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First-ever Canadian Paytech Report Offers Insight on Emerging Canadian Paytech Market



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FGS and Paytechs of Canada, today co-released an in-depth report on the Canadian Paytech landscape, offering the first ever comprehensive overview of the impact and pace at which technology is driving disruptive change.

The Canadian Paytech Report provides a data-driven view on Paytech in Canada, analysis and deep insights on all participants in the payments ecosystem. The report highlights innovation in the payments space, emerging trends in Canada [and globally], and includes future considerations for tech giants, non-financial companies and traditional financial institutions.

“The Canadian financial services market is experiencing a dramatic increase of fierce competition driven by the availability of new technology. There is sustained pressure coming from consumers and business for the industry to innovate,” says Sue Britton, CEO & Founder of FGS. “With great confidence, I can say that the majority of incumbent companies, given their size, are unaware of the scale and speed of change happening around them, nor are they able to move quickly enough to respond.”

FGS and Paytechs of Canada, the newly formed trade group for Paytechs in this country, wanted to provide information about the Paytech ecosystem to create awareness, conversation and ideas for collaboration. Together they believe, Canada needs more bold moves and less incrementalism by financial institutions to continue to be viable long term and support the acceleration of innovation in Canada. The report aims to shed light on Canada’s current position in the payments ecosystem, and introduce ideas for future opportunities.

“Payment innovation has and will continue to pave the way for FinTech adoption in Canada. Little is known about the group largely driving that innovation – Paytech,” says Ben Harrison, Partner, Head of Partnerships & Policy at Portag3 Ventures. “We recognize that a lot of great work has been done so far but there’s still work to do. This report gives us a benchmark to start tracking progress at an industry level.”

Highlights of the report include:

  • The number of Paytech Companies in Canada has increased by 136% in the last 5 years (2014-2018) and by 233%  in the last 10 years (2009-2018).
    • There are 633 Paytech companies in Canada – including startups, incumbents, tech giants, non-financial entrants and challenger banks.
    • Of these 633 companies, 420 are headquartered in Canada. The rest are Canadian subsidiaries of companies headquartered elsewhere.
    • These 633 companies employ more than 80,000 people in Canada.
  • The report analyzed the global tech giants with a Paytech offering and found that 12 out of the 14 tech giants analyzed have a Paytech product for the Canadian market.
  • FGS research located public data on 244 deals for a total of $2.86 billion funding into Paytech companies in Canada.
  • There have been 28 acquisitions of Paytech companies in Canada since 2010.
  • The use of digital, demand for convenience, choice and increased need for access to financial services by all Canadians is driving new entrants to the Canadian market. There are now more than 25 Challenger Banks operating in Canada.

Overall, the objective is to inform Canadians, as well as broad financial and non financial institutions, such as retailers and telcos, on how to adapt and embrace emerging opportunities to stay competitive. FGS and Paytechs of Canada also believe this report will be incredibly helpful for those outside the payments industry, particularly key government stakeholders like the Dept of Finance, and Bank of Canada to understand changes to date and where Paytech is going.

At its core, the FGS, Paytechs of Canada report uncovers a Canadian payments market in the midst of numerous changes, all of which are indicators of positive movement towards innovation. The newly announced Paytechs of Canada is a harmonized voice of Paytechs working to improve payment experiences for Canadians by creating competition and innovation through solutions-oriented advocacy and education.


SOURCE FinTech Growth Syndicate


VersaPay Announces Dream Office REIT as Newest CRE Client




VersaPay Corporation (TSXV: VPY) (“VersaPay”), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, is pleased to announce that it has added Dream Office REIT (“Dream Office”) as its newest commercial real estate client.

“With our real estate portfolio expanding in Canada and the US, our objective is to enhance our tenants’ experience and provide them with a convenient web-based and mobile portal where they can access their account, retrieve invoices, communicate and make secure electronic payments,” stated Joanne Leitch, Vice President, Property and Operations Accounting at Dream Office. “We want to create efficiencies by eliminating manual processes, minimize errors and reduce the need for tenant account reconciliations. VersaPay offered the platform to make all of this possible.”

“Through our vendor selection process we searched for a company who could provide a platform with extensive functionality with whom we could partner to provide our tenants an improved experience. VersaPay provided what we were looking for in addition to a robust integration with our JD Edwards ERP to provide real-time AR and cash review,” stated Travis Vokey, Vice President and Head of Technology for Dream Office.

“We are so pleased to be working with Dream Office, a forward-thinking Commercial Real Estate company located right here in Toronto,” said Craig O’Neill, CEO of VersaPay. “Dream is a leader in its industry, offering high-quality central business district office properties to an impressive list of tenants. One of the keys to its success has been providing tenants with a market leading experience in all facets of the business, and we’re delighted to extend this to their tenants’ experience in billing and payments.”


SOURCE VersaPay Corporation

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Xoom Rolls Out Domestic Money Transfer Services in the U.S.




Xoom, PayPal’s international money transfer service, today rolled out the ability for customers to send money to recipients in the U.S. for the first time. Through strategic alliances with Walmart and Ria, Americans can now use Xoom to send money fast for cash pick-up typically in minutes at nearly 5,000 locations across the country*.

Xoom’s services potentially benefit more than 44 million foreign-born people in the U.S.1 who send remittances to family and friends in their home countries. With the introduction of domestic money transfer services, Xoom will now serve even more customers, including more than half of Americans who make domestic person-to-person (P2P) payments2. Using Xoom’s mobile app or website, consumers will have the ability to send money quickly and securely for cash pick-up at any Walmart or Ria-owned store in the U.S.

“Many of our customers in the U.S. already send money to loved ones in the country, and they usually prefer that the money is available right away,” shared Julian King, Xoom’s Vice President and General Manager. “This rollout reinforces our commitment to make money transfers fast, easy and affordable for everyone, whether they are at home or on-the-go.”

“At Ria, we are delighted to further consolidate our relationship with Xoom and Walmart,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Our continued partnership is a fine example of how Ria’s technology can serve as an enabler between platforms, offering consumers and partners an added layer of security and compliance screening, in turn facilitating value creation within the Fintech ecosystem.”

Many consumers in the U.S. face personal, institutional and policy-related barriers to access the financial system. These underbanked consumers rely heavily on fringe financial service providers to conduct routine financial transactions and pay high fees in the process. With Xoom’s introduction of domestic transfers, Americans can send money at affordable rates for cash pick-up quickly at 4,684 Walmart stores and 175 Ria locations across the United States. For more information on store locations and eligible banks, visit

A pioneer in digital remittances, Xoom is a fast way to securely send money, pay bills and reload phones for loved ones in over 160 countries globally. These remittances serve as a lifeline for many people around the world and are used to pay for every day needs like utility bills, healthcare, and education costs, as well as emergencies. The largely cash-based system of sending money across borders is full of paperwork, high fees, standing in line and an ever-present uncertainty of when, and if, the money will arrive when it’s needed. By providing fast and more secure payment options for customers to seamlessly and securely send money across borders by going online or using a mobile device, PayPal and Xoom are helping to expand and improve the financial health of millions of people worldwide.

*Fees and Limitations apply


SOURCE PayPal, Inc.

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SpeakEasy Awarded Cultivation, Processing and Cannabis Sales Licence by Health Canada




SpeakEasy Cannabis Club Ltd. (CSE: EASY) (Frankfurt: 39H) (“SpeakEasy” or the “Company“) is pleased to announce that it has received Health Canada’s coveted licence for cultivation, processing and medical sales. The Company, situated on 290 acres of fertile land in the Okanagan’s renowned Golden Mile, has demonstrated adherence to the industry’s rigorous compliance standards, and can now grow and provide its high quality, small-batch cannabis to the burgeoning recreational and medical markets.

With the receipt of the licences, the Company has immediately begun cultivation of cannabis in its 10,000-square-foot, purpose-built, state of the art facility. The Company has aquired an extensive library of unique genetics that will be used as starting material for the cultivation of cannabis at the facility.

SpeakEasy’s outdoor cultivation site has also been completed and stands ready to receive these genetics for the 2020 growing season. SpeakEasy plans to submit its evidence package for the outdoor field and amend its licence to allow outdoor cultivation on its 60 acre field. “Receiving our licence at long last, is a dream come true for all of us in the SpeakEasy family. The support we have received from shareholders, employees, family and friends has been overwhelming and I appreciate you all more than I can say,” says Marc Geen, founder of SpeakEasy. “When it comes to producing phenomenal craft cannabis, farms will always be superior to factories and culture will always speak louder than corporations. Real people recognize authenticity and SpeakEasy intends to lead by example, sharing the story of our people through the excellence of our product.” With the anticipation of receiving its outdoor licence, SpeakEasy is positioned to become one of the largest cannabis producers in Canada with extremely low cost per gram outdoor grown flower and extremely high quality small batch indoor flower.

SpeakEasy recently completed the transformation of a 60 acre orchard into a custom built outdoor cannabis cultivation environment. The fertile agricultural land is expected to enable the farm to produce up to approximately 70,000kg of cannabis flower and the Company plans to double the output to up to approximately 150,000kg, pending approval of its outdoor cultivation licence.

Construction commenced in the fall of 2017 on the 80,000-square-foot SpeakEasy campus in anticipation of demand for SpeakEasy’s craft cannabis flower and value added products. Buildings two and three were completed to lock-up in the second quarter of 2019 and building four, another 26,600-square-foot facility commenced in the spring of 2019 and is also at the lock-up stage of its development. The anticipated use of building four is the processing of sun grown outdoor flower and biomass for extraction. SpeakEasy has accumulated an impressive library of unique genetics from sources outside existing licence holders, empowering the Company to develop new strains, unique to SpeakEasy, for both indoor and outdoor cultivation.

SpeakEasy founders and team members are long standing advocates for the value of community and harnessing the power of combined expertise through successful farming cooperatives. SpeakEasy now plans to apply the same values for cannabis farming. SpeakEasy’s innovative business model is designed to support industry-leading talent through shared knowledge, resources and passion, with a commitment to maintaining exceptional quality standards and developing unique cannabis strains. The Company empowers experienced growers and geneticists to operate independently with the freedom to develop each cultivar to perfection.


SOURCE Speakeasy Cannabis Club Ltd.

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