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Canadian Tech in 100 Words

Financial Technology

BMO Partners with Nova Credit to Help Newcomers Establish Credit in Canada

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BMO has announced a new partnership with Nova Credit, the leading cross-border credit bureau, to assist newcomers in accessing credit products in Canada. By integrating Nova Credit’s Credit Passport into its application process, BMO allows immigrants from nine countries, including Australia, India, and the United Kingdom, to transfer their international credit histories to Canada.

This initiative aims to simplify the financial transition for newcomers, providing them with access to essential financial tools and resources. BMO’s partnership reflects its commitment to supporting customers throughout their journey to establish a stable financial foundation in their new home.

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

Canadian Fintechs APOLLO Insurance and Paysquad Solutions ‘Deepen Relationship’

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Launched in 2019, Vancouver-born digital insurance innovator APOLLO Insurance this week expanded its partnership with property management software organization Payquad Solutions to embed tenant insurance directly into Payquad’s workflows, providing renters easy access. For property managers, the insurance purchase experience is embedded directly into leasing and renewal workflows.

“Payquad is thrilled to deepen our partnership with APOLLO,” said CEO David Janowski of Ontario’s Paysquad. “APOLLO’s digital first and resident-centric approach has been well-received by our customers. By fully integrating tenant insurance directly into our portals and leasing workflow, we are making it even more convenient for renters to obtain the coverage they need.”

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

Canadian Fintech Hardbacon Collapses Following Changes to Google Search

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Canadian financial technology firm Hardbacon has shuttered. All employees have been let go, CEO Julien Brault stated, and operations have been suspended as his company declares bankruptcy. Changes to Google’s search algorithm impacted sites with affiliate links and caused traffic to Hardbacon to plummet overnight.

Within months, visits were down 97%, “despite extensive SEO and content optimization work.” In an effort to ride out the wave, the CEO attempted to manage expenses, but traffic never returned. Brault hopes that, at a minimum, Google might “lose ground due to its abusive behaviour” as the tech titan is increasingly scrutinized for its monopolizing methods.

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

Vault Launches Latest Fintech Feature Targeting Payments for Businesses

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A digital financial platform for Canadian businesses this week released an automated vendor payment functionality. Toronto’s Vault says the new functionality is designed to increase payment accuracy with enhanced accounting software integrations and is set to “transform how businesses manage their payable processes [by] offering a true 2-way sync.”

Businesses can now manage and pay hundreds of bills simultaneously, reducing the time spent processing payments. To further enhance financial control, Vault provides multi-level payment approval workflows, the company says, which ensures all payments comply with internal processes prior to funds being sent to different vendors.

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

KOHO Launches New Feature Helping Renters Build Credit History in Canada

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More than three million people aged 18-plus in Canada are “credit invisible,” which can make life challenging. An additional seven million have limited credit history—a “thin” file. Canadian fintech KOHO Financial has launched Rent Reporting to make healthy credit more accessible.

“The idea that paying a mortgage counts towards building credit, but paying rent doesn’t, is an outdated view of the world,” stated CEO Daniel Eberhard. Members who pay rent through KOHO will have payments reported directly to the credit bureau, Eberhard says, helping build history. KOHO now also offers renters protection through Tenant Insurance.

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

App, Cloud Technologies Transforming Accounting Services in Canada: Report

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The accounting profession has been transforming in recent years as emerging technologies evolve to impact the field. The “State of the Industry: Leveraging the App Advantage” report, commissioned by Xero, offers an analysis of how Canadian practices are embracing technology to serve their small business clients better.

By integrating app stacks, for example, practices can operate more efficiently, save time, and provide better service to their business clients, according to Xero. The report highlights how technology is reshaping the landscape, with cloud technology and integrated app ecosystems playing a role.

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

Canadian Fintech Aims for ‘Substantial Impact’ with Reveal of Latest Partnership

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London, Ontario’s interVal has announced a partnership with Boston’s FusionIQ, a move which aims to transform wealth-tech by providing financial advisors with new tools to boost growth for their clients. InterVal’s software offers automated insights for wealth management firms, financial institutions, and accounting firms. Meanwhile, FusionIQ’s all-in-one cloud-native platform provides a personalized user experience that connects investors, advisors, and firms within a single digital workflow.

“We are thrilled to partner with FusionIQ, the leading cloud-native wealth management platform with advanced modules tailored for advisors and investors,” stated Trevor Greenway, CEO of interVal. “Together with FusionIQ, we are ready to make a substantial impact.”

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

Canadian Fintech Expands Investment Offerings with Latest Launch

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Vancouver-based financial technology firm addy is introducing a credit opportunity onto its digital investment platform for the first time. Addy says it is “committed to expanding investment opportunities that cater to various investor preferences and risk profiles” and posits that credit investments provide an alternative avenue for those seeking returns with lower average risk than equity by offering predictable cash flow through regular interest payments.

Investing in a debt property means investors provide financing for a real estate project in the form of a loan; investors “become lenders rather than equity investors, earning interest on their investment as the borrower repays the loan,” the company says.

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

Canadian Fintech Secures Seed Capital to Fuel Company’s Next Phase of Growth

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Montreal’s YouSet, helping customers shop for insurance online, announced $3.5 million in seed capital from a range of new and repeat angel investors. The investment will be used to expand the company’s team and network of partners. The Canadian fintech also released a new product that allows users to bundle home and auto policies from different insurers to unlock lower prices.

“If YouSet’s growth to date has taught us anything, it’s that Canadians are very eager to find better home and auto insurance at a lower cost,” stated cofounder Xavier Freeman, who serves his startup as chief executive. “We’re dedicated to making it a reality.”

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

Ditching the Physical Wallet, Canada’s Gen Z Prefers to Pay via Digital Methods

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Gen Z in Canada has embraced the mobile wallet, with a majority often leaving their physical wallet at home. Use of the so-called “mobile wallet”—paying via smartphone or smartwatch versus a physical card—is most popular with Gen Z (60%), followed by Gen X (44%), Boomers (27%), and the Silent Gen (10%), according to transaction data from Interac and an online Ledger poll conducted by Hill & Knowlton.

“Choosing your default payment method may feel like a small step, but it can play a big role in shaping Canadians’ ongoing spending habits,” commented Glenn Wolff, Chief Client Officer at Interac.

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