FundThrough, Hyperwallet, League, SecureKey & Thinking Capital
Check out the October 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.
FundThrough’s unique offering gives businesses a cash advance on the value of their unpaid invoices. When a company can’t wait up to 90 days for payment, FundThrough will pay them within 24 hours. Since launching in 2014, FundThrough has lent $50 million to hundreds of businesses.
The Toronto based small-business lender just secured a $24.6 million investment lead by Scale Up Ventures. This is the second round of funding for the company, with the first in early 2015 at $2.2 million. Of this new round, FundThrough will receive a $4.6 million equity injection and access to an additional $20 million in loan capital.
Hyperwallet’s payout platform provides growing organizations with a frictionless, transparent, and reliable way to manage payments and enhance the payee’s experience almost anywhere in the world. Trusted by enterprise, e-commerce, and on-demand platforms, Hyperwallet makes it easy to pay up to 7 billion people in a singular payment environment.
Hyperwallet recently signed a deal with Live Nation Entertainment’s Universe that will see them conduct payouts to Universe’s growing base of ticketing agents in over 75 countries. Hyperwallet has offices in San Francisco, Austin and Vancouver.
League delivers a digital alternative to traditional health insurance and brings innovation to the healthcare industry by offering an alternative to outdated, one-size-fits-all health benefits models. League enables employers to provide their employees with health spending accounts, wellness accounts and group insurance plans, all delivered through a mobile-first platform.
In June League raised a significant $25 million Series A round and was recently named to the 2016 Fintech 100 at #36, the highest ranking for a Canadian fintech company.
SecureKey is the identity and authentication provider for organisations that deliver online consumer services. SecureKey eliminates the need to store passwords by securely linking consumer ID to trusted devices, while providing consumers with the choice, control and convenience over how they access the services they want.
This month SecureKey raised a $27 million funding round that included several major financial institutions including BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD Bank, and was named to the 2016 Fintech 100 at the #42 spot.
Artificial intelligence is making its foray into the North American fintech world with “Lucy”, the new AI chatbot from Thinking Capital, a Montreal-based leading Canadian fintech company. Lucy will help address customer queries via Facebook Messenger, and help small businesses qualify for financing.
Thinking Capital’s move to launch Lucy is part of an ongoing trend among companies to use instant messaging platforms to drive commerce and customer engagement. Facebook currently has about 30,000 bots in its Messenger platform, since launching at the F8 Conference earlier this year.
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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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