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Canadian Tech in 100 Words

 

Canadian Fintech Survey: Wealthsimple Tops, But Trust Gap with Banks Persists

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A new survey from The Logic reveals that Canadians are warming up to fintech, but trust remains a big barrier. Wealthsimple tops the list, with 46% of respondents using its services—more than double any other fintech. Still, 42% of respondents see fintechs as less trustworthy than big banks. Users want regulation, stability, and transparency to feel more comfortable switching.

Many cited data security concerns, while others pointed to shady practices at traditional banks. With 56% of respondents calling for more regulation, the industry faces challenges in earning public trust.

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

General Fusion CEO Presents Bold Vision for Fusion Energy at Calgary Conference

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At Energy Disruptors: UNITE 2024, General Fusion CEO Greg Twinney outlined how fusion energy could transform the world’s energy landscape by the mid-2030s. He emphasized fusion’s potential as a clean, scalable energy source to meet growing demands and replace fossil fuels.

Twinney discussed the need for both technological innovation and business viability in achieving commercial fusion success. He noted recent scientific breakthroughs and shared concerns about Canada’s lack of a national fusion strategy. General Fusion is progressing toward commercial power by 2035, aiming to achieve key milestones with its Lawson Machine 26 by January 2025.

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

Alberta Faces Balancing Act Between Data Centre Growth and Decarbonization Efforts

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The Energy Disruptors: UNITE 2024 conference in Calgary highlighted the growing role of data centres in Alberta and the challenges they pose to the province’s energy landscape. John Kousinioris, CEO of TransAlta, discussed the electricity-intensive nature of data centres, warning that their increasing demand could complicate Alberta’s goal of achieving a net-zero grid by 2035.

With six data-centre projects in development, balancing the demands of these hubs with environmental targets will require careful planning. Kousinioris noted that while reliability is a priority for investors, it will be challenging to ensure affordability and decarbonization concurrently.

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

KOHO Raises $190 Million, Aims for Schedule 1 Bank License

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Canadian challenger bank KOHO has secured $190 million in new funding, comprising $40 million in equity and $150 million in debt. The round was led by PROPELR Growth, with participation from Rockefeller Capital and existing investors. The capital will support KOHO’s growth, expand its lending services, fund new products, and aid progress toward obtaining a Schedule 1 bank license.

CEO Daniel Eberhard expressed excitement over the opportunities for expansion, including rent reporting and buy-now-pay-later products. PROPELR’s Managing Partner Sanjiv Samant praised KOHO’s innovation and will join its Board of Directors.

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

Critical Minerals Vital for Energy Independence, Says Industry Leader

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Chris Doornbos, CEO of E3 Lithium, addressed attendees at Energy Disruptors: UNITE 2024 in Calgary, emphasizing the importance of critical minerals and energy independence in the shift toward electrification. Doornbos highlighted that Western countries must secure stable supplies of critical minerals like lithium to ensure energy security.

He pointed out the dominance of China in battery and EV production, with 80% of the world’s batteries coming from China. Doornbos also questioned the impact of protectionism and inflation on EV adoption, urging for collaboration and strategic thinking to navigate the complexities of an electrified future.

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

Marvell Technologies Aims to Double Canadian Workforce Amid AI Boom

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Silicon Valley’s Marvell Technologies, a leading data-centre hardware firm, plans to more than double its Canadian workforce, reaching 650 employees over the next five years. Currently employing 270 staff in Ontario and British Columbia, Marvell is expanding due to growing demand for AI-related hardware.

The firm’s Canadian offices focus on R&D, building connectivity, security, and networking capabilities for AI chips and office-network equipment. Country manager Nizar Rida highlighted Canada’s deep hardware expertise as a key reason for the expansion. Marvell recently opened a new design centre in Toronto and is seeking federal and provincial support to fund its growth.

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

Payfare Explores Strategic Options Amid Revenue Loss from DoorDash Exit

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Payfare, the Toronto-based fintech behind instant banking access for gig workers, is launching a strategic review after losing its biggest client, DoorDash. The review, conducted with financial and legal advisors, will explore everything from partnerships to potential mergers to keep the company on track.

DoorDash’s exit hits Payfare’s revenues hard, but the company insists its foundation and funding are solid, with over $100 million in cash. Despite the review, Payfare is committed to supporting gig workers with fast access to earnings and remains focused on its business strategy. No timeline for the review’s completion has been set.

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

Stripe Opens New Flagship Office in Toronto to Boost Canadian Presence

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Stripe, a leading financial infrastructure platform, has opened its new flagship office in Toronto, reflecting the city’s growth as North America’s fourth-largest tech talent market. The expansion reinforces Stripe’s dedication to Canada, where it supports startups like Workleap and Thinkific, along with major enterprises such as Shopify and Enercare.

Payment volume from Canadian companies using Stripe grew over 50% between 2021 and 2023. Recent product launches, including global payments and Tap to Pay on iPhone, aim to support further growth for Canadian businesses. Stripe’s new office is located at 1 University Avenue, with hiring underway.

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

Potential Sale of Lightspeed Attracts Interest from Fintech Giants

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Lightspeed, a leading payment technology company, is reportedly up for sale, with CEO Dax Dasilva open to relinquishing leadership as part of a deal. Sources told The Globe & Mail that Lightspeed has signed NDAs with several potential buyers, primarily fellow fintech firms like Clover, Intuit, Block, PayPal, and Shopify.

A sale isn’t confirmed, but Lightspeed has issued a statement about a strategic review aimed at maximizing its potential. The company’s stock price has surged since news of the potential sale emerged, and analysts believe a buyer could become a major player in the payments sector.

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

Neo Financial Recognized as Canada’s Fastest-Growing Company

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Calgary’s Neo Financial has been ranked No. 1 on the 2024 Report on Business magazine’s list of Canada’s Top Growing Companies, thanks to an astounding three-year revenue growth of 38,431%. Founded in 2019, Neo Financial offers modern financial solutions, including high-interest savings accounts, cashback credit cards, and competitive mortgage options.

Co-founder Jeff Adamson credited the company’s growth to the dedication of its team and a desire for change among Canadians. Neo Financial’s success highlights a shift in the financial landscape as more people seek alternatives to traditional banking.

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