Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Monday October 21, 2024
Top FinTech News Headlines this Week
🚀 Flinks co-founders launch open utility data with a new application programming interface Deck
🤝 EQ Bank partners with AI-powered fraud and risk platform DataVisor to drive growth with cutting-edge fraud protection
🚀 BMO unveils intelligent digital assistant designed to empower insurance advisors in Canada
💰 CIBC Innovation Banking provides $40M credit facility to commercial risk intelligence provider Sayari
🚀 Wealthsimple to triple workforce in Alberta as FinTech demand soars
💰 Montreal Bitcoin infrastructure firm Blockstream raises $289M CAD to boost mining operations
💰 Montreal-based Trustii raises $2.8M CAD to boost employee risk management software
🚀 Stripe’s stablecoin integration sees blockbuster first day
🚀 Calgary’s Helcim launches tap to pay on iPhone
Payments
The company didn’t disclose the number of stablecoin transactions or the amounts transferred. Stripe now supports Circle’s USDC on the Ethereum, Solana and Polygon blockchains and Pax Dollar on Ethereum and Solana. Any stablecoin payment made on Stripe’s platform will be converted to U.S. dollars upon receipt and stored in a user’s Stripe wallet, minus a 1.5% transaction fee. | PaymentsJournal
The feature allows users to securely accept in-person contactless payments with Tap to Pay on iPhone. Merchants can accept all forms of contactless payments, including credit and debit cards and digital wallets, directly onto their iPhone without any additional hardware required. | Fintech.ca
Revolut has launched a new payment terminal designed for larger businesses, which directly competes with established brands like Square and SumUp. This strategic expansion into the Point of Sale (POS) market takes Revolut beyond digital banking services and into more advanced solutions just in time for the busy holiday shopping season, and represents a new revenue stream for the company who is 'doubling down' on its B2B strategy. | NCFA Canada
Stripe has been in talks to acquire the San Antonio, Texas-based company, according to people familiar with the discussions who asked not to be identified sharing private information. No final decision has been made, the people said, and either party could still back out of the deal. | BNN Bloomberg
Nmbr’s API allows new entrants and existing payroll software alike to automate tasks like tax calculations, regulatory compliance, and funding flows into their offerings. By simplifying the most complex aspects of building a payroll product, we enable software developers to focus on innovation. In some cases that is embedding payroll within a platform where payroll has never lived before, but probably should, or in other cases that means allowing companies to rethink the customer experience entirely. | Fintech.ca
Nuvei Corp. didn’t breach a merger agreement when acquiring Paya Holdings Inc. because it wasn’t required to purchase all outstanding shares of the acquisition target, a Delaware federal judge said in an opinion dismissing a shareholder lawsuit.Paya investors alleged Nuvei refused to accept tender of their stock shares at $9.75 per share after agreeing to pay them as part of its deal completed Feb. 22, 2023. But Nuvei did so after Paya shareholders had already forfeited their shares. | Bloomberg Law News
FreshBooks went on to retain a $100 million debt facility from J.P Morgan to aid its global expansion plans and began changing its executive suite. Mara Reiff and Renee Pianka joined as chief data officer and chief people officer, respectively. Wayne Jackson replaced Michael Washinushi as CFO in September 2022, with Epperson indicating Jackson’s IPO experience was an asset. | BetaKit
Financial Institutions
DataVisor announced that EQ Bank selected the company’s next generation fraud detection suite to enhance its fraud-fighting capabilities. EQ Bank, the digital arm of Canada’s Challenger Bank™ with a mission to drive change in banking and enrich people’s lives, will now augment its advanced fraud protection across its diverse array of competitive banking offerings. | FinTech Futures
CIBC Innovation Banking announced that it has provided an undrawn $40M revolving credit facility to Sayari, a counterparty and supply chain risk intelligence platform trusted by government agencies, multinational corporations, and financial institutions. The financing will be used to support Sayari’s global expansion and follows a $235 million strategic growth investment from alternative asset management firm TPG earlier this year. | CIBC Innovation Banking
The consumer mobile experience has been ranked in an annual review of Canadian banking apps. Independent ranking firm Surviscor recently unveiled The Mobile Consumer Banking Review, which examines “the entire mobile journey, focusing on how customers navigate common banking tasks and processes.” | Fintech.ca
Five of Canada’s six largest banks now anticipate that the Bank of Canada will lower borrowing costs by 50 basis points, according to BNN Bloomberg. This follows inflation data that showed a greater-than-expected cooling in the previous month. | Newswire
Acknowledging the barriers the Canadian financial system has created for Indigenous Peoples and the efforts needed to rebuild relationships of trust, the Truth & Reconciliation Action Plan includes detailed commitments that span across six key areas: leadership and governance, education, employment, community, clients and third parties, and environment and social impact. | Newswire
Scotiabank is exploring the use of AI and generative AI to bolster its cybersecurity infrastructure and aims to work with vendors to develop the technology. Google Cloud is in the running to partner on the tech, Louise Dandonneau, vice president of cybersecurity operations, told Bank Automation News. | Bank Automation News
"This partnership is one of the many ways RBC is helping to make Taylor Swift | The Eras Tour as nationally accessible as possible," said Mary DePaoli, executive vice president and chief marketing officer, RBC. "We have been a proud, long-standing partner of Big Brothers Big Sisters of Canada, an organization that does incredible work in supporting young people faced with adversities, and we look forward to sharing this unforgettable experience with our recipients." | Newswire
RBC Royal Bank and Tangerine Bank top customer satisfaction rankings
RBC Royal Bank received a satisfaction score of 623, placing it at the forefront of Canada’s largest banks, while Tangerine Bank outperformed its peers with a score of 684. ATB Financial ranked second among mid-size banks with a score of 653, and Simplii Financial followed closely with 649. | Wealth Professional
TD Bank is bolstering its anti-money-laundering practices with leadership changes and investment in data and technology following regulatory scrutiny resulting in major fines. | Bank Automation News
This provides non-resident customers from eligible regions - Australia, Switzerland, the Philippines and the USA - and those who have recently relocated to the UK a more streamlined process, eliminating the need for applicants to find, approach and complete requests to separate international credit bureaux. | Finextra
National Bank of Canada and Canadian Western Bank announced a planned reorganization of CWB's tier 1 capital in the context of the previously announced proposed acquisition of all of the common shares of CWB by National Bank. The proposed amendments will permit the exchange of CWB's Preferred Shares into new National Bank Preferred Shares and an early redemption of CWB's LRCNs. | Newswire
The Euromoney Cash Management survey, an annual benchmarking report in the industry, gathers insights from thousands of clients who evaluate cash management services providers on their products, service offering, people, and technology. In 2024, over 31,000 corporate clients and financial institutions participated in the 30th edition of this annual survey. | Scotiabank
Recommended by LinkedIn
Insurance
BMO Insurance has announced the launch of a “first-of-its-kind” AI-powered digital assistant in Canada. The digital assistant, integrated with Microsoft Azure OpenAI Service, provides advisors with a digital solution to help meet clients’ needs, says Rohit Thomas, chief executive officer BMO Insurance. | Fintech.ca
While the average Canadian has probably never heard the term “embedded insurance”, there are driving indicators we can focus on to determine if the embedded insurance value proposition appeals to them. | Insurance-Canada.ca
To assist Canadian professional individuals and organizations requiring comprehensive Errors & Omissions (E&O) policy solutions with quick and competitive insurance rates, Quotey is delighted to announce the expansion of its commercial insurer marketplace to include Reinsurance Management Associates, Inc. (RMA), and their E&O insurance product offering. | Insurance-Canada.ca
Markel Canada, a division of London-based casualty insurer, Markel International, and a subsidiary of Markel Group, is excited to announce the launch of an updated, refreshed management liability offering for directors and officers/executive liability, employment practices liability, fiduciary/pension trust liability. | Insurance-Canada.ca
L’Unique has programmed CSIO’s CL Data Standards for Real Estate risks, allowing brokers to receive online quotes directly in their BMS. This innovation removes the need for manual data entry, logging into multiple portals, or contacting insurers via email or phone to request quotes. | Insurance-Canada.ca
Experts at CHES Special Risk urge brokers to ensure that their clients in the accounting profession are adequately protected with comprehensive Errors and Omissions (E&O) Insurance. Without proper E&O coverage, accountants may face lawsuits, reputational damage, and significant financial liabilities. | Insurance-Canada.ca
Manulife announced the winners of the Prospering in Longevity Challenge, through UpLink, the World Economic Forum's open innovation platform, and the Forum's Centre for Financial and Monetary Systems. Together, Manulife and the Forum have chosen ten winning global start-ups that have innovative approaches to preventative health care and strengthening financial wellness over longer lives. | Newswire
Toyota is looking to position itself to cross-sell insurance products through this move, allowing customers to bundle their home and renters insurance with auto policies, according to the Coverager. This strategy will be executed through Toyota’s existing network of agents, offering customers a seamless experience when purchasing multiple types of insurance. | FinTech Global
Lending
Apple Pay users in the US and UK can utilise Klarna’s diverse payment methods, which include interest-free installments over three or four periods, or opt for extended financing starting at 0% APR. Plans for expanding this service to Canada are set for the near future. | FinTech Global
Nova Credit and SoFi announced an expansion of its multi-year relationship with SoFi, the one-stop shop for digital financial services. This expansion enables SoFi to access consumer-permissioned bank data and cash flow analytics through Nova Credit’s Cash Atlas™ solution, giving SoFi the ability to better serve its members. | Business Wire
Apple issued a statement in recognition of ten years of Apple Pay. In many respects Apple is one of the largest Fintechs in the world due to its global reach and ubiquitous nature of its products – most importantly the iPhone. Apple reported that Apple Pay is in use by hundreds of millions of consumers in 78 markets, millions of websites and apps, in tens of millions of stores worldwide. Apple Pay is also supported by more than 11,000 banks and other network partners. | Crowdfund Insider
RegTech
The all-primary, all-equity $2.8 million CAD seed round closed at the end of September, co-led by Montréal-based AQC Capital and Accelia Capital with backing from Boréal Ventures. Undisclosed investors also supported the round. | BetaKit
During the first six months of 2024, the Canadian RegTech sector was off to a strong start to the year in terms of deal activity and funding. A total of nine deals were recorded in the first half of the year, marking an 80% increase compared to the five deals completed during H1 2023. RegTech companies in Canada raised $67M in H1 2024, a substantial 86% jump from the $36M raised in the same period in 2023. | FinTech Global
Wealth Management
Wealthsimple has announced a major hiring expansion in Alberta, tapping into the province’s deep pool of talent as it continues its rapid growth. This expansion will bring Wealthsimple’s Alberta-based workforce to 105 employees, accounting for approximately 10% of the company’s total workforce. Roles being actively recruited include positions in engineering and product development, client experience, sales, and operations. | Fintech.ca
Capital Markets
The total value of the Transaction includes an all-cash purchase price of $4.5 million, subject to certain purchase price adjustments, plus the prepayment of $2 million in principal indebtedness to Pivot Financial I Limited Partnership ("Pivot"), an affiliate of Montfort, as creditor to TIMIA Capital Holdings Limited Partnership, an entity under the TIMIA Group. | Newswire
AI
The founders behind FinTech-focused Flinks are back with another startup—but instead of financial data, they’re connecting businesses with utility data to track energy consumption. | BetaKit
Crypto & DeFi
The latest fundraise brings Blockstream’s total funding to over $822 million CAD to date. Blockstream raised $266 million CAD ($210 million USD) for its Series B round in 2021, making waves as a rare Canadian unicorn with a $4 billion USD valuation. | BetaKit
Others
Since it was spun out of RBC 10 years ago, the Toronto-based venture capital (VC) firm has focused on early-stage North American business-to-business (B2B) FinTech and enterprise software-as-a-service (SaaS) companies across three funds. After recently taking a step back to consider its options amid a particularly tough VC fundraising environment, Information VP has decided to invest more selectively in later-stage B2B FinTech and enterprise SaaS startups on a deal-by-deal basis. | BetaKit
It's impressive to see the rapid pace of innovation and partnerships shaping the Canadian FinTech landscape. These developments are certainly pushing the boundaries of what's possible in financial services. Thank you for sharing this insightful update.