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Canadian Tech in 100 Words

Canada Opens Door to Challenger Banks

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Canada’s banking regulator will fast-track licence applications from credit unions, fintechs, and other technology-driven firms under a 12-month pilot launching in June. The Office of the Superintendent of Financial Institutions says applicants will receive feedback within four weeks, a recommendation to the finance minister within a year, and final approval within three months. The regulator will also publish a public dashboard tracking progress.

The move aims to boost competition in a sector dominated by the Big Six banks, which hold 93% of assets. Industry groups welcomed the change, though experts warn licences still bring significant compliance obligations and oversight.

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

Swiss Climeworks Opens Calgary Headquarters

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Swiss carbon removal firm Climeworks is establishing its Canadian headquarters in Calgary at the Energy Transition Centre. The company plans to test direct air capture technology in cold-weather conditions, with a mobile facility expected to begin operating in fall 2026 before a larger commercial plant. Employees are already working from the hub, with local hiring planned.

Climeworks cited Alberta’s carbon management expertise, infrastructure, and regulatory environment as key reasons for choosing Calgary. Industry groups say the move reinforces the province’s role in carbon removal deployment and commercialization. The expansion adds momentum to Canada’s growing carbon removal sector and its economic potential.

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

Mecademic Raises $21M for Expansion

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Montréal robotics firm Mecademic has raised $21 million in strategic funding led by Investissement Québec, with participation from Export Development Canada and the Business Development Bank of Canada.

The company builds ultra-compact industrial robots designed for precision manufacturing in electronics, medical devices, and biopharma. Small enough to fit in tight spaces, the robots enable automation where traditional systems cannot operate. Customers include SpaceX, NASA, and Meta. Mecademic plans to expand its headquarters and grow hiring across the United States, Europe, and Asia. Founded in 2013, the firm says it produces the world’s most precise compact industrial robots.

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

Calgary Tech Protects Olympic Venues

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A Calgary safety technology company is helping secure the 2026 Winter Olympics in Italy. Blackline Safety has deployed connected gas and radiation detection systems with the Belluno Provincial Fire Brigade in the Milan-Cortina region. The specialized hazardous-materials unit is using wearable detectors and area monitors to identify nuclear, biological, chemical, and radiological threats during venue sweeps and live events.

The equipment delivers real-time alerts, enabling rapid response and coordinated evacuation if hazards are detected. CEO Cody Slater said the Olympics represent one of the world’s most challenging safety environments. The deployment shows industrial safety technology expanding into large public-event security.

Want to know more? Check out the source code on Calgary.tech.

Canadian VC Money Consolidates In 2025

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Canadian venture capital activity closed 2025 with a record fourth quarter, as startups raised $3.8 billion across 165 deals, according to the Canadian Venture Capital and Private Equity Association.

For the full year, companies secured $8 billion over 571 deals, down six per cent from 2024 while deal count fell 12 per cent. The data shows capital concentrating into fewer, larger rounds. Early-stage funding slipped slightly, Series A and B deals declined sharply, and later-stage and growth rounds rose 25 and 60 per cent respectively. With no IPOs and fewer exits, investors have less capital to recycle into startups, dampening ecosystem liquidity.

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

Hydro-Québec Targets Data Centre Power Rates

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Hydro-Québec plans to significantly raise electricity rates for high-consumption digital infrastructure users as demand surges. The public utility proposes charging 13 cents per kilowatt hour for data centres drawing more than five megawatts, while crypto mining rates would rise eight per cent to 19.5 cents.

The increases, pending approval from the provincial energy regulator, would take effect in the second half of 2026. Hydro-Québec expects provincial data-centre demand to grow sevenfold by 2035, surpassing 1,000 megawatts. Officials say higher pricing will protect households and smaller businesses from rising bills while reflecting infrastructure and capacity costs created by energy-intensive computing facilities.

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

Canada’s Biggest Bank Doubles Down on AI

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Royal Bank of Canada has created a dedicated AI Group reporting directly to CEO Dave McKay, consolidating the bank’s decade-long investments in data platforms, talent and security into a single organization focused on commercializing artificial intelligence.

Led by former technology head Bruce Ross, the team will partner across business units to turn AI use cases into market-ready products. RBC already ranks third globally in the 2025 Evident AI Index and has deployed its ATOM model across 15 products while filing more than 1,200 patents since 2019, over half AI-related. The bank has also partnered with Cohere and MIT’s FinTechAI@CSAIL initiative.

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

Wealthsimple Honoured After Breakout Year

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Toronto fintech Wealthsimple has been named the 2026 CIX Innovator of the Year by Elevate and the National Angel Capital Organization, recognizing its impact on Canada’s financial services sector. CEO Mike Katchen will accept the award at the CIX Summit on March 25 in Toronto.

The company doubled assets under administration to more than $100 billion in 2025, added 650,000 clients and raised $750 million at a $10 billion valuation. It also launched 24/5 U.S. stock trading, margin accounts and a credit card, while acquiring Fey and Plenty. Past winners include Shopify and Clio.

Want to know more? Check out the source code here.

Canadian Fintech Funding Reaches $2.4B in 2025

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Canada’s financial technology sector attracted US$2.4 billion across 113 deals in 2025, PitchBook data shows, down from 2024’s record but buoyed by major transactions including Converge Technology Solutions’ US$898-million buyout, Wealthsimple’s US$536-million raise and Ripple’s US$200-million acquisition of Rail.

KPMG partner Dubie Cunningham said investors now favour mature firms with scalable platforms and customer traction, a trend expected to continue through 2026 as challenger banks expand and open banking launches. AI fintechs led activity with 29 deals, ahead of crypto and blockchain at 26. Kareem Sadek said clearer rules for stablecoins and governance will boost confidence in digital assets and automation-driven services.

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

Canadian Tire Expands AI Platform With Microsoft

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Canadian Tire Corporation is expanding its partnership with Microsoft to roll out MOSaiC, an AI-driven retail intelligence platform across Canadian Tire, Mark’s and SportChek channels. Built on Microsoft Azure, the system blends sales, loyalty and external data such as weather and events to predict demand patterns and coordinate inventory, promotions and digital content.

Executives say the tool moves the retailer beyond transactions toward serving customer “life occasions.” During pilots, MOSaiC identified more than 1,000 retail scenarios. The company is also deploying Microsoft 365 Copilot internally and training staff in AI adoption as part of its True North modernization strategy nationwide rollout.

Want to know more? Check out the source code here.