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Beacon

Beacon Partners with BMO to Aid Immigrants

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Toronto-based fintech Beacon has partnered with BMO to simplify financial services for immigrants. Leveraging BMO’s corporate Money Services Business (MSB) accounts, Beacon’s tools enable fast, affordable cross-border money transfers. Beacon’s digital platform, Beacon Remit, streamlines remittances from countries like India, ensuring compliance with FINTRAC standards.

CEO Stuart Szabo emphasized their mission to empower users with secure financial solutions. Bhavna Gounder, Director of BMO Commercial Bank, highlighted the initiative’s importance for newcomers managing finances across borders. “We’re thrilled to support Beacon’s mission,” she said. This partnership aims to address key challenges faced by immigrants in Canada.

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

Beacon Launches Wallet for Immigrants to Canada

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Toronto-based Beacon has introduced Beacon Money, a digital wallet designed to support immigrants in Canada. Launching in January 2025 via the MyBeacon Super App, the wallet allows users to open and fund accounts before arrival. Permanent residents, students, and workers can use it for tuition payments, salaries, and daily expenses.

Key features include pairing with Beacon Remit, enabling seamless money transfers from India. CEO Stuart Szabo highlighted the wallet’s goal to empower immigrants, while Visa and Digital Commerce Group emphasized their partnership in bringing the wallet to life. Beacon Money aims to redefine financial services for newcomers.

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

Beacon Launches First End-to-End Remittance App for Canadian Newcomers

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Beacon Remit, part of the Beacon Super App, offers a revolutionary remittance solution for Canadian immigrants needing to transfer money out of India. As the first app to provide end-to-end remittance services, it simplifies the process for newcomers, ensuring compliance with Reserve Bank of India regulations.

Beacon Remit is about 50% cheaper than traditional bank transfers, significantly reducing wait times and fees. Co-founded by Stuart Szabo and Aditya Mhatre in 2023, the Toronto-based fintech startup aims to ease the financial transition for immigrants, offering additional resources to help them settle in Canada.

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

Beacon Secures $5.25M Seed Funding to Ease Immigrant Transition in Canada

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Beacon, a Toronto-based fintech startup, has raised $5.25 million in seed funding to support its launch in Canada. Beacon aims to ease the transition for immigrants by offering a comprehensive app to support their first 100 days in Canada. The Beacon App will soon feature Beacon Money, providing everyday financial solutions tailored for immigrants.

Co-founder Aditya Mhatre, who faced challenges when he immigrated in 2014, emphasized the importance of these tools. The investment will accelerate the development of Beacon’s Super App. Investors include Jawl Residential Group and MS Transverse Insurance Group.

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