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Canadian Tech in 100 Words

Ottawa Holds $2.16B in Uncashed Cheques

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The federal government is holding more than $2.16 billion in uncashed cheques across 3.9 million payments, highlighting inefficiencies in paper-based disbursements. The figures, revealed through a parliamentary inquiry, reflect systemic challenges including outdated addresses and reliance on physical delivery.

Experts say digital methods such as direct deposit and e-transfers offer faster, more reliable alternatives. Calgary-based Digital Commerce Payments also points to prepaid cards as a solution for reaching underserved populations. With real-time payment systems still pending, the backlog underscores the need to modernize public sector payments to reduce costs and improve delivery outcomes.

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

Xanadu Debuts on TSX, Nasdaq With Strong Gains

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Toronto-based Xanadu Quantum Technologies has gone public on the TSX and Nasdaq, with shares rising 15 percent on debut to $11.50 USD. The listing makes Xanadu the first Canadian technology company to debut on the TSX since 2021 and the first pure-play photonic quantum computing firm to go public.

The company raised approximately $302 million USD through a SPAC merger, despite broader market volatility impacting investor sentiment. Chief executive Christian Weedbrook said the capital will support commercialization and infrastructure expansion, including plans for a quantum data centre by 2029. Analysts note ongoing uncertainty around quantum technologies.

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

Wealthsimple Cleared for Prediction Market Trading

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Wealthsimple has received regulatory approval to offer limited prediction market trading in Canada, marking a significant development for the emerging sector. The Canadian Investment Regulatory Organization has authorized the Toronto fintech to introduce “forecast contracts” tied to economic indicators, financial markets, and climate trends.

Popular categories such as sports and elections remain prohibited. The move comes as global prediction market volumes surge, with billions traded annually. Legal experts say the approval could support broader adoption under regulated conditions. Wealthsimple has not confirmed launch timing, while regulators continue to monitor risks associated with the products.

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

CoolIT Sale Delivers Major Employee Windfall

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Hundreds of employees at Calgary’s CoolIT Systems will receive significant payouts following its USD $4.75 billion sale to Ecolab, marking a major liquidity event for the city’s tech sector. Under a broad ownership program introduced by KKR in 2023, all 650 staff held equity, with returns ranging from one to eight years of salary.

The deal highlights the value of employee participation in high-growth firms. CoolIT, a leader in liquid cooling for data centres, has benefited from rising AI demand. The transaction, expected to close in 2026, also delivers strong returns for KKR.

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

Denvr, Dominion Build Sovereign AI Defence Platform

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Calgary-based Denvr has partnered with Ottawa’s Dominion Dynamics to develop a sovereign AI simulation environment for autonomous defence systems. Built on Denvr’s Canada AI Platform, the initiative supports classified workloads within Canadian jurisdiction, avoiding foreign legal exposure. Dominion is advancing Autonomous Collaborative Platforms, unmanned aircraft designed to operate alongside fighter jets.

The project follows Dominion’s $50 million investment and aligns with broader efforts to modernize defence capabilities, including NORAD. The collaboration also highlights Calgary’s growing role in national AI infrastructure as demand rises for secure, domestically controlled computing environments in defence and critical industries.

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

Chexy Raises $14M to Expand Rewards Platform

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Toronto-based fintech Chexy has secured $14 million in Series A funding led by Khosla Ventures, with participation from Air Canada. The company enables Canadians to earn rewards on essential payments such as rent, taxes, and bills—areas traditionally excluded from credit card programs. Chief executive Liza Akhvledziani Carew said the platform unlocks value from non-discretionary spending.

Chexy integrates with partners including Aeroplan and American Express, extending loyalty programs into everyday transactions. Since launching in 2023, the company has grown to over 200,000 users and delivered $35 million in rewards. The funding will support domestic expansion and product development.

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

Soil Is Becoming Data Infrastructure

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Vancouver’s Miraterra has raised $16M to scale a platform that turns soil into structured, machine-readable data. While agriculture and carbon markets increasingly depend on accurate measurement, soil has remained one of the least digitized layers of the economy. Miraterra’s approach combines spectroscopy, genomics, and AI to generate integrated environmental data across biological, chemical, and physical systems.

The oversubscribed round, led by At One Ventures with participation from Farm Credit Canada and others, signals growing investor interest in measurement infrastructure. As MRV becomes critical to climate markets, the ability to quantify soil at scale may become foundational to how carbon and food systems are valued.

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

Stablecorp, Deloitte Partner on Canadian Stablecoin Push

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Stablecorp has formed an alliance with Deloitte Canada to deliver QCAD-based stablecoin infrastructure to financial institutions nationwide. The partnership aims to prepare the sector for anticipated federal legislation, including Bill C-15, governing digital assets. Deloitte’s payments expertise will combine with Stablecorp’s regulated platform to integrate stablecoins into existing banking systems securely.

Executives say the collaboration will enable faster, lower-cost transactions and support innovation in Canada’s payments ecosystem. Stablecorp chief executive Kesem Frank emphasized that trust and compliance remain essential to adoption. The companies believe the initiative will enhance competitiveness and modernize financial services for a digital economy.

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

Embedded Payments Reshape SaaS Revenue Models

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Software-as-a-service firms are increasingly turning to embedded payments as a core growth strategy, moving beyond subscription-based models. By integrating payment processing directly into workflows, companies capture additional revenue tied to transaction volume while improving user experience. Calgary’s Digital Commerce Payments says this shift is redefining SaaS monetization.

Canadian firms including Vancouver’s Clio, Edmonton’s Jobber, and Vancouver-based Jane have adopted embedded payments to streamline billing and accelerate collections. The approach reduces friction and eliminates reliance on third-party tools. As competition intensifies, embedded payments are emerging as a key differentiator, positioning SaaS platforms as financial services providers.

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

RBC Bets on Data Advantage in AI Race

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Royal Bank of Canada’s new artificial intelligence chief Bruce Ross says proprietary data will determine competitive advantage as banks scale AI investments. Appointed in February, Ross noted RBC’s size provides a larger dataset to train models than domestic rivals.

The bank expects AI to generate between $700 million and $1 billion in enterprise value by 2027, with performance gains measured against existing systems and audited before reporting. RBC is deploying AI across commercial banking and capital markets but remains cautious about client-facing use in wealth management. Ross also warned AI may disrupt jobs and said valuations remain elevated.

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