Canada-based Impression Ventures Fund has raised C$20m invest in early-stage financial technology companies emerging from Canadian technology companies.
FairVentures, a subsidiary of Fairfax Financial Holdings Limited is one of the anchor investors, along with a number of “family offices” who are interested in getting exposure to the early stage financial technology sector.
Christian Lassonde, founder of Impression Ventures Fund said:
“We believe that a disproportionate number of financial technology companies will be founded in Canada and will scale to address global markets. Canadian entrepreneurs, experienced in this sector, are poised to build billion-dollar global businesses.”
The fund, founded in 2013, already has investments in fintech companies such as HonkMobile, an on-demand parking payment solutions provider and Sensibill, a provider of receipt solutions to tier 1 banks.
As well as the investment, the fund adding several new advisors including Claudia Hepburn, one Canada’s Top 25 Women of Influence for her achievements in entrepreneurship.
Canadian Fintech is an exciting space to be in right now, particularly because the country as a whole has shown itself to be very digital-savvy. A report that came out earlier in the year found that Canadians were open to paying and banking using new technology. Data from MasterCard backed this up by showing that in 2015 Canadians spent money online in record numbers.
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The funding round totalled $61m, and will used to finance the company's global expansion plans.