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Encircle. Grow, Travelers Box, Trulioo & Wealthsimple

Check out the April 2016 edition of the Fintech Five.

PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid.

The Fintech Five powered by PayPal profiles five of the hottest and most promising financial technology companies across Canada each month. The list is curated by Techvibes editorial staff and reflects who is making waves in our nation’s fintech ecosystem right now.

 

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Encircle is a provider of real-time documentation and collaboration software for the Property/Casualty insurance industry. With self-service capability to empower policyholders and a slick interface for insurance professionals, Encircle’s platform is improving accuracy and significantly lowering costs in underwriting and claim processes.

With Encircle’s mobile and web apps homeowners can take a pre-loss inventory of their home, restoration contractors and adjusters can document a property efficiently after a disaster, and call center operators to can provision a homeowner immediately after a loss, on the first phone call, allowing them to take photos to be used in documenting the claim.

Kitchener-based Encircle recently hired Velocity Garage Director Mike Kirkup to become its CTO.

 

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Formerly known as Grouplend and rebranded as Grow Financial in late 2015, this fintech startup won the Techvibes 2015 Startup of the Year award in January. Grow is combining data science, cutting-edge technology, and people-focused service to reinvent financial services in Canada.

Grow recently partnered with Conexus, Saskatchewan’s largest credit union, to bring online lending to Saskatchewan. This new partnership will allow residents of Saskatchewan to apply for a loan anywhere, anytime, from their computer, phone or tablet, and have the funds in their bank account by the following business day.

Grow has raised $10.2 million since launch and its investor group is led by Markus Frind, founder of PlentyofFish, and Lance Tracey, founder of Peer 1 Hosting and Sutton Real Estate Group.

 

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An inconvience of international travel is finding a use for leftover foreign currency and Israel’s TravelersBox is looking to solve this problem. TravelersBox allows users to put foreign currency into a machine to redeem as digital currency, such as PayPal credits.

TravelersBox recently signed a cooperation agreement with Toronto’s Pearson International Airport to install its automatic foreign currency exchange portals as it looks to expand across North America.

Self-described as “the first and only solution allowing travelers in airports to convert leftover foreign currency into usable digital currency,” the startup says it will install 10 kiosks throughout the Canadian airport by the end of the year. TravelersBox already operates in several countries, including Italy, Turkey, and Japan.

 

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Last year Vancouver’s Trulioo raised a $15 million venture capital round from American Express Ventures and existing investors – the largetst Canadian fintech financing of the year.

Trulioo is a leading global ID verification company that provides advanced analytics based on traditional information such as public records, credit files and government data as well as alternative sources including social login providers, ad networks, mobile apps, e-commerce sites and social networks.

Trulioo scores online identities as authentic, machine generated or fraudulent and its identity bureau currently covers 3 billion people in over 40 countries. Trulioo enables increased trust and safety online by powering fraud and compliance systems for hundreds of clients worldwide.

 

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Likely the highest profile fintech startup in Canada, Toronto’s Wealthsimple is a technology-driven investment manager, also known as a robo-advisor. Wealthsimple, makes investing simple, low cost and accessible by instantly creating a diversified portfolio for clients and allows for automated maintenance.

Since launching their platform in 2014, Wealthsimple has witnessed several notable victories included entering a partnership with Power Financial Corporation last year. Under this agreement, Power Financial invested $10 million in to Wealthsimple and can invest up to $20 million more over the next 12 months, with the option to make further investments over the next three years.

Since then Wealthsimple has announced $400 million in assets with over 10,000 clients in less than a year, acquired a brokerage, and launched a mobile app in Canada.

With PayPal‘s 184 million active customer accounts globally and 6.4 million in Canada, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. 

Want to be a part of the next Fintech Five? This list isn’t something you can apply for, but make a splash and you’re certain to get on our radar. 

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