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Canadian Tech in 100 Words

Intrepid Closes AI Growth Fund

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Intrepid Growth Partners has formally launched with the final close of its inaugural US$525 million fund, positioning the Toronto- and London-based firm as a specialist growth investor for AI companies. Founded by former CPPIB CEO Mark Machin, former OMERS growth equity head Mark Shulgan, and University of Toronto AI economist Ajay Agrawal, Intrepid will back commercially proven businesses using AI to redesign industries.

Fund I is supported by more than 80 global limited partners, including Temasek, Abu Dhabi Investment Council, British Business Bank, Export Development Canada, and BDC. The firm will focus on Canada, the U.K., U.S., and Europe.

Fullscript Changes Hands

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Ottawa healthtech company Fullscript is changing hands, with Altas Partners and L Catterton acquiring a majority stake from HGGC and Snapdragon Capital Partners. Financial terms were not disclosed. Founded in 2011, Fullscript provides supplement fulfillment, laboratory management and clinical tools used by more than 135,000 healthcare practitioners serving 10 million patients annually.

HGGC and Snapdragon invested US$240 million in Fullscript in 2021. The company has since acquired Emerson Ecologics and Rupa Health while adding integrations with Oura and Epic. The transaction is expected to close in the fourth quarter, subject to regulatory approval.

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Ultimarii Speeds Infrastructure Approvals

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Calgary-based Ultimarii has raised $1.3 million in Series A funding to accelerate permitting and approvals for critical energy and infrastructure projects across North America. The round was led by Allied VC and includes strategic investors from energy, project development, and professional services.

Ultimarii’s software helps teams manage regulatory workflows, stakeholder engagement, land access, environmental requirements, documentation, and reporting in one platform. The company says infrastructure developers face growing pressure to move faster while maintaining compliance and transparency. The new capital will support product development, customer growth, and expansion into additional markets where complex approvals slow major project execution.

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

Deloitte Builds Open AI Practice

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Deloitte Canada has launched an Open Model Engineering practice to help enterprises and governments build agentic AI systems using open models, open-source engineering, and proprietary tools where needed. The practice will initially serve clients in Canada, the U.S., Europe, and Asia Pacific, targeting flexibility, cost predictability, data sovereignty, IP protection, model control, and inference transparency.

Early work will focus on NVIDIA Nemotron open models and NIM microservices, while Deloitte’s Zora AI platform will support deployment, optimization, and governance of open-model agents. Deloitte also plans to hire, train, and certify forward deployed engineers through fiscal 2027 to scale the practice globally.

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Borderless AI Buys CaymanEmployment.com

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Toronto-based Borderless AI has acquired CaymanEmployment.com, giving its global payroll platform a direct operating presence in the Cayman Islands. The deal brings local employment, work permit, immigration, banking, benefits, payroll, and compliance services into one Employer of Record offering.

Borderless AI says companies hiring in Cayman have traditionally coordinated across multiple providers; owning the local entity, licences, banking relationships, and employment infrastructure should reduce handoffs and delays. The expansion targets growing demand from founders, executives, investment funds, insurers, and financial-services firms operating internationally. Borderless AI now helps customers onboard, pay, and manage workers in more than 170 countries worldwide globally.

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

RBC Backs Canadian Scaleups

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RBC is launching a $1.4 billion initiative to back Canadian technology companies with global potential, anchored by the new RBCx Growth Fund I. The bank will invest up to $416 million and focus on late-stage companies in enterprise software, health tech, frontier tech, energy and climate tech, and agtech.

RBC says the fund will pair equity capital with commercialization, advisory, partnership, and expansion support. The goal is to help more Canadian startups scale at home instead of relying on foreign-led growth rounds, where RBC says Canada has historically lagged the U.S. in domestic investor leadership and ownership.

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Tangerine Refreshes Digital Banking

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Tangerine is repositioning itself for Canada’s next era of digital banking with a refreshed brand, redesigned app experience, and broader product ambitions. CEO Gillian Riley says the Scotiabank-owned bank wants to move beyond its direct-banking roots while staying focused on simplicity, transparency, and lower-cost everyday finance.

The update comes as digital-first competitors such as Wealthsimple, Neo Financial, Koho, EQ Bank, and fintech newcomers pressure incumbents to improve mobile experiences, pricing, and personalization. Tangerine, founded from ING Direct Canada and acquired by Scotiabank in 2012, is betting its mix of bank backing and digital convenience can still compete.

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DCPayments Takes E-Transfer to Checkout

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DCPayments has become the first company in Canada to bring Interac e-Transfer Business Request Money directly to online checkout for merchants. The launch lets shoppers authorize payments from their bank account in real time, while merchants receive confirmation before fulfilling orders. DCPayments says the product can lower transaction costs, reduce chargeback risk, and offer an alternative to cards for ecommerce.

The company, part of Digital Commerce Group, already provides access to Interac e-Transfer, EFT, Visa Direct, and Mastercard Send. The launch adds another account-based payment option as Canadian checkout evolves beyond traditional card rails for businesses and consumers nationwide today.

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

Neo Narrows Its Focus

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Calgary-based Neo Financial has cut staff as the fintech sharpens its focus after years of rapid expansion. In a LinkedIn post, CEO and co-founder Andrew Chau said the company made difficult changes to simplify the business, increase accountability, and concentrate on the opportunities where Neo can have the greatest impact.

The move follows a busy year that included a $68.5 million raise, a $150 million credit-card securitization with BMO, and direct participation in Interac e-Transfer. Founded in 2019, Neo has raised more than $650 million while building products across credit, savings, mortgages, payments, and embedded finance nationally at scale today.

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

Elevate Returns With Sovereign Focus

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Elevate Festival returns to Toronto September 22 to 24 for its ninth year, marking the growth of Canada’s homegrown tech and innovation gathering into a national platform.

This year’s lineup includes Kyle Lowry, Cohere Canada’s Michael Pelosi, Xanadu founder Christian Weedbrook, Clio founder Jack Newton, Borrowell co-founder Eva Wong, Dominion Dynamics CEO Eliot Pence, Reddit communications chief Adam Collins, DuckDuckGo product chief Beah Burger-Lenehan, and ElevenLabs CEO Mati Staniszewski.

Programming will focus on AI, fintech, autonomous vehicles, stablecoins, cybersecurity, and Canada’s sovereign technology future, including a new Sovereign Growth track developed with DMZ and BDC for founders, investors, and operators.

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