Keep Raises $78 Million for Financial Platform for Canada’s Small Businesses

Keep has emerged from stealth mode and announced it raised 108 million Canadian dollars (about $78 million) to support the development of its financial platform for Canada’s small businesses.

This small business banking platform includes solutions designed to meet the requirements of Canadian tax systems, banking regulations and business needs, Keep said in a Tuesday (May 20) press release.

“Traditional banks have failed Canadian entrepreneurs for too long,” Keep Co-Founder and CEO Oliver Takach said in the release. “We’re building the financial operating system that Canada’s small businesses actually need — on that provides the technology, tools and services to help them thrive.”

Keep’s platform includes a FinTech business credit card, automated expense management, multicurrency accounts and global bill pay, according to the release.

It is designed to offer these solutions with lower fees and in an integrated way, the release said.

In the less than two years since Keep went live, it has onboarded more than 3,000 small and medium-sized businesses (SMBs), per the release. It aims to be serving 100,000 SMBs across Canada by 2027.

Arjun Sethi, co-founder and partner at Tribe Capital, which led the funding round, said in the release that Keep has outpaced other high growth companies at its stage in terms of growth and product adoption.

“We’re excited to support Keep as it redefines how businesses manage operations and cash flow, empowering them with smarter, more flexible financial solutions,” Sethi said.

Another company targeting this market is Venn, which launched a financial platform for SMBs in Canada in May 2023 and was known as Vault before rebranding in February.

Together with its rebranding, Venn said in a February press release that it raised $21.5 million in Series A funding to continue “transforming” business banking for Canadian companies.

Venn said in the release that it started out by providing Canadian businesses with multicurrency, Canadian dollar and U.S. dollar accounts, but added global accounts, spend management, transfers, foreign exchange services and accounting automation to help its customers meet the challenges they face.

“This rebrand and recent our recent funding are not just about a new name or logo but rather they represent our deep commitment to our customers,” Venn said in the release. “Our team remains dedicated to building a platform that addresses the unique needs of Canadian businesses.”