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Canadian Tech in 100 Words

Zūm Rails, Western Union Launch Real-Time Transfers

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Montreal-based fintech Zūm Rails has partnered with Western Union to offer real-time international money transfers through Canada’s Interac eTransfer system. The integration of Zūm Rails’ API into Western Union’s Canadian platform allows customers to fund global remittances instantly, reaching over 200 countries.

With 88% of Canadians using eTransfer and moving $338 billion in the past year, demand for faster payment options is rising. Zūm Rails CEO Miles Schwartz highlighted the importance of fintech partnerships in modernizing legacy systems. Western Union’s Ranjit Sarai praised the move as a leap toward seamless global money movement.

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

Canadians Use AI More Than They Think

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A TD and Ipsos survey reveals a paradox: while 87% of Canadians feel comfortable using technology, only 3% rate their AI skills highly. Yet 72% passed a basic AI knowledge test, suggesting greater competence than confidence.

Younger Canadians feel more familiar with AI, but Gen X and Millennials scored higher in technical knowledge. Still, trust remains low—only 43% trust AI versus 81% who trust banks. TD is tackling this gap through its Trustworthy AI framework and Layer 6 R&D center, aiming to make AI secure, understandable, and beneficial for customers.

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

Canadian Fintech Giftbit Now Operates in 130+ Countries

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Canadian-founded fintech Giftbit has expanded globally, now supporting payouts in 25 currencies across 130+ countries. Backed by a commitment to transparency, the platform simplifies digital rewards with flexible, low-cost options like prepaid cards, gift cards, and crypto. CEO Leif Baradoy attributes growth to businesses’ rising need for global, seamless, and scalable financial infrastructure.

Giftbit’s latest innovations include a frictionless digital wallet card, a user-friendly rewards dashboard, and multi-currency support. As digital adoption accelerates, Giftbit aims to reshape global payouts by turning complexity into clarity and cost into opportunity.

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

Photonic to Invest $49M in UK Quantum Facility

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Vancouver-based Photonic is investing over $49 million to establish a new quantum R&D facility in the United Kingdom, marking a significant step in its global expansion strategy. The site will create more than 30 technical jobs and enhance collaboration between Canada and the UK in secure quantum technologies.

Core operations will remain in Canada, but the UK investment will boost market access and innovation. Canadian and British officials hailed the move as a milestone for transatlantic cooperation in advanced computing. Photonic is backed by BCI, Inovia Capital, Amadeus, and the UK’s NSSIF.

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

New Venture Studio Tackles AI Brain Drain

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AXL, a new Canadian venture studio, has launched with a $15 million CAD fund to build 50 AI startups over five years, addressing Canada’s innovation-to-commercialization gap. Co-founded by Daniel Wigdor—former Meta Toronto leader and Chatham Labs founder—AXL aims to retain Canadian talent and IP.

Supported by notable investors and academic leaders, AXL’s model links University of Toronto research with corporate partners like Dillon Consulting. The studio handles prototyping to go-to-market operations, aligning AI breakthroughs with industry needs. Wigdor envisions Canada as a global AI leader, where ideas scale at home, not abroad.

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

ChatGPT’s Power Use Not So Shocking After All

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Initial reports claimed ChatGPT consumed ten times more energy per query than a Google search, sparking concern over AI’s climate impact. The figure, traced to 2023 data scientist Alex de Vries, estimated 3 watt-hours per ChatGPT question versus Google’s 0.3 watt-hours, last reported in 2009. However, recent figures suggest parity.

OpenAI CEO Sam Altman confirms newer ChatGPT models now use approximately 0.3 watt-hours per query, the same as Google’s old benchmark. With no updated Google figures, critics say the comparison is outdated. As AI evolves rapidly, energy claims must be reexamined.

Want to know more? Check out the source code at ZME Science.

Toronto Startup Harvest Tackles Accounts Receivable Woes

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Toronto entrepreneur Matt Himel has launched Harvest, an AI-driven accounts receivable platform designed to help Canadian small and medium-sized businesses improve collections and cash flow. The platform uses personalized, automated outreach to address overdue payments without harming customer relationships.

Backed by Simple Ventures, Harvest’s advisory board includes Wealthsimple’s Michael Katchen and Wave’s Kirk Simpson. Himel, a former lawyer, says most SMBs fail not from lack of demand, but from delayed payments. Early users report faster collections, fewer manual follow-ups, and stronger balance sheets. Harvest aims to unlock working capital trapped in unpaid invoices through real-time insights and respectful automation.

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

AI Replaces Entry Level Jobs, Grads Struggle to Start

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As AI tools like ChatGPT increasingly handle tasks once assigned to interns and junior staff, university graduates are finding it harder to break into the job market. Business consultants, recruiters, and university officials say entry-level roles—long seen as critical stepping stones—are disappearing as employers automate basic tasks.

The result is a growing barrier to career development for young workers. Statistics Canada reports youth unemployment hit 20.1% in May, up from 11.4% two years ago. Meanwhile, LinkedIn data shows global hiring for AI talent surged 30% from fall 2023 to 2024, giving tech-savvy job seekers a major advantage.

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

Vancouver Firm Pioneers Greener Metal Recovery

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Vancouver-based pH7 Technologies reports a milestone: over 250 tonnes of end-of-life materials have been processed at its local facility, yielding more than 3,000 troy ounces of platinum-equivalent metals. The firm’s proprietary closed-loop hydrometallurgical platform—eschewing traditional smelting—operates with minimal emissions and zero liquid waste.

Founder Mohammad Doostmohammadi calls the results proof of commercial viability and environmental advantage. The system handles complex feedstocks once discarded or exported. With 1,200 tonnes annual capacity, pH7 eyes expansion to 25,000 tonnes by 2028. Talks are underway with global partners across automotive, electronics, and cleantech sectors.

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

AI Use Doubles in Canadian Firms: StatCan

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AI adoption among Canadian businesses has doubled year-over-year, with 12.2% of firms reporting use of the technology in the year leading to Q2 2025, according to a Statistics Canada study released Monday. The rise from 6.1% in 2024 marks a significant shift, though uptake remains concentrated in knowledge-based industries like information and culture, finance, and professional services.

Businesses most commonly employed AI for text and data analysis, with a quarter using AI agents or chatbots. While promising, experts caution Canada must accelerate broader AI integration to counter weak productivity and avoid falling behind globally.

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