Canadian Fintech: The winners & losers from the Filogix acquisition 🏆

Good morning! Welcome back to the Canadian Fintech Newsletter, an industry roundup for founders, operators and investors.

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💰 Funding

• Jobber (Edmonton), backoffice for contractors, closed a US$75m credit facility from TD, RBC & JPM.

• White Star Capital (Toronto), a Series A VC closed a $350m Fund IV.

  • They’ve backed Borrowell (Toronto) and EtherFi (Toronto founded).

🤝 M&A

• Dominion Lending Centres (Vancouver), a major mortgage brokerage acquired Filogix for $58.5m.

  • Filogix provides pipes that let brokers submit mortgage applications to lenders.

  • They are the largest in Canada and are used by DLC’s competitors, which I’m sure will lead to many of them scrambling for alternatives.

  • A big winner here is Lendesk. They’re now the largest broker-neutral pipe with established lender connections.

• Mortgage Automator (Toronto), a loan management software for private mortgage lenders acquired Lendr, a US competitor.

  • Mortgage Automator was itself acquired by the private equity arm of Bessemer Venture Partners in 2024.

• APOLLO Insurance (Vancouver), an online insurance broker / MGA was acquired by Arthur J. Gallagher, a global brokerage for $260m.

  • APOLLO dominates in the tenant insurance market and offers multiple specialty small business policies.

  • APOLLO also provides digital infrastructure to quote, pay, & bind coverage online that Gallagher has been using since 2019.

A MESSAGE FROM FAMF

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🚀 Product

• Wealthsimple plans to offer Canadian-dollar stablecoins to its users.

  • Wealthsimple invested in Tetra, a CAD stablecoin issuer last year and has been running tests with them.

• CarDoor (Toronto) launched an auction platform to sell your car directly to dealers.

  • Autozen (Vancouver) & MintList (Vancouver) launched in 2020 with the same model but both shut down.

• Power Corp valued its stake in Wealthsimple at $4.7b.

⚖️ Policy

• Wealthsimple is calling to overhaul Canada’s binary options ban to improve prediction markets.

  • They launched Wealthsimple Predict this summer.

🧍 People

• Vistara Growth (Vancouver), a debt fund, is selling a 50% stake to BC billionaire Ryan Beedie.

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Have a great week! See ya 👋

-Tal Schwartz