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Canadian Tech in 100 Words

Nesto Hits $1.5B Valuation

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Montreal fintech nesto has raised $302 million in Series F financing, pushing its valuation to approximately $1.5 billion. The round, made up of primary and secondary capital, included La Caisse, Fidelity Investments Canada, PICTON Investments, Endeavor Catalyst, Portage, Diagram, NAventures, National Bank of Canada, Fonds de solidarité FTQ, and Fondaction.

Founded in 2019, nesto says it is profitable and now manages more than $80 billion in mortgages under administration nationwide. The new funding will support faster partner and client onboarding while accelerating development of Nesto Cloud and Maestro AI, its platform for modernizing mortgage operations across Canada’s lending sector today.

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

Canada Targets AI Talent Gap

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Canada’s new AI for All strategy aims to turn the country’s artificial intelligence research strength into jobs, skills, and economic growth. Announced by Prime Minister Mark Carney, the five-year plan targets $200 billion in additional economic growth, 250,000 new AI-related jobs, and up to 90,000 youth jobs and placements.

Ottawa wants to boost AI adoption from just over 12 percent today to 60 percent by 2034. The plan includes AI literacy training for students, upskilling for workers, support for SMEs, sovereign compute infrastructure, and continued investment in Canada’s AI institutes and talent pipeline.

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

RBC Expands Vancouver Tech Hub

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RBC is expanding its Vancouver banking and innovation hub, with plans to grow to 1,000 jobs across British Columbia by 2029. The downtown hub opened last November and currently employs 350 people, with plans to reach 600 by year-end. The expansion includes roles in artificial intelligence, machine learning, cybersecurity, data science, and commercial banking.

RBC said the hub builds on its Vancouver Borealis AI presence and supports its goal of generating $700 million to $1 billion in AI-driven enterprise value by 2027. The bank cited Vancouver’s talent base as a strategic advantage.

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

Saris Raises $28.8M for Banking AI

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Montréal and San Francisco-based Saris has raised US$28.8 million in Series A financing to expand its automation platform for banks and credit unions. The round was led by 8VC, with participation from Audacious Ventures, Homebrew, Btech Consortium, and Service Ventures.

Founded by former Oohlala Mobile entrepreneurs Danial Jameel, Alice Dinu, and James Dang, Saris builds AI agents for back-office tasks in lending, compliance, and operations. The company says workflows can automate up to 70 percent of lending tasks and reduce costs by 35 percent. Funding will support integrations and growth.

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

ApplyBoard Faces Growth Reckoning

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ApplyBoard faces renewed scrutiny as Canada’s international education market contracts and former employees describe cultural strains behind its rapid rise. The Kitchener company connects students with schools worldwide and grew into a unicorn before policy shifts pressured its model.

Reports have tied recent layoffs to changing rules across major study destinations, while The Logic says former workers cited intense expansion demands and workplace concerns. ApplyBoard still promotes access to more than 1,500 institutions and 150,000 programs globally, but its challenge now is rebuilding confidence amid market, valuation, and culture questions.

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

Drone Data Powers Physical AI Push

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Vancouver-based Spexi Geospatial has partnered with Niantic Spatial to convert drone imagery into large-scale 3D intelligence for physical AI. The collaboration gives Spexi customers access to Niantic’s reconstruction technology, producing high-fidelity 3D models through the Spexi World platform. Spexi will also serve as a preferred drone imagery provider for training Niantic’s real-world foundation models.

The partnership combines Spexi’s aerial data network with Niantic’s expertise in spatial computing, supporting applications in simulation, mapping, and AI training. Executives said the deal advances the use of real-world spatial data for intelligent systems.

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

Investors Seek AI Policy at Shopify

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SHARE is urging Shopify shareholders to support a proposal requiring the company to adopt a responsible artificial intelligence policy before its June 16 annual meeting. Filed for The Pension Plan of The United Church of Canada, the proposal comes as Shopify expands generative AI and agentic commerce tools.

SHARE argues current disclosures do not adequately explain how AI risks, including misinformation, fraud, privacy, and human rights concerns, are managed. It says peers including Adobe, Salesforce, SAP, ServiceNow, and eBay already publish responsible AI frameworks. The proposal aims to strengthen governance and protect shareholder value.

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

Osler Report Tracks Venture Market Stabilization

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Osler’s latest Deal Points Report shows Canada’s venture financing market stabilizing after several uneven years. Drawing on confidential data from 646 preferred share financings between 2020 and 2024, representing more than US$11.4 billion in transaction value, the report highlights regional strength in Ontario, British Columbia, Québec, and emerging Prairie ecosystems.

Osler says Canadian deal terms remain broadly aligned with CVCA and NVCA model documents, suggesting companies continue raising on market terms. The report also points to renewed activity in larger financings, even as startups face a more selective capital environment.

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

TD Warns Canada Must Retain Tech Talent

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Canada’s technology talent challenge is increasingly about retention, according to TD Economics. The report says Canada produces strong research, education and skilled immigration outcomes, but struggles to keep top workers inside domestic companies that scale globally.

TD warns the country risks becoming a feeder system for the United States, as STEM graduates and technical workers pursue larger innovation ecosystems. It points to weak commercialization, scale-up capacity, compensation gaps and tax pressures domestically. The solution, TD argues, is building stronger companies, deeper capital markets and career pathways that make staying attractive.

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

Wealthsimple Expands Banking Ambitions

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Wealthsimple is expanding beyond investing with banking services for households, children, and businesses. Announced at Wealthsimple Presents in Calgary, the rollout includes Wealthsimple Households, Kids and Teens Accounts, Authorized Traders, and Wealthsimple Business. The company said more than 315,000 people registered for the livestream, while 650 attended in person.

Business Chequing is available now, with additional products including a prepaid business card, U.S.-dollar accounts, and credit backed by corporate investments. Wealthsimple also launched Spend Insights to track transactions and identify opportunities. The move positions Wealthsimple as a broader financial platform.

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