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Canadian Tech in 100 Words

Wealthsimple Expands to Challenge Traditional Banks

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Wealthsimple has unveiled a suite of new financial products, including its first credit card, an instant line of credit, and expanded chequing account features, reinforcing its ambition to become Canada’s full-service digital banking alternative.

CEO Michael Katchen emphasized a shift away from traditional banking, citing client frustration with hidden fees and outdated experiences. The new card offers 2% cash back and no FX fees, while the line of credit—launching later this year—will offer low, asset-backed rates. Enhanced chequing features include 2.75% interest, 1% cash back, and fraud protection. Wealthsimple continues to build toward a future without bank branches.

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

Eli Health Raises $17M to Launch Hormone Test

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Montréal-based Eli Health has raised $17 million in Series A financing to bring its saliva-based hormone-monitoring product to market. The round was led by BDC Capital’s Thrive Venture Fund and includes support from Accelia Capital, TELUS Global Ventures, and other global investors.

Founded in 2019, Eli’s platform tracks cortisol and progesterone levels using a patented FDA-registered Hormometer and app. CEO Marina Pavlovic Rivas says the capital will accelerate manufacturing and expand hormone detection. With $28 million raised to date, Eli claims this is the largest women’s health tech round in Canadian history.

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

Edmonton Startup Scales Predictive Tech for QSRs

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Scription, an Edmonton-founded startup optimizing maintenance for fast-food kitchens, has raised USD $7.85 million in seed funding to expand its predictive technology. The company, co-founded by Justin Villiers, reduces costly downtime and boosts profit margins for franchise operators and service providers.

Clients include McDonald’s, KFC, and Taco Bell locations across the U.S., with its first Canadian deal now secured. Scription automates preventive maintenance, which offers higher margins than reactive fixes. New CEO Gerritt Graham will lead expansion from Atlanta, where business development is centered. The raise follows a USD $2.5 million pre-seed round in 2023.

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

TD Launches Proprietary AI to Personalize Banking

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TD Bank Group has unveiled TD AI Prism, a proprietary foundation model developed in-house to enhance personalization and predictive analytics. The AI system consolidates siloed analytics into a single predictive engine, capable of processing up to 100 times more data points to anticipate customer behavior.

Built on TD’s secure cloud infrastructure, the platform ensures data privacy while enabling real-time marketing and product personalization. TD AI Prism marks a major milestone for the bank’s AI research arm, Layer 6, and is part of the broader TD Invent innovation initiative. Initial deployment for marketing communications is expected later this year.

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

Finofo Raises $3.3M to Fuel Fintech Growth

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Calgary-based fintech Finofo has closed a $3.3 million oversubscribed seed round to expand its global finance operations platform. Founded by Alberta finance veterans Prateek Sodhi and Charles Maranda, Finofo streamlines international payments for mid-market firms, reducing FX costs and enhancing financial security.

Investors include Watertower Ventures, Motivate Venture Capital, and local backers from its $1.7M pre-seed round. Now serving 180+ North American companies, the platform automates payments, offers multi-currency control, and real-time audit trails. CEO Sodhi says Finofo’s lean, sustainable approach reflects Alberta values. The raise highlights Calgary’s rise as a fintech hub ahead of the G7 Summit.

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

Pine Hits $1B Milestone, Launches Pine Homes

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Toronto-based fintech Pine has surpassed $1 billion in mortgages under administration and unveiled Pine Homes, a new product suite integrating real estate search, financing, and insurance.

The expansion follows Pine’s 2023 acquisition of Properly and brings the entire homeownership process into one digital experience. Since its 2021 founding by Justin Herlick and Jonathan Shih, Pine has approved over $3 billion in mortgage applications for 55,000+ families. Backed by $50 million in funding, Pine uses AI to shorten purchase times and reduce costs. CEO Herlick said the goal is to simplify real estate for Canadians.

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

Samsara, Element Launch Integrated Fleet Platform

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Samsara and Toronto’s Element Fleet have announced an integrated fleet and operations management solution aimed at enhancing safety, efficiency, and sustainability for enterprise and government clients across North America.

The partnership combines Element’s vehicle lifecycle expertise with Samsara’s connected operations platform, offering predictive maintenance, AI-powered incident detection, and electrification insights. The unified system streamlines onboarding and compliance, delivering real-time data across vehicle and equipment assets. Executives from both firms will detail the partnership at Samsara’s Beyond conference in San Diego on June 23–25.

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

CIBC Wins Award for AI-Powered Customer Experience

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CIBC has been awarded the 2025 Digital CX Award for Best Use of AI for Customer Experience by The Digital Banker. The recognition honours the bank’s AI-powered voice assistant, designed to handle routine inquiries and connect clients to the right experts for complex issues. Jane Yuen, Head of Enterprise Channels, noted the tool reflects CIBC’s dedication to innovation and seamless service.

The voice assistant has improved self-serve capabilities while reducing wait times. This follows CIBC’s 2024 rollout of Knowledge Central, an AI solution for internal support, further reinforcing the bank’s client-first digital strategy.

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

Canadian Deep-Tech Firms Still Courting DARPA

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Despite occasional diplomatic friction, four Canadian deep-tech firms—Ranovus, Nord Quantique, Photonic, and Xanadu—are advancing collaborations with the U.S. Defense Advanced Research Projects Agency (DARPA). The firms are participating in DARPA initiatives exploring next-generation computing, seeing the partnership as a gateway to broader U.S. government contracts.

Founders say these ties remain unaffected by cross-border tensions and praise DARPA’s role in de-risking frontier technology. They contrast it with Canadian policy, where startups often struggle to convert federal R&D support into procurement. Washington favours its own innovators; Canada, bound by trade rules, often hesitates.

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

Qualcomm Buys Alphawave in $2.4B Chip Bet

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U.S. semiconductor titan Qualcomm will acquire U.K.-registered, Toronto-run Alphawave Semi in a US$2.4 billion deal, offering £1.83 per share. The transaction, pending regulatory approval, is expected to close in early 2026. Alphawave, a chip IP licensing firm, shifted its legal base to London in 2021 but maintains operations and leadership in Toronto. Qualcomm, dominant in mobile processors, seeks to expand into data centres using Alphawave’s technologies. Alphawave reported a 2024 loss of US$42.5 million on US$307.6 million in revenue, with US$515.5 million in booked sales. Shares surged to £1.88 after the announcement.

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