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Financial Technology

New Zealand’s Xero Unveils Upgraded Fintech Stack for Clients in Canada

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Fintech Xero continues to upgrade its offerings in Canada. At Xerocon Nashville this week, the New Zealand firm unveiled a “huge number of improvements … to make things easier for small businesses and their advisors.” For example, Xero has “heavily invested” in an enhanced bank feed experience, with plans to add hundreds more direct feeds over the next year. Other enhancements are on the docket, including improved bank feed monitoring and a new client insights dashboard.

“These announcements underscore Xero’s dedication to addressing the specific needs of our customers in the US and Canada,” a chief executive stated. “We’re excited about the future in the US and Canada.”

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

Fintech Event Returns to Montreal Next Month to ‘Push Boundaries of Innovation’

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The Canada Fintech Forum returns to Montreal on September 10-11 at the Fairmont Queen Elizabeth. Presented by Portage, the Forum is an international gathering to showcase emerging trends in fintech, new technology solutions for the financial industry, and emerging startups.

Under a theme of “Pushing the boundaries of fintech innovation,” the event promises to bring together over 1,000 participants. Among the speaker roster this year are Shopify’s Harley Finkelstein, Wealthsimple’s Hanna Zaidi, and Lightspeed’s Dax Dasilva.

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

Toronto Fintech Moneris Taps Wix to Release ‘Total Commerce’ Offering

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Moneris says an expanded partnership with Wix is “built on a commitment to deliver simple and easy-to-use solutions for Canadian businesses.” The collaboration started last year when the Toronto fintech tapped Wix to launch Moneris Online, an online commerce solution; this week was the reveal of Moneris Total Commerce, an omni-channel point-of sale-solution. The solution aims to narrow the gap between online and in-store transactions with a fully integrated and unified commerce experience for merchants and their customers.

Earlier this year, Moneris introduced Tap to Pay on iPhone in the Moneris Go app. The Canadian company also collaborated with the TTC in 2023.

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

Toronto Fintech Startup Walnut Secures Nearly $5M to Bolster Team and Platform

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Building on capital from 2022, a $4.6 million round of investment into Toronto’s Walnut Insurance was led by NAventures, with participation from TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta. Walnut, in the business of modernizing the insurance industry with the latest technology since 2020, says the investment will be used to expand its platform for insurers, brokers, and enterprises, as well as bolster its engineering team and form new partnerships.

The influx of capital “allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams,” stated cofounder Adrien Niblock.

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

Two Giant Deals Out of Montreal Drive Fintech Capital to Record Highs in Canada

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A record US$7.8 billion was invested in Canadian fintechs in the first six months of 2024, a figure which is up dramatically over last year’s full-year total of US$1.1 billion. However, more than 90% of this year’s value hails from just two large deals: Private equity investments into two Montréal-based fintechs—Nuvei and Plusgrade—were among the biggest five deals globally, found KPMG’s Pulse of Fintech report.

Nuvei’s US$6B take-private deal was the largest in Canada and the second largest globally. The $1B directed toward Plusgrade was the second largest in Canada and fifth largest in the world. Excluding those two deals, total investment was US$500 million—down 26% from the prior half-year period.

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

Big Bank Joins Creative Destruction Lab’s Year-Long ‘Putting AI to Work’ Program

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CIBC is joining Creative Destruction Lab “Putting AI to Work” program. The Big Five Bank will be part of a cohort consisting of organizations from various sectors all focused on integrating AI across their businesses. The cohort will participate in a 12-month program designed to facilitate the development and sharing of best practices within Canada’s AI ecosystem.

“Working with Creative Destruction Lab gives CIBC a unique opportunity to work with industry leaders in furthering our approach to AI and how it can be leveraged to deliver against our client-focused strategy,” stated Dave Gillespie, Executive Vice-President of Infrastructure, Architecture and Modernization at CIBC. “This collaboration is a progressive next step in CIBC’s commitment to recognizing the transformative potential of AI.”

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

CIBC is Building Up Its Talent Base with ‘AI Focused Roles’

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CIBC announced plans to hire for 200 AI-related roles.The emphasis aligns with CIBC’s new AI-focused strategy, which includes a strengthening of its relationship with the Vector Institute, a nonprofit corporation dedicated to advancing the field of AI.

“Now is the right time to add to our talent base through hiring and up-skilling in data and AI focused roles, as we leverage this new technology to do more for our clients and deliver a better experience for team members,” stated Christina Kramer, Group Head of Technology, Infrastructure, and Innovation for CIBC. “AI talent is in demand across the industry and we have a compelling value proposition.”

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

Montreal’s Inscora Raises Capital to Launch Software Solution for Cyber Insurance

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Inscora, a Montreal-based tech startup, has raised $2 million in pre-seed funding to develop software that aids cyber insurance brokers in assessing risks and selling policies. Founded by Gabriel Tremblay, Pierre-David Oriol, and Guillaume Raymond, Inscora focuses on providing brokers with tools to offer risk-adjusted premiums and improve security. The funding round, led by Luge Capital, will support a product launch this year in Canada and the US.

“We have spent our careers developing products that help organizations protect themselves against cyber attacks,” stated Tremblay, CEO. “Inscora represents a unique opportunity to apply this expertise to the ever-evolving field of cyber insurance.”

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

Acquisition of Brazil’s Pay2All a ‘Significant Milestone’ for Nuvei’s Global Expansion

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Nuvei announced the acquisition of Pay2All Instituição de Pagamento Ltda., a licensed payment institution in Brazil. This strategic move enhances Nuvei’s capabilities in the Brazilian market, allowing it to offer local payment services. With Brazil’s internet gaming market expected to grow significantly, this acquisition positions Nuvei as a key payment partner, according to CEO Philip Fayer.

“Securing a Payment Institution license in Brazil has been a top priority and will mark another significant milestone in our global expansion strategy,” he stated. “The proposed transaction not only strengthens our presence in LATAM but also demonstrates our commitment to providing fully localized and modern payment solutions to businesses in Brazil.”

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

More Canadians are Turning to AI for Help with Money Management, Survey Finds

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A BMO survey reveals that one-third of Canadians utilize AI for financial management, with top uses being learning personal finance (45%) and updating budgets (43%). AI is garnering praise for its impersonal nature in investing. Gen Z shows the highest usage at 55%.

Despite varied adoption, over half of Canadians think AI aids in making better financial decisions. “By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions,” says Gayle Ramsay, Head of Everyday Banking Segment & Customer Growth for BMO.

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