Posted In:

Saas, Payments, Lending

O (dear) Canada!


Apr 27, 2024


Sarah Parsons Wolter

Posted In:

Saas, Payments, Lending


Apr 27, 2024


Sarah Parsons Wolter


In a world rapidly embracing instant financial transactions, it is somewhat unexpected to find certain nations lagging in the adoption of real-time payment systems. 79 countries have already launched an instant payment scheme, including all of the G20, with the exception of Canada.

Last week, Canada announced that it will launch its Real-Time Rail (RTR) system by 2026, marking a considerable lapse since its initial announcement a decade earlier. Canada’s payment association said that they will be focused on the clearing and settlement building phase throughout 2024 and will start testing with industry by 2025 and 2026.

Meanwhile, other nations have not only embraced but also capitalized on the benefits of real-time payment systems. Brazil’s Pix was introduced in 2020 and is projected to handle $200b in online transactions by 2026, accounting for 40% of the nation’s online payment volume. Furthermore, India’s UPI, which launched in 2016, now represents over 75% of the country's retail digital payments transaction volume.

In an era accustomed to high-velocity operations, real-time payments are anticipated to be ubiquitous. Yet, this is not the case everywhere. Some countries are combating fraud by allowing several hold days on payments that raise flags as covered in our previous newsletter.

Meanwhile, as Canada gears up to join the instant payment party, we're left wondering if they'll dive right in and start swimming with the rest of the G20 or test the waters like this cheeky little chappy.

swimming dog

Portfolio News

Simetrik, the best Latin American company in the Financial Times ranking - Simetrik, the leading Colombian company in SaaS solutions focused on the automation of financial control, was included for the first time in the Financial Times Ranking: The Fastest Growing Companies in America in 2024, in which it ranked 39th out of 500 companies. Read more

Africa’s top fintech player is getting ready for an IPO - Flutterwave, the Nigeria-based digital payments company and Africa’s most valuable startup, has made changes to its corporate team as part of moves aimed at preparing for an initial public offering. Read more

Underline impact: Affordable internet for non-profits - Fiber internet has come to El Paso County, Colorado and Underline, one of the first companies to bring the technology to the area, is making affordable internet available to residential, business, and government entities, with a special focus on 501(c)(3) organizations. With the Underline Impact program, qualifying nonprofit organizations will receive up to 15% off all high-speed fiber internet plans. Read more

Financial platform for schools Mattilda arrives in Colombia to combat school dropout - The financial hub for schools Mattilda is expanding its operations to Colombia, building on its existing presence in Mexico. Mattilda offers services such as pension advances, collection process automation, and school credit provision, aiming to address educational challenges such as school dropout and the need for improved infrastructure. Read more

Flutterwave and collaborate for seamless outward card payments on send app for EU and UK users - Leveraging’s payment processing expertise, Send App will offer faster and more secure outward remittance transactions for UK and EU cardholders sending money to their business partners or loved ones in Africa. Read more

Tearsheet podcast: MoneyLion’s maniacal mission of rewiring finance with Dee Choubey - Five years ago, MoneyLion was competing as a neobank, driven to deliver growth on its customer numbers. Since going public, Dee Chouney's firm has evolved into a platform. Read more

CapIntel and IG Wealth Management renew partnership to enhance financial advisory services - This renewal builds on a collaboration that began in 2021, signifying a mutual commitment to enhance the client and advisor experience in financial planning. Read more

CapIntel and Desjardins Financial Security Investments join forces to elevate investment advisory services across Canada - The primary objective for DFSI is to support advisors in their client conversations with materials that educate and build trust. By leveraging CapIntel's innovative platform, advisors can combine educational materials with product information to help their customers understand how they’re investing and why. Read more

O (dear) Canada!

Canada announces date for real-time payments system launch - Payments Canada has announced that, in collaboration with tech firms IBM and CGI, it will launch its Real-Time Rail system for fast digital payments as soon as 2026, after the initiative suffered a number of delays since it was first announced a decade ago. The new RTR system for fast digital transactions is set to revamp Canada’s aging payments infrastructure. Read more

Brazil’s Pix to reach 40% of online shopping by 2026, study shows - Pix, Brazil’s instant payment juggernaut, shows no signs of slowing down. Despite reigning supreme in the country since its 2020 debut, with 150 million regular users, it still has untapped potential. Read more

Industry News

FTC bans noncompete agreements that restrict job switching - The move achieves a policy goal that is popular with labor but faces an imminent court challenge from business groups. The measure, approved by the agency’s Democratic majority on a 3-to-2 vote, marks the first time in more than 50 years that FTC officials have issued a regulation to mandate an economywide change in how companies compete. Read more

Fund offering 'venture capital' exposure sends investors on meme-like ride - The fund owns stakes in about 25 private technology and growth companies, including SpaceX, OpenAI, Instacart and online payments processor Stripe. It plans to update its holdings on a quarterly basis, and creator Sohail Prasad said last month that he would like it to eventually hold 100 companies. Read more

Goldman ditches robo-investing for masses in sale to Betterment - The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45b digital investment-advisory firm. While the deal price is expected to be immaterial, it’s another piece of the consumer empire Goldman once dreamed of that the bank is now scaling back. Read more

New York Stock Exchange tests views on round-the-clock trading - The NYSE is polling market participants on the merits of trading stocks around the clock as regulators scrutinize an application for the first 24/7 bourse. The issue has become a hot topic in recent years, prompted in part by the 24/7 operation of cryptocurrency trading and the rise in retail investor activity first spurred by coronavirus pandemic lockdowns. Read more

Why engineers should study philosophy - Marco Argenti, Chief Information Officer at Goldman Sachs, writes about how coding is one of the things AI does best and its capabilities are quickly improving. However, there’s a catch: Code created by an AI can be syntactically and semantically correct but not functionally correct. Therefore, having a crisp mental model around a problem is particularly important. Read more

Move aside, big banks: giant funds now rule Wall Street - Top firms now control sums rivaling the economies of many large countries. They are pushing into new business areas, blurring the lines that define who does what on Wall Street and nudging once-dominant banks toward the sidelines. Read more

Stripe, doubling down on embedded finance, de-couples payments from the rest of its stack - This is a big change, considering that in the past, even as Stripe grew its list of services, it required businesses to be payments customers in order to use any of the rest. Alongside this, the company is adding in a number of new embedded finance features and a new wave of AI tools. Read more

Revolut plans advertising sales push as it waits for banking license - Revolut is exploring plans to monetize customer data through sharing it with advertising partners, as the fintech seeks new sources of revenue while its application for a UK banking license remains in limbo. The firm has hired a TikTok executive to lead a ‘media strategy’ as it seeks to diversify revenues. Read more

Walmart pushes BNPL loans with One - For One, who is majority owned by Walmart, the move sets the stage for competition with Affirm as a BNPL option entrenched with Walmart. Read more

Stripe is bringing back crypto payments with stablecoins - Stripe announced that it would let customers accept cryptocurrency payments, starting with just one currency in particular, USDC stablecoins, initially only on Solana, Ethereum and Polygon. Read more

TabaPay to acquire assets of bankrupt BaaS platform Synapse - The deal will allow TabaPay to offer new financial services for fintech companies and financial institutions. TabaPay noted that the two firms had offered complementary financial technology services, with both companies appearing on Deloitte’s 2023 Fast 500. Read more

‘Buy Bitcoin’ sign shown behind Yellen sells for $1m at auction - A yellow legal pad with “Buy Bitcoin” scribbled on it sold this week for $1.027m during an auction. The hastily produced sign was flashed by an intern back in 2017 during a televised Congressional testimony. Read more

Select Financings

Accacia - Singapore based real estate decarbonization platform raised $6.5m in pre Series A funding led by Illuminate Financial. Read more

Borka - Egypt based wealth management company raised $4.6m in pre-Seed funding led by DisrupTech Ventures. Read more

Bump - New York based creator financial management platform raised $3m in Seed funding from ImpactX, Capitalize and Serac Ventures. Read more

FilmChain - London based payments startup for film and TV stakeholders raised £2.8m in Seed funding led by Holt IntersXion. Read more

Givebutter - Austin based nonprofit fundraising company raised $50m in growth funding led by Bessemer Venture Partners. Read more

Midas - Turkey based retail investing company raised $45m in Series A funding led by Portage. Read more

OnePay - Colombia based WhatsApp payments startup raised $1.3m in pre-Seed funding led by Qupa Ventures. Read more

Payflows - Paris based SaaS company for finance teams raised €25m in Series A funding led by Balderton Capital. Read more

Ramp - New York City based corporate card company raised $150m in Series D-2 funding led by Khosla Ventures and Founders Fund. Read more

Rippling - San Francisco based employee onboarding company raised $200m in Series F funding led by Coatue. Read more

Rockfi - Paris based wealth management platform raised €3m in Seed funding led by Varsity I. Read more

SuperLogic - Miami based rewards investing company raised $7.5m in new funding led by Amex Ventures and Sangha Capital. Read more

Usual Labs - Paris based stablecoin protocol raised $7m in new funding led by IOSG Ventures and Kraken Ventures. Read more - AI-powered revenue management company raised $16m in Series A funding led by Accel. Read more


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