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Canadian Tech in 100 Words

Bank of Canada Warns Fintechs on Marketing Claims

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The Bank of Canada has warned fintech companies not to promote their registration under the country’s new payments oversight regime as an endorsement. In guidance issued through a newsletter, the bank said suggesting approval or backing by the central bank is “strictly prohibited.” Firms may only reference their status by directing users to the official registry.

Spokesperson Akim Thibouthot did not confirm whether promotional announcements violate the directive. Since September, non-bank payments providers must register and follow safeguards designed to protect users from failures, cyberattacks and operational risks.

Want to know more? Check out the source code on The Logic.

BDC Expands Defence Tech Fund to $6B

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Canada’s development lender Business Development Bank of Canada has expanded its defence and security financing program to $6 billion, adding $2 billion amid rising demand from technology firms. The initiative, launched in December, has already provided nearly $92 million to 16 companies through loans, equity investments and advisory services.

BDC said the additional capital will support startups, universities, incubators and accelerators developing defence technologies for Canada and allied markets. The move aligns with Ottawa’s broader effort to strengthen the domestic defence innovation ecosystem and accelerate commercialization of emerging technologies.

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Xanadu Seeks $390M for Quantum Manufacturing

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Toronto quantum computing developer Xanadu is negotiating up to US$390 million in public financing from the federal and Ontario governments to support domestic manufacturing expansion. The funding would help build capacity to test, prepare, and assemble quantum hardware for a planned Toronto data centre targeted before 2030.

Xanadu already opened a $10-million chip packaging line last year and previously secured $40 million through Ottawa’s Strategic Innovation Fund. Governments are still conducting due diligence before any agreements are finalized. The investment aims to strengthen Canada’s position in the global quantum computing race.

Want to know more? Check out the source code on The Logic.

Gumloop Raises $50M for AI Agent Platform

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San Francisco-based startup Gumloop has raised US$50 million in Series B financing led by Benchmark, with participation from Shopify’s venture arm, First Round Capital, and Y Combinator.

Founded in Vancouver by McGill engineering graduates including CEO Max Brodeur-Urbas, the company develops tools that allow non-technical staff to build AI agents for tasks such as research and analysis. Customers include firms like Ramp. Gumloop relocated to Silicon Valley in 2024 while expanding hiring in Vancouver.

Want to know more? Check out the source code on The Logic.

Legora Buys Canada’s Walter in AI Push

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Vancouver legal technology startup Walter has been acquired by European platform Legora in a cross-border transaction reflecting consolidation in legal artificial intelligence. Founded by Ryan Wilson with Jon Conlin and Karl Campbell, Walter built workflow-embedded AI to reduce routine legal tasks.

Collaborations with Fasken and McCarthy Tétrault refined its tools in live environments. Wilson cited early support from Constantinos Ragas and Matthew Peters. Stockholm-headquartered Legora is integrating Walter engineers to build end-to-end legal agents.

Want to know more? Check out the source code on LegalTech.ca.

RBC Acquires Pinch to Boost Digital Mortgages

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Royal Bank of Canada has acquired Toronto fintech Pinch Financial to expand digital mortgage services. Pinch developed an online qualification platform that verifies borrower data electronically, reducing paperwork and accelerating lender connections.

Senior vice-president Janet Boyle said the purchase advances RBC’s digital roadmap and homeownership support. Chief executive Andrew Wells said the deal scales Pinch’s streamlined, transparent approach nationwide. The acquisition strengthens RBC’s strategy to deliver personalized, efficient financial services as digital lending competition intensifies.

Want to know more? Check out the source code on Fintech.ca.

Ballard Lands Major Fuel Cell Bus Deal

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Vancouver’s Ballard Power Systems has secured a major commercial agreement with bus maker New Flyer to supply 500 hydrogen fuel cell engines. The FCmove-HD+ order totals 50 megawatts, with deliveries beginning 2026 for North American deployment.

Executives Oben Uluc and David White cited performance and partnership longevity. Ballard-powered fleets exceed 2,200 buses globally, logging 250 million kilometres with 98 percent availability. Hydrogen propulsion supports long range and rapid refueling for transit decarbonization.

Want to know more? Check out the source code on CleanEnergy.ca.

Report Highlights Gender Gap in Workplace AI

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New research from Monday Girl indicates gender divides in workplace artificial intelligence adoption across Canada. While 64% of Canadians used AI in the past year, men led usage at 68% compared with 61% among women. Confidence gaps persist: 52% of men feel confident using AI tools versus 36% of women.

Women also reported higher concern about workplace consequences at 46%, compared with 40% of men. Intimidation and confusion levels were similarly elevated. Younger workers showed greater anxiety. The report calls for improved training, resources, and support to ensure inclusive technological participation nationwide.

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Bell, Coveo Launch Sovereign AI Partnership

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Bell Canada and Coveo have formed a sovereign artificial intelligence partnership to modernize digital services across Canadian governments and regulated sectors. The collaboration combines Coveo’s AI-Relevance Platform with Bell AI Fabric, supported by national fibre networks, data centres, cloud systems, and integration services.

Bell subsidiary Ateko will oversee implementation and governance advisory. The initiative keeps sensitive data and AI operations within Canada under domestic law. Coveo previously signed an agreement with the Government of Canada to advance AI-powered public services.

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Kindly Expands Care Platform Across Canada

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Vancouver-based Kindly has launched its AI-enabled care navigation service nationwide, partnering with major employers to assist workers supporting aging relatives.

Backed by leaders behind TD Innovation Partners, Felix Health, and Halo Health, the platform blends human expertise with digital tools. Employers including Skip, Wealthsimple, Flipp, and Inovia Capital offer the benefit. Founder Logan Gibson cited workforce strain. Kindly targets 100,000 employees by 2026.

Want to know more? Check out the source code on Techcouver.com.