This week’s version of Finovate International options latest fintech information from Canada.
Wealthsimple secures $750 million at valuation of $10 billion
Canadian fintech Wealthsimple has raised CAD $750 million at a post-money valuation of CAD $10 billion. The funding spherical contains each a CAD $550 million main providing and a secondary providing of as much as CAD $200 million. Dragoneer Funding Group and GIC led the spherical, which additionally featured participation from new investor Canada Pension Plan Funding Board (CPP Investments) in addition to present buyers Energy Company of Canada, IGM Monetary Inc. ICONIQ, Greylock, and Meritech.
“This increase displays deep confidence from new and returning buyers in our mission and our function as a defining Canadian firm,” Wealthsimple Co-Founder and CEO Michael Katchen mentioned. “We have been intentional in selecting companions dedicated to the long-term way forward for Wealthsimple. These are well-respected, international leaders with a confirmed observe report (of) scaling class leaders, and who imagine in our imaginative and prescient for the way forward for monetary providers.”
Based in 2014 and headquartered in Toronto, Ontario, Wealthsimple gives a set of low-cost monetary options to assist Canadians construct wealth. The corporate’s platform options self-directed investing, managed portfolios, digital asset investing, tax submitting, advisor providers, and extra in a single, built-in expertise. Wealthsimple serves three million Canadians and has $100 billion in belongings underneath administration.
“Few corporations have achieved what Wealthsimple has in the previous couple of years,” Dragoneer Funding Group Associate Christian Jensen mentioned. “The Wealthsimple group has constructed an expansive monetary platform that tens of millions of Canadians belief. They’re not simply collaborating in Canada’s monetary providers trade; they’re redefining it.”
Earlier this 12 months, Wealthsimple unveiled a waitlist for its first bank card, which topped 300,000 Canadians within the first six months. The corporate’s fundraising information follows a worthwhile 2024 and present profitability in 2025, as effectively. The capital infusion will assist Wealthsimple speed up its product roadmap in investing, spending, and credit score, in addition to assist the corporate’s efforts to increase its platform.
Fintech funding slows in H1 forward of potential rebound in H2
Talking of funding and Canadian fintech, KPMG’s Canada Fintech Funding Report is an effective way to rise up to hurry on the funding developments which are supporting fintech innovation in Canada. The report was revealed in August, and focuses on funding developments from the primary half of 2025.
Whereas the report signifies that Canadian fintech funding fell considerably in comparison with worldwide developments, the report authors counsel that the primary half of 2025 represented a normalization within the wake of report excessive ranges of funding in 2024. Areas of investor curiosity embrace AI, particularly agentic AI, and digital belongings, which characterize a continuation of developments from 2024. A extra optimistic regulatory tone towards cryptocurrencies—particularly stablecoins—within the US has been credited for this rebound in curiosity in digital belongings. The report additionally famous some curiosity in quantum computing amongst insurers.
“Final 12 months was exceptionally sturdy for fintech funding, thanks to 2 main take-private offers,” Dubie Cunningham, a Associate in KPMG in Canada’s Banking and Capital Markets Follow, defined. “Since then, funding exercise has dropped to extra secure ranges. In reality, when you think about the financial shifts reminiscent of tariffs affecting international commerce, funding within the first half was fairly strong in comparison with historic ranges. There’s nonetheless a whole lot of dry powder able to be deployed by buyers, however they’re demonstrating extra selective conduct than in earlier years. They’re searching for high quality corporations and we’re seeing longer tails for maturing mid-to-large stage non-public fairness offers.”
Learn the complete report.
Coming to Canada: Atlanta’s Rainforest and Lebanon’s Whish Cash
This week reminds us of how enticing Canada is to a rising variety of fintechs around the globe. Rainforest, a embedded funds firm based mostly in Atlanta, Georgia, introduced lately that it’s trying to increase to Canada. The corporate, based in 2022, secured $29 million in funding in September, taking its complete capital raised to $57.5 million. The thought of increasing to Canada, as Rainforest Founder and CEO Joshua Silver defined to International Atlanta, represents greater than a regional growth for the corporate itself. The transfer would additionally assist Rainforest’s platform consumer increase their choices in a brand new market.
Rainforest focuses on funds partnerships with software program suppliers that focus on companies in underserved trade sectors. These software program suppliers themselves are an underserved phase of the trade—processing $50 million to $2 billion in annual funds. Rainforest gives an embedded funds answer that permits software program platforms to offer a sturdy funds expertise for his or her finish retailers with out having to register as a cost facilitator with card networks.
Hailing from even farther away than the Peach State the place Rainforest resides is Whish Cash. Headquartered in Beirut, Lebanon, and controlled by the nation’s central financial institution, Whish Cash introduced this week that it had secured monetary providers licenses in Canada. The regulatory approvals are the primary for the corporate outdoors of the MENA area, and is a part of a worldwide growth that features coming into markets within the US, the UK, the EU, and Australia.
“Securing our Canadian license is a monumental step that validates our compliant, customer-focused mannequin and units the muse for our worldwide growth,” Whish Cash board chairman Toufic Koussa mentioned. “This transfer is about extra than simply coming into a brand new market; it’s about strategically connecting high-diaspora communities with dependable monetary infrastructure, starting with North America. We’re dedicated to constructing a regulated, clear international ecosystem that really serves our customers.”
Whish Cash gives a spread of digital monetary providers together with payroll, fund transfers, and billpay. Based in 2019, the corporate’s e-wallet, cash remittance, and e-distribution platform has a consumer base of greater than 1.5 million. The corporate’s international growth is being supported by partnerships with corporations reminiscent of Visa, Mastercard, Ria, and Terrapay.
Right here is our take a look at fintech innovation around the globe.
Central and Southern Asia
Pakistan-based fintech startup ZAR raised $13 million for its expertise that permits shopper to transform money into stablecoins.
Indian fintech infrastructure firm Falcon introduced a partnership with expertise consulting agency Tech Mahindra.
Alipay+ and HUMO, Uzebekistan’s nationwide cost system, teamed as much as facilitate cross-border funds.
Latin America and the Caribbean
Blockchain infrastructure and cryptocurrency supplier Binance unveiled QR code funds in Argentina
Kueski and dLocal group as much as carry Purchase Now Pay Later (BNPL) providers to retailers in Mexico.
Nubank and OpenAI partnered to launch ChatGPR Go in Brazil to offer people larger entry to ChatGPT’s superior capabilties at a decrease price.
Asia-Pacific
Remittance supplier Viamericas partnered with Dong Phuong Cash Switch to increase entry to remittance providers all through Vietnam.
Japanese fintech JPYC launched the nation’s first yen-denominated stablecoin.
Malaysian fintech Instapay earned a spot on CB Insights’ International Fintech 100.
Sub-Saharan Africa
South African fintech SME Snapshot launched up to date model of its enterprise administration dashboard.
Nigeria’s Flutterwave partnered with Polygon to launch a stablecoin cost community throughout 34 African international locations.
Kenya’s Alternative Financial institution teamed up with Safaricom to energy cross-border cash transfers.
Central and Japanese Europe
Coinbase and Tink teamed as much as carry Pay by Financial institution crypto funds to clients in Germany.
Lithuanian regtech IDenfy partnered with Australian remittance service supplier J Foreign exchange Cash Switch.
Finlayer and Salt Edge annnounced a partnership to carry open banking to small and medium-sized companies in Romania.
Center East and Northern Africa
Saudi Arabian Purchase Now Pay Later agency Tabby boosted its valuation to greater than $4.5 billion within the wake of a secondary share sale.
Israel-based Viola Credit score closed its third credit score fund at $2 billion, topping its authentic goal of $1.5 billion.
Lebanon-based fintech Whish Cash secured monetary providers licenses in Canada.
Photograph by Harrison Haines
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