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Canadian Tech in 100 Words

Temu Expands in Canada with Local-to-Local Sales

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China’s e-commerce giant Temu is strengthening its Canadian presence with a new local-to-local model. Launched in Canada in 2023, Temu became the country’s most-downloaded iPhone app in 2024. Now, it will allow Canadian businesses with local inventory to sell directly to Canadian consumers, aiming to improve delivery speeds and expand offerings.

Globally, Temu’s growth is staggering—ranking #2 in Similarweb’s e-commerce rankings, recording 185.6 million U.S. users in August, and surpassing 900 million total downloads by December. The local-to-local model will also roll out in major markets, including the U.S., the U.K., Germany, and Japan.

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

Primus Capital Secures Majority Stake in Fintech Firm Reach

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Primus Capital has acquired a majority stake in Calgary-based fintech firm Reach, marking a major investment to support its growth. While financial terms remain undisclosed, Reach CEO Sam Ranieri confirmed that Primus now holds majority ownership. The firm’s 122 employees will remain under the new structure.

This move signals renewed interest in Canada’s fintech sector, which saw record investment of US$9.5 billion in 2024, according to KPMG. Major deals included Nuvei’s US$6.3-billion take-private transaction and Plusgrade’s US$1-billion funding. Reach, which provides international payment solutions, previously secured $30 million in equity and debt in 2022.

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

Trade War Fallout: Rural Canada’s Internet at Risk

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Ontario Premier Doug Ford’s abrupt decision to cancel and then reinstate the province’s Starlink contract highlights the stakes in Canada-U.S. trade tensions. Ford initially announced the cancellation in response to Trump’s proposed tariffs on Canada, only to pause after Trump delayed the tariffs.

While urban areas have broadband alternatives, remote regions heavily depend on Starlink. Data from Speedtest Intelligence shows Starlink adoption in Canada has stabilized, with Nunavut at 40% and other territories following. A cancellation could affect 2 million Canadians, particularly those for whom satellite internet is the only option.

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Shopify Expands BNPL Partnership with Affirm

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Shopify is expanding its buy now, pay later (BNPL) partnership with Affirm beyond the U.S., launching Shop Pay Installments in Canada and soon in the UK. Affirm will serve as Shopify’s exclusive BNPL provider in these markets. Shopify COO Kaz Nejatian called the move a “no-brainer” given the program’s U.S. success.

Canadian merchants can soon offer customers biweekly or monthly payment plans with terms up to 24 months and 0% APR options. Affirm CEO Max Levchin says merchants worldwide are eager for this feature, setting the stage for further global BNPL expansion.

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

Biotech Startup Advances Cytokine Therapies with $17M Boost

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Reverb Therapeutics has raised $17 million in funding to advance its Amplify•R™ platform, which engineers bispecific antibodies to regulate cytokine activity while minimizing toxicity. The round, led by Amplitude Ventures, included Myeloma Investment Fund, KdT Ventures, Finchley Healthcare Ventures, Seido Capital, and InBC Investment Corp.

Reverb’s lead candidate, AMP01, combines PD-1 targeting with IL-15 delivery to enhance T-cell function, demonstrating tumor reduction in preclinical studies. CEO David de Graaf, Ph.D., says the funds will support AMP01’s progression and further cytokine-based programs.

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

Canada’s Telecom Giants Weigh Copper’s Value vs. Theft

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Canada’s telecom companies are sitting on billions in copper, yet theft is rising as they replace old copper networks with fibre-optics. Telus projects $500M from copper recycling over five years, while Bell cites security concerns, with 88% of network break-ins linked to copper theft.

In Hamilton, theft reports nearly tripled from 2022 to 2023. Rogers downplays copper’s value but also faces vandalism. Telcos are pushing for stricter laws, arguing the current penalties fail to deter criminals. With copper demand set to rise, industry leaders warn the problem may worsen without stronger legal protections.

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

Microsoft Unveils Breakthrough Quantum Processor

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Microsoft has unveiled Majorana 1, a new quantum chip that could pave the way for million-qubit quantum computers within a single, fridge-sized system. The development—19 years in the making—relies on topological superconductors, a state of matter engineered by Microsoft.

Dr. Chetan Nayak, head of Microsoft’s quantum hardware program, says the company has mapped a path to scalable quantum computing within this decade. The eight-qubit proof-of-concept has already been submitted to DARPA’s US2QC program. If successful, the technology could revolutionize computing power, with 1,000 million-qubit systems surpassing all classical computers combined.

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

Canada’s Growth Sectors Shine in TSXV’s Top 50

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The TSX Venture Exchange (TSXV) has unveiled its 2025 TSX Venture 50™, spotlighting Canada’s top-performing early- and growth-stage companies. Mining dominates, with 31 firms capitalizing on the demand for critical minerals and precious metals.

Kraken Robotics leads the ranking, with its market cap soaring 437% in 2024. The innovation sector also thrived, as SPARQ Systems posted 944% share price growth. Collectively, the 50 companies saw market cap growth of $16B, reinforcing Canada’s position in natural resources, clean tech, and advanced manufacturing.

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TSX Teams Up with Blossom to Feature Top Venture Stocks

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Vancouver-based Blossom has partnered with the Toronto Stock Exchange (TSX) to feature the TSX Venture 50, recognizing the top-performing companies on the TSX Venture Exchange in 2024. This collaboration integrates Venture 50 data into the Blossom app, enhancing access for retail investors.

CEO Maxwell Nicholson called the partnership a milestone, highlighting Blossom’s growing role in investment media alongside Bloomberg. The announcement was made at a TSX market open event, where Blossom engaged with this year’s top-performing firms. Last month, Blossom was named one of Canada’s top 10 fintech startups to watch in 2025.

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

Canadian Fintech Investment Hits Record $9.5B in 2024

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Canada’s fintech sector secured a record $9.5 billion in 2024, fueled by major deals like Nuvei’s $6.3B take-private transaction and Plusgrade’s $1B private equity investment, according to KPMG’s H2’24 Pulse of Fintech report. Excluding these, fintech investment still doubled year-over-year, surpassing $2B.

The most active sectors included crypto/blockchain (34 deals), AI (19 deals), and payments (14 deals). Venture capital remained strong, with $1.09B invested across 90 deals, including rounds for Koho and Neo Financial. KPMG predicts continued fintech growth, though private buyouts may increase as public companies seek regulatory relief.

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