Canadian Fintech: Wealthsimple v Questrade 🥊

Good morning! I’m excited to share some news…

I’m returning as the Canada Delegation Chair for Money20/20 this Fall 🚀

I’ll be leading an exclusive cohort of Canadian fintech & banking executives to Las Vegas on Oct 18th - 21st.

Delegates get:

• Up to USD $950 off their pass

• invites to private Canadian-focused side events

• curated intros with founders, banks, and investors.

Apply to join the delegation here (it takes 30 secs).

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💰 Funding

• Terminal (Toronto), a trucking data platform, raised a US$20m Series A led by Battery Ventures.

• The VC arm of National Bank invested in Multiverse Computing (Spain), a quantum software firm used by lots of banks.

🤝 M&A

• Jane (Vancouver) acquired fellow health clinic software company Ginger Desk (Vancouver).

  • This is Jane’s first publicly disclosed acquisition.

  • Jane was valued at $1.8b last year.

• Vena Solutions (Toronto), an FP&A platform, is acquiring Morpheo AI (Toronto), which structures company data for enterprise AI tools.

  • This is their second acquisition this year.

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🚀 Product

• Ramp (USA), a spend management platform that competes directly with Float officially launched in Canada.

• Chexy expanded their credit card reward program to mortgages.

• RBC and TD are the first Canadian banks to join Swift’s new international payments initiative, offering upfront fees and near-real-time delivery.

• Wealthsimple crossed $150b in AUA.

  • This is the first time chequing account growth outpaced investment accounts in a quarter.

  • Almost a quarter of Canadians aged 18 to 40 use at least one Wealthsimple product.

• Questrade launched a bunch of new features:

  • Users can now draft trades in Claude & ChatGPT, and execute them inside of Questrade.

  • A centralized view of a user’s assets inside & outside of the app.

  • Will soon be launching access to buy pre-IPO companies.

  • Questrade manages $100b in assets, up from $9b in 2019.

⚖️ Policy

• The Bank of Canada named & shamed five companies that conducted payment activities before registering under the RPAA.

• The OSC found that 25% of Canadians now own crypto, up from 10% in 2023.

• The Alberta Securities Commission permanently barred crypto exchange Catalyx from operating.

Every month I invest $250k in an early stage Canadian fintech.

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• Check out the Canadian Fintech M&A Database (for paid subscribers only).

Have a great week! See ya 👋

-Tal Schwartz