Kraken, Santander Gain Canadian Ground as Fintech Expands

Welcome back to Fintech Forward—your front-row seat to what’s moving the fintech world.

In this edition, we spotlight a game-changing FX launch from Float, Canada’s green light for two fintech powerhouses, and four standout innovators from north of the border. Plus, a whirlwind global roundup of fintech activity you don’t want to miss.

Let’s dive in 👇

🇨🇦 Float FX Helps Canadian Businesses Cut Currency Conversion Costs

Toronto-based finance platform Float has launched Float FX, a new solution designed to help Canadian businesses save significantly on foreign currency exchange. With rates up to 90% lower than traditional banks, Float FX aims to simplify and streamline how businesses convert and manage U.S. dollars—critical for Canadian companies doing cross-border trade.

“With the Canadian dollar under pressure and potential trade disruptions looming, we designed Float FX to give Canadian businesses an edge,” said Rob Khazzam, Co-Founder and CEO. “When combined with our high-yield CAD and USD balances, we’re helping businesses protect margins at a time when every dollar matters.”

A recent Float survey—The Financial Outlook of SMBs in 2025—revealed that over half of Canadian businesses struggle with high fees and poor exchange rates. Many still rely on outdated banking systems that involve in-person visits, long settlement times, and manual reviews. This leaves businesses exposed to FX volatility and often unaware of hidden costs.

Float FX aims to fix that with:

• All-in pricing at just 0.25%

• Integrated currency conversion within the Float platform

• The ability to convert, hold, and spend USD seamlessly

Founded in 2019, Float now serves over 4,000 Canadian businesses with its suite of financial tools including corporate cards, next-day bill pay, automated expense management, and high-yield accounts. Backed by over $120M CAD in funding, including a recent $70M Series B led by Goldman Sachs Alternatives, Float continues to expand its offering and talent pool.

🇨🇦 Santander & Kraken Secure Key Approvals to Expand in Canada

Two major players—Banco Santander and Kraken—received regulatory green lights this week to deepen their operations in Canada.

🏦 Banco Santander Gets Canadian Banking License

The Office of the Superintendent of Financial Institutions (OSFI) has approved Santander Consumer Bank to operate in Canada. This follows Santander's acquisition of Carfinco Financial Group back in 2014 and its 2019 application for a Schedule II license, which permits foreign subsidiaries to offer full-service banking in Canada.

This approval enables Santander to provide a wider array of services—from lending and deposits to credit cards and wealth management—strengthening its presence in the Americas.

🪙 Kraken Registers as a Restricted Dealer with OSC

Crypto exchange Kraken also scored a major win, receiving its Restricted Dealer registration from the Ontario Securities Commission (OSC). The designation enables Kraken to legally operate and serve Canadian users under a firm regulatory framework.

“This achievement marks the culmination of a rigorous pre-registration undertaking (PRU),” Kraken wrote in a blog post. “Our Canadian clients now benefit from access to innovative, secure crypto products under OSC oversight.”

To sweeten the news, Kraken also:

• Announced free Interac e-Transfer deposits for Canadians

• Appointed Cynthia Del Pozo as its new Canadian General Manager

  • Del Pozo brings 15+ years of experience in fintech and corporate strategy

Kraken’s Canadian operations have seen strong growth, including $2B+ CAD in assets under custody, a doubling of monthly active users, and expanded local hiring.

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🚀 Canadian Fintechs on the Rise: Meet Finovate’s Newest Alums

Over the past year, Finovate has showcased several standout Canadian fintechs. Here are four worth knowing:

🔒 PromoComply (Montreal, Quebec – FEU 2025)

Automates compliance for financial promotions in real time—reducing legal risk and boosting transparency for consumers.

🧠 TRIYO (Toronto, Ontario – FS 2024)

A work intelligence platform that integrates into existing systems to bring visibility to high-impact processes in financial services.

💳 Brim Financial (Toronto, Ontario – FF2024)

Enables banks, fintechs, and brands to offer a complete credit card and payments platform through a modular ecosystem.

💼 ZayZoon (Calgary, Alberta – FF2024)

An embedded Earned Wage Access (EWA) provider helping SMBs offer EWA directly from their platforms.

Coming soon: Cinareo Solutions (Toronto) will take the stage at FinovateSpring next month—stay tuned!

🌍 Fintech Around the Globe: This Week’s Highlights

Sub-Saharan Africa

• Neobank Djamo raised $17M

• Mastercard partners with Nigeria’s Nomba

• Peach Payments acquires PayDunya

Central & Eastern Europe

• The Church of Greece is launching a digital bank

• Poland’s SK Bank partners with First Data

• German fintech Upvest raised $42M in Series B

Middle East & North Africa

• Dubai-based NymCard raised $33M (led by QED Investors)

• UAE Central Bank eyes retail rollout of its Digital Dirham CBDC

• Conversation with Alta’s Stav Levi-Neumark on revenue workforce solutions

Central & Southern Asia

• TBC Bank Uzbekistan secured $20M in debt financing

• Cashmallow and Nabil Bank launch remittances in Nepal

• Axis Bank India partners with JP Morgan for real-time USD payments

Latin America & Caribbean

• Mexican fintech Plata hits unicorn status with $160M Series A

• Nubank unveils Caixinha Turbo savings product

• Argentina’s Ualá acquires Mexican bank ABC Capital

Asia-Pacific

• Laybuy by Klarna returns to New Zealand

• Aspire’s ASG2 gets Capital Markets Services License from MAS

• Fat Zebra acquires SecurePay from Australia Post

That’s a wrap for this edition of Fintech Forward. From cheaper FX rates for Canadian businesses to crypto milestones and international funding headlines, it’s clear: fintech momentum isn’t slowing down.

If you enjoyed this edition, feel free to share it with a friend or colleague in fintech.

Until next time—stay forward-thinking!

— Team Fintech Forward