Check out the May 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.
Online bookkeeping service Bench recently closed a $20 million Series B upround led by Bain Capital Ventures. The round, which brings total capital raised to over $40 million, will go toward product enhancements and the roll-out of a new product.
Originally called 10Sheet, Bench launched in July 2013 after being a part of the Spring 2012 Techstars cohort. Since then Bench has made significant strides in its journey toward automating the job of a bookkeeper. By creating task-specific algorithms and perfecting tools that can work with bank and payment data, Bench has reduced the labour time of its bookkeepers by 75%.
The emergence of fintech in the auto sales has helped Canada Drives become the largest consumer auto-finance company in Canada. Founded in Saskatoon in 2010 by co-CEO Cody Green, the company helps consumers facing all types of credit situations by connecting them with dealer partners that will work to find them an approval.
Now headquartered in Vancouver and 150 employees strong, Canada Drives works with over 300 accredited dealer partners. In 2015, Canada Drives facilitated auto finance on a mass scale through the use of technology, working with over 400,000 Canadians, representing over $7.2 billion in auto loan applications and over $1 billion in funded loans.
Toronto’s Plooto is a cloud-based payments platform that enables businesses to send and receive payments in an easy, fast, and secure way. And with the Canadian Revenue Agency’s recent commitment to use direct deposit instead of cheques, Plooto is a timely business payment solution for small businesses.
Plooto was co-founded by Hamed Abbasi and Serguei Kloubkov and has closed a funding round led by Real Ventures. They previously founded Vast Studios, a casual gaming company which was acquired in 2014. Plooto was named one of Canada’s 20 Most Innovative Technology Companies in 2015.
Toronto-based RateHub was launched by a small group of bootstrapping founders as a mortgage comparison site in 2010. Led by CEO Alyssa Richard, RateHub goes out of its way to support and showcase women who are leading in the fintech industry in hopes of inspiring the next generation of women to get into tech.
After five years, RateHub saw a major spike in their product offerings, opening credit card, deposit and insurance verticals. They also opened their own mortgage brokerage in 2015, CanWise Financial, and have opened three new offices in Kingston, Quebec and Vancouver.
Mobile technologies are the top trend in the hospitality industry and Tacit Innovations allows consumers to order and pay for their meals at their favourite restaurants, in busy food courts or in stadiums. Its maegan platform leverages existing in-restaurant systems to enable seamless operations in the busiest locations.
Starting in June, restaurants on the maegan platform will offer PayPal as a payment option to their customers. maegan is available in some of the best restaurants in Toronto. Tacit lists MTY Group and Compass Group as its clients, and signed its first deals in the US.
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.
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