co-led Vault’s US$3.7 million seed raise, which closed last year and included participation from The Fintech Fund, Exponent Capital and Thirdbase Capital. Vault says it partners with regulated financial institutions and that its customers can see which financial institution is holding their funds via their accounts page.

FinTech startup Synctera raised $15M to expand into Canadian market

As part of the latest funding announcement Synctera said is also announcing that it is partnering with the National Bank of Canada to help companies launch fintech apps and embedded banking products in the country.

Blockchain startup Goldsky raised seed of $20M led by Felicis Ventures

The company’s co-founder and CEO Kevin Li said that while Goldsky closed the seed round before this summer’s dropoff in crypto prices, the company’s focus on infrastructure has given it an edge to weather bear market conditions. By automating the creation of data pipelines, Goldsky enables its customers to spend more time working on building their core products rather than parsing the data feeding into those products, Li explained. While there are other startups such as The Graph working to solve similar problems, Li said Goldsky’s differentiation lies, in part, in its focus on providing accurate real-time data to companies. Goldsky, a data infrastructure company for crypto startups, has raised $20 million in a seed round led by Felicis and Dragonfly Capital.

Cannabis startup Dutchie launched new POS system

With Dutchie POS and Dutchie Pay, the cannabis tech company is now offering cannabis operators one of the most comprehensive platforms to manage dispensaries. Called Dutchie POS, this comes just weeks after the company announced a new payment platform, Dutchie Pay. Dutchie today is announcing a new cannabis point of sale platform, including a dual-screen terminal for dispensaries. Zach Lipson spoke to journalist ahead of the Dutchie POS launch, saying this solution is built to accommodate dispensaries of all sizes.

SMB FinTech Emitrr raised pre-Series A $4M led by Chiratae Ventures

Oberoi said that people in many markets including the U.S., Australia and Canada still prefer to use SMSs over any third-party offerings, but added that it’s within reach for the startup to quickly adopt WhatsApp or any other instant messaging service onto the platform. Emitrr, founded by Oberoi and his partner Pulkit Gambhir in December 2020, claims that that over 150 local businesses in the U.S. use its platform. Oberoi said that Emitrr has so far built seven to eight different automation models that work over the short messaging service (SMS). Now a young startup, Emitrr, is aiming to bring the benefits of this model to small and local businesses in the U.S.

Wealthsimple, valued at $4B last year, joins the fintech layoffs list

The Toronto-based company has been a leader in the realm of democratizing financial products for consumers, including stock trading, crypto asset sales and peer-to-peer money transfers. And now it appears that Wealthsimple is an example of another company that experienced a boom during the early days of the pandemic and is now seeing a slowdown in business. It will scale back its efforts in areas such as peer-to-peer payments, tax and merchant services.

CyberConnect raised Series A round of $15M led by Sky9 Capital

CyberConnect plans to generate revenues through the social data network, which include different participants like data contributors, indexers and recommenders, curators, and users.

Kevin O’Leary on stablecoins

It’s a little less than two weeks since Crypto Bahamas began, but we’re still bringing out content from the conference, because, seriously, there was so much good ideas we couldn’t not share it.

Finance startup Neo Financial raised Series C round of $145M

In an interview with journalist, Neo co-founder and CEO Andrew Chau shared that he and co-founders Jeff Adamson, Chris Simair and Kris Read started Neo to challenge the Big Five banks that own some 90% of the country’s market share.

FinTech Leatherback raised pre-seed of $10M led by Zedcrest Capital

U.K.-based Leatherback offers multi-currency accounts with the option to exchange currency across multiple countries, including the United Kingdom, Canada, India, Nigeria, Egypt, Uganda, Tanzania, Angola, South Africa, the UAE, Denmark, Ghana, and Côte d’Ivoire. Now, fintech startup Leatherback, a U.K.-based cross-border payments platform, has raised what it describes as a $10 million pre-seed round led by ZedCrest Capital, a pan-African investment firm. Leatherback offers a multiple currency solution for cross-border transactions. Immigrants, international students, and the migrant population in general all require international payments, or foreign exchange.

Payroll FinTech Papaya Global is said to acquire Azimo for $150M-$200M

First, it will help it expand the company expand its geographic footprint: Azimo currently has payment licenses in the U.K., the Netherlands, Canada, Australia and Hong Kong, and it operates a payment network in more than 160 countries, while Papaya Global (not to be confused with the other fintech called Papaya) operated services in 150 countries just prior to this deal, Eynat Guez, Papaya Global CEO and co-founder.

FinTech startup Sardine raised Series A round of $20M to fight fraud

When customers move money to their wallet via credit card, debit card, or ACH transfer, Sardine assigns a risk score to the card or bank account being used through an algorithm and assumes fraud liability for the transaction.

Financial Services startup CoinTracker raised Series A round of $100M

Coinbase, one of the world largest crypto exchanges, announced an exclusive partnership earlier this week with crypto tax and portfolio tracking provider CoinTracker, meaning Coinbase users will get access to CoinTracker’s software at a discounted price.

Cross-border payments startup Routefusion raised seed round of $11M

Routefusion cofounders Colton Seal and Richard Scappaticci attempted to launch a neobank in 2016, but they ran into significant hurdles when trying to integrate with banks to help their customers move money to other countries.

FinTech Conduit raised seed round of $17M led by Portage Ventures

Conduit aims to be a one-stop shop for neobanks and financial institutions to plug their own products into the DeFi ecosystem, which Gertman said is made easier because Conduit itself is regulated and compliant, taking the compliance burden off of companies using its tools.