Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.
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Clearco (Toronto) secured a US$100m facility from Macquarie to grow its ecommerce financing businesses.
This facility will bring Clearco to positive operating profit this year.
That’s a massive bounce back from their 2023 recap, which saw their valuation drop from US$2b to $200m after a Covid boom to bust.
The rebuild is thanks in part to new CEO Andrew Curtis who refocused the company around e-com and more narrow lending products.
The fintech has also raised $7.5m in promissory notes from existing investors this year.
Helcim (Calgary) raised a $53m Series C led by BDC at a $250m valuation, up from $97m in 2024.
Helcim is a POS with $150m in ARR across 22k merchants and does nearly $10b in annual payment volume.
Last week Moneris, the largest Canadian owned local POS was sold to US private equity.
MeetAmi (Vancouver) plans to go public through a reverse takeover.
MeetAmi provides technology that allows wealth advisors to offer their clients crypto.
Motion Pay (Ottawa) was acquired by AlphaPay, the Canadian arm of Payment Asia Group, a large Chinese payments company.
MotionPay was the first fintech to allow Canadian retailers to offer Chinese mobile payment options Alipay and WeChat Pay back in 2017.
Polymath (Toronto), which builds infrastructure for tokenized securities, is being acquired by a golf simulator company… possibly my favourite headline of the year.
Polymath was one of the best-known projects of the early crypto boom, raising nearly US$59m in a 2018 token sale (remember those?)
In 2022, it spun its blockchain into a Swiss non-profit, then brought it back three years later as part of a plan to go public through a reverse takeover. That deal collapsed.
Now Nasdaq-listed TruGolf has agreed to acquire Polymath, giving it another route to public markets.
Presented by Station Fintech Montréal
The 2026 Canada Fintech Forum returns to Montréal on September 14-15.
Join financial institutions, fintechs, investors, regulators, and innovators for two days of networking, industry insights, and strategic discussions.
Explore the trends shaping the future of financial services, discover new business opportunities, and build meaningful connections with the leaders driving Canada’s fintech ecosystem forward.
Remitian (Ottawa), which helps accounting firms pay clients’ tax bills, partnered with Thomson Reuters to add tax payments directly into its SafeSend software.
Passage (Toronto), an international student lender, became the exclusive tech partner for ETS, which runs major admissions tests like the TOEFL and GRE.
The deal expands Passage beyond financing into products that help students apply to international schools.
Passage CEO Martin Basiri previously co-founded ApplyBoard (Waterloo), which provides similar student advisory services.
Greenline (Toronto) launched a portfolio tracker that combines investments across brokerages in one view.
Scotiabank hired Luke Gee from TD as its first Chief Data & AI Officer.
RBC, BMO and CIBC have also created similar AI roles this year.
RBC hired former Ontario cabinet minister Caroline Mulroney as Vice Chair.
Central 1 named Chief Payments Officer Barclay Hancock interim President & CEO.
Questbank named Bekim Merdita Head of Sales & Marketing after he spent the past year building their mortgage business.
Tetra Digital Group appointed former Bank of Canada official Carolyn Wilkins as an advisor.
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