Embed Snags $60M From Investors Ahead of Q4 Launch

Vancouver-based FinTech startup Embed recently locked down $60 million in equity and debt investment ahead of its planned product launch by the end of 2021, according to a Portland Inno report Wednesday (Oct. 20).

The latest fundraising round for Embed included $20 million in equity and $40 million in a debt facility from TriplePoint Capital, according to a blog post from Embed founder and CEO Michael Giles. The Treasury, GFC, Torch Capital, TI Platform Management, PruVen Capital, Fin VC, Bain Capital Ventures and SWS Ventures were among the other investors in this round.

Embed will roll out its financial infrastructure platform that will let customers add stock trading to their own products by the end of this year. Giles had led Cash App Investing, a subsidiary of Square, which bought his company, Third Party Technologies, in 2019.

Embed, which rebranded in September, has snagged $80 million in investment capital since April. The company has 25 employees across the U.S. and two beyond the borders, with most workers in the Portland, Oregon-Vancouver, B.C. areas.

Giles also announced that the company’s broker-dealer subsidiary, Embed Clearing LLC, now has clearing and custody approvals from the National Securities Clearing Corp. and the Depository Trust Co. and is an approved member of the Nasdaq Stock Market.

“Eighteen months in the making, we have now received all the necessary approvals to execute, clear, settle and custody U.S.-listed equities (stocks & ETFs), entirely through our own proprietary technology infrastructure, for other broker-dealers, registered investment advisers, banks and trust companies,” wrote Giles in his blog post.

Related: Canadian Tax FinTech Requiti Purchases Pinmo

In March, Canada-based Requiti, which helps Canadian companies understand tax incentives, has purchased FinTech firm Pinmo for $13 million CAD (more than $10.5 million).

Pinmo had been providing tax credit offerings for the past four years after starting as a tech startup focused on social media monetization and advertising technologies. Requiti has been assisting Canadian companies with Canadian business tax incentives such as the Scientific Research and Experimental Development (SR&ED) Program.

Requiti has worked with 400 companies in various industries and helped them secure more than $50 million in tax incentives so far.