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Canadian Tech in 100 Words

 

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.

Stripe to Power Over 1 Million 1Password Subscriptions

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Stripe announced its partnership with 1Password to manage over a million subscriptions using Stripe Billing and Radar. Toronto-based 1Password, trusted by 150,000 businesses, offers identity security solutions and generates two-thirds of its revenue from business clients.

Stripe Billing supports 1Password’s global expansion by handling complex pricing and billing cycles, while Stripe Radar reduces fraud and false declines. The collaboration also leverages network tokenization to boost revenue and reduce churn. Stripe, which uses 1Password as its enterprise password manager, highlighted the shared focus on security and efficiency.

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

Sanctuary AI CEO Geordie Rose Forced Out Amid Layoffs

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Sanctuary AI’s board has removed co-founder Geordie Rose as CEO, setting off significant personnel changes. Interim CEO James Wells replaces Rose, while chief marketing officer Benedict Reed resigned, and 30 employees were laid off. The robotics startup, known for its Phoenix humanoid robot, has raised $140 million from investors like Magna and Microsoft.

However, investor concerns loom over Sanctuary’s ability to secure future funding in the competitive robotics sector. Sanctuary competes with global leaders like Tesla and Figure AI, which raised $675M this year. A leadership search is underway as Sanctuary navigates these challenges.

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

Ottawa Renews $47.5M for Scale-Up Platform

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The federal government is renewing its Scale-Up Platform program with $47.5 million for Communitech, MaRS Discovery District, and Invest Ottawa. The program helps high-growth companies access capital, talent, and mentorship to build Canadian “anchor firms” generating $100M+ annually.

Despite falling short of the $52.4M initial funding in 2019, the renewed program reflects optimism, with MaRS ventures generating $9.8B in revenue and Invest Ottawa scaling firms raising $1.39B in capital. Leadership transitions occurred across all hubs, with MaRS CEO Alison Nankivell highlighting the impact of continued investment in creating global-scale Canadian companies.

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

Governments Bet $330M on Quebec’s Battery Industry

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The federal and Quebec governments will invest nearly $330 million to expand the Bécancour Port and Industrial Park, bolstering Quebec’s electric-vehicle (EV) battery supply chain. Each government will contribute up to $163.8 million to increase storage capacity and reduce congestion.

Despite financial troubles facing battery suppliers like Northvolt and EcoPro, the federal government is optimistic about “rapid growth” in the sector. The project aims to solidify Bécancour’s position as a logistics hub for the battery industry, supporting regional EV growth and enhancing infrastructure for future investments.

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

Canada Targets 17,000 Fleet Vehicles for Electrification

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The Canadian government has partnered with GHD Group to transition 17,000 of its 40,000 federal fleet vehicles to zero-emission vehicles (ZEVs). GHD will use its Zero Emissions Vehicle Optimization (ZEVO) platform to analyze fleet data, including usage and emissions, and produce Green Fleet Optimization reports.

This initiative supports the Greening Government Strategy, targeting a fully zero-emission light-duty fleet by 2030. GHD’s Martin Gavin highlighted the partnership’s global sustainability impact. Departments like Parks Canada and Fisheries and Oceans Canada are included in this initiative, which aims to align fleet emissions with federal climate goals.

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

Canada Post Workers Strike Amid Holiday Season

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Over 55,000 Canada Post workers launched a nationwide strike Friday, halting mail and parcel deliveries during a critical shopping season. The Canadian Union of Postal Workers (CUPW) said the walkout follows a year of stalled negotiations over wages and working conditions. Canada Post’s latest offer of a 12% raise over four years was rejected by CUPW as inadequate.

The Canadian Federation of Independent Business urged government intervention, warning of significant impacts on small businesses. Shopify executives also criticized the strike, with CEO Tobi Lütke calling it a “bad-faith move.”

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

Calgary Mayor Gondek Pushes for Tech and Talent Growth

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Calgary Mayor Jyoti Gondek is championing innovation and talent development to secure the city’s future as a tech hub. Speaking during Calgary Innovation Week, she emphasized the importance of modern infrastructure, starting with expanded fibre access, to support growth areas like the city’s planned logistics hub.

Gondek highlighted Calgary’s affordability and welcoming community as key factors attracting businesses and talent. She also called for local capital to fuel homegrown companies, fostering an innovation ecosystem that encourages experimentation and resilience. By connecting entrepreneurs with clients, Gondek aims to establish Calgary as a leader in innovation and business growth.

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

Canadian Fintech Nuvei Goes Private, Eyes Expansion

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Montreal-based fintech Nuvei has officially gone private in a $6 billion all-cash deal led by Advent International, Novacap, and CDPQ. Reporting a 17% revenue jump in its final public earnings, CEO Philip Fayer emphasized Nuvei’s profitability and global reach, spanning 150 countries with nearly 700 payment methods.

Fayer, who remains CEO, highlighted plans to implement a Value Creation Plan focused on operational optimization and accelerated growth. David Lewin of Novacap praised Nuvei’s long-term growth potential as the company enters a new expansion phase. Founded in 2003, Nuvei aims to deepen customer partnerships and advance globally.

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

UniUni Secures Additional $30M, Targets U.S. Market Growth

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Richmond-based last-mile delivery company UniUni has closed a $30 million Series C extension round led by Bessemer Venture Partners, with Lanchi Ventures, Joy Capital, Celtic House, and LFX joining. This funding brings UniUni’s total to over $100 million in the past year, as it aims to expand into the U.S. market and integrate AI and robotics into operations.

Known for its crowdsourced delivery model and partnerships with brands like Shein, UniUni has doubled its warehouse capacity and now employs more than 600 staff. The funds will accelerate its growth and technological advancements.

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