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 current 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 had been intentional in selecting companions dedicated to the long-term way forward for Wealthsimple. These are well-respected, international leaders with a confirmed monitor document (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 affords 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 firms have achieved what Wealthsimple has in the previous few years,” Dragoneer Funding Group Associate Christian Jensen mentioned. “The Wealthsimple group has constructed an expansive monetary platform that hundreds of thousands of Canadians belief. They’re not simply collaborating in Canada’s monetary providers business; they’re redefining it.”
Earlier this yr, 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 properly. 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 broaden 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 traits which can be supporting fintech innovation in Canada. The report was revealed in August, and focuses on funding traits from the primary half of 2025.
Whereas the report signifies that Canadian fintech funding fell considerably in comparison with worldwide traits, the report authors counsel that the primary half of 2025 represented a normalization within the wake of document excessive ranges of funding in 2024. Areas of investor curiosity embrace AI, particularly agentic AI, and digital belongings, which characterize a continuation of traits from 2024. A extra constructive 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 yr was exceptionally robust 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 steady ranges. Actually, when you think about the financial shifts resembling tariffs affecting international commerce, funding within the first half was fairly sturdy in comparison with historic ranges. There’s nonetheless numerous dry powder able to be deployed by buyers, however they’re demonstrating extra selective habits than in earlier years. They’re searching for high quality firms and we’re seeing longer tails for maturing mid-to-large stage personal fairness offers.”
Learn the total report.
Coming to Canada: Atlanta’s Rainforest and Lebanon’s Whish Cash
This week reminds us of how engaging Canada is to a rising variety of fintechs around the globe. Rainforest, a embedded funds firm primarily based in Atlanta, Georgia, introduced lately that it’s seeking to broaden to Canada. The corporate, based in 2022, secured $29 million in funding in September, taking its complete capital raised to $57.5 million. The concept of increasing to Canada, as Rainforest Founder and CEO Joshua Silver defined to International Atlanta, represents greater than a regional enlargement for the corporate itself. The transfer would additionally assist Rainforest’s platform shopper broaden their choices in a brand new market.
Rainforest makes a speciality of funds partnerships with software program suppliers that concentrate on companies in underserved business sectors. These software program suppliers themselves are an underserved phase of the business—processing $50 million to $2 billion in annual funds. Rainforest affords an embedded funds resolution that allows software program platforms to offer a strong funds expertise for his or her finish retailers with out having to register as a fee 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 enlargement that features getting 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 enlargement,” Whish Cash board chairman Toufic Koussa mentioned. “This transfer is about extra than simply getting 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 actually serves our customers.”
Whish Cash affords a variety 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 enlargement is being supported by partnerships with firms resembling 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 allows client 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 fee 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 convey Purchase Now Pay Later (BNPL) providers to retailers in Mexico.
Nubank and OpenAI partnered to launch ChatGPR Go in Brazil to offer people higher entry to ChatGPT’s superior capabilties at a decrease price.
Asia-Pacific
Remittance supplier Viamericas partnered with Dong Phuong Cash Switch to broaden 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 fee community throughout 34 African nations.
Kenya’s Selection Financial institution teamed up with Safaricom to energy cross-border cash transfers.
Central and Jap Europe
Coinbase and Tink teamed as much as convey 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 convey 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.
Picture by Harrison Haines
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