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Canadian Tech in 100 Words

 

Wealthsimple Hits $5B Valuation in Secondary Financing

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Wealthsimple has reached a $5-billion valuation in a secondary financing led by Iconiq Capital, solidifying its position as one of Canada’s top private tech firms. The deal, worth $100 million, allows employees to monetize holdings without diluting shareholders. Wealthsimple’s AUA has doubled to $58 billion, driven by Gen Z-focused services and a growing client base of high-net-worth users.

CEO Mike Katchen noted Wealthsimple’s “record momentum,” including November’s projected $3 billion in new deposits. With Silicon Valley veterans joining its executive team, the fintech giant continues expanding its offerings, from credit cards to cross-border payments.

Want to know more? Check out the source code on The Globe and Mail.

Shawarma Meets Bitcoin: Tahini’s Bold Financial Strategy

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Tahini’s, a London, Ontario-based shawarma chain, has put its entire cash reserves into Bitcoin, drawing praise from crypto influencers like Michael Saylor and Max Keiser. Co-founder Ali Hamam adopted the strategy in 2020, inspired by concerns about currency devaluation during the pandemic.

Unlike Saylor’s leveraged Bitcoin purchases, Tahini’s uses a conservative, debt-free approach. The bold move has boosted the chain’s global profile, earning millions of social media followers. Known for its unconventional menu and financial risk-taking, Tahini’s now plans cautious expansion, showing how small businesses can innovate both on and off the menu.

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

Calgary’s Launch Party Highlights Top 10 Startups

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Platform Calgary’s Launch Party closed Innovation Week YYC, celebrating 10 standout startups at the Big Four Roadhouse. Three awards spotlighted innovation: ResVR won the People’s Choice Award for its 3D home visualization platform; The Reporting Hub secured the Alex Raczenko Pitch Award for its no-code Power BI sharing tool; and Moovez earned the Alumni’s Choice Award for its local moving network.

Each winner received $3,000 from event presenter Boast. CEO Terry Rock lauded Calgary’s growing tech scene, calling the startups “shining examples of entrepreneurial passion.” The event cements Calgary’s role as a rising tech hub.

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

Tech Firms Shine in Waterstone Culture Awards

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Waterstone Human Capital has announced its 2024 list of Canada’s Most Admired Corporate Cultures, celebrating organizations that prioritize high-performing cultures. Among the tech sector winners are Mississauga’s goeasy, Toronto’s BenchSci, and Saskatoon’s Coconut Software. Calgary’s Showpass and Vancouver-based Thinkific, Acuitas Therapeutics, and TLC Solutions also earned accolades.

Founder Marty Parker praised the winners for leading in culture-driven performance. Waterstone’s awards highlight the geographical diversity of high-performing companies, building on last year’s recognition of firms like Vancouver’s STEMCELL Technologies and Toronto’s SAP Canada. The awards inspire organizations nationwide to prioritize culture as a driver of success.

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

ZayZoon Strengthens Leadership Amid Rapid Growth

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Calgary-based fintech ZayZoon has appointed Agata Zasada as Senior Vice President of People and Culture. Recognized as one of Canada’s Most Admired Chief People and Culture Officers for 2024, Zasada joins from Ontario fintech Paystone. CEO Darcy Tuer praised her leadership in fostering high-performance cultures.

ZayZoon, ranked in Deloitte’s Technology Fast 500, aims to save 10 million employees $10 billion through earned wage access solutions. With significant growth fueled by a Series B funding round, ZayZoon remains committed to empowering workers during economic challenges. Zasada’s addition highlights the company’s focus on people-driven innovation.

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

Crypto Exchange Kraken Hits $2B in Canadian Assets

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Kraken’s Canadian operations have surpassed CAD $2 billion in client assets and cash under custody, cementing its position as one of the country’s largest cryptocurrency trading platforms. General Manager Alex Mehrdad credited Kraken’s focus on user experience and innovative products for the milestone.

In 2024, Kraken doubled its Canadian presence and worked to close the knowledge gap surrounding cryptocurrency, with 54% of Canadians now able to define crypto, according to the Ontario Securities Commission. Mehrdad reaffirmed Kraken’s commitment to fostering adoption and reducing barriers to entry for Canadians.

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

Intact Acquires Jiffy, Expanding Home Maintenance Services

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Intact has acquired Jiffy, Canada’s leading home maintenance app, to enhance its digital offerings and support climate resilience efforts. Jiffy connects homeowners with pre-vetted service professionals for same-day or scheduled jobs, such as roof repairs and sump pump installations.

Since 2015, Jiffy has completed over 450,000 jobs with a 96% five-star rating. Intact’s Senior VP Imen Zitouni called the acquisition a step towards innovative, customer-first solutions. Co-founder Paul Arlin highlighted the partnership’s potential to expand Jiffy’s reach across Canada, delivering accessible and reliable services to homeowners.

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

Bluesky Surges to 21M Users Amid Social Media Shift

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Bluesky is nearing 21 million users, with daily active users now matching Meta’s Threads in the U.S., according to Similarweb. A post-election surge and features like Starter Packs, which simplify finding relevant content, have driven higher engagement. Bluesky also benefits from discontent with X over data scraping and Elon Musk’s politics.

The app monetizes via custom domains and licensing its AT Protocol, avoiding ads for now. Premium memberships are in the works, but Bluesky vows not to sell user data for AI training. As Threads mimics its features, the race to dominate posting culture intensifies.

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

Lightstrike Targets Enterprise Risks with $1.1M Boost

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Calgary-based Lightstrike has raised $1.1M in seed funding, led by Sprout Fund II with support from a U.S. angel syndicate, Alberta family offices, and Weave VC. The startup specializes in application dependency management, using AI to identify hidden risks and prevent cascading failures in enterprise systems.

CEO Vernon Briggs emphasized Lightstrike’s mission to provide businesses with control over complex dependencies. Partner Kristina Milke praised Lightstrike’s innovative solutions, describing its platform as essential for modern enterprise risk management. The funds will fuel North American expansion and customer acquisition, solidifying Lightstrike’s position in this emerging sector.

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

NEO Battery Joins $20M Recycled Silicon Project

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Toronto-based NEO Battery Materials has been named a consortium partner in a $20M recycled silicon battery project funded by South Korea’s Ministry of Trade, Industry, and Energy. The initiative, led by Hansol Chemical, focuses on repurposing silicon scrap from semiconductor and photovoltaic production to create high-content silicon anodes for next-generation lithium-ion batteries.

NEO will optimize recycled silicon inputs and collaborate to develop longer-lasting, rapid-charging batteries. CEO Spencer Huh emphasized the project’s role in material circularity and cost-effective battery advancements, aligning with NEO’s strategic goals. The initiative marks a major milestone for sustainable battery innovation.

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