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Canadian Tech in 100 Words

 

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.

Canadian Securities Administrators Warn of Risks in Unregulated Crypto Assets

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The Canadian Securities Administrators (CSA) has updated its guidance for crypto asset trading platforms, extending the deadline for halting trading of unregulated crypto assets until October. Investors have faced “significant harm” due to unregulated crypto collapses and activities of unregistered participants, prompting the CSA to express ongoing concerns over investor protection.

The CSA reminds Canadians that holding crypto contracts lacks the protections of regulated deposits and warns that crypto asset trading is speculative and highly volatile. Canada, home to about five million crypto holders, remains one of the most crypto-aware nations globally.

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

Northvolt’s Future in Canada at Risk as EV Demand Slows

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One year after announcing its $7-billion battery factory near Montreal, Swedish-based Northvolt faces financial difficulties, raising concerns about the future of its Quebec project. Amid a cash crunch, the company cut 20% of its global workforce and hired restructuring advisors. Northvolt has assured that work continues on its Quebec facilities, but delays are anticipated.

The factory, funded by $7.3 billion from Canadian and Quebec governments, is key to Canada’s EV sector and expected to create 3,000 jobs. Some opposition leaders are calling for funding to be halted. The fate of Northvolt and its impact on Canada’s economy remain uncertain.

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

1 Billion in Cleantech Innovation on Display at Energy Disruptors: UNITE 2024

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The future of Canadian industry will take center stage in Calgary this October at Energy Disruptors: UNITE 2024. The event will feature keynote presentations from seven CEOs representing Canada’s top cleantech companies, which have collectively raised over $1 billion.

Leaders include John Redfern of Eavor, Greg Twinney of General Fusion, Amanda Hall of Summit Nanotech, and Chris Doornbos of E3 Lithium. The summit highlights advancements in geothermal energy, carbon capture, lithium development, and fusion technology. Energy Disruptors, founded in 2018, aims to accelerate the global energy transition. The event will be held October 1-2, 2024, at the BMO Centre in Calgary.

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