Startups & Business

Canadian Fintech Startup Raises $40M in Series B

MaplePay, a Toronto-based fintech firm, secures major investment to expand its digital wallet services across North America.

MaplePay, a Toronto-based fintech startup, has closed a $40 million Series B funding round as it aims to disrupt Canada’s digital payment ecosystem. The company, known for its mobile wallet and peer-to-peer transfer platform, is positioning itself as a homegrown alternative to giants like PayPal and Apple Pay.

The funding round was led by Evergreen Capital Partners, with participation from Maple Leaf Ventures and several angel investors from Canada’s tech sector. It marks one of the largest Series B rounds for a Canadian fintech in 2025, signaling strong investor confidence in the company’s vision and product.

CEO and co-founder David Lin, a former software engineer at Shopify, said the capital will be used to expand the company’s development team and scale its merchant services. 'We want to give Canadian businesses better tools to accept and manage digital payments—without excessive fees or foreign control,' Lin said.

MaplePay’s app allows users to send and receive money instantly, pay bills, and make purchases at supported retailers via QR codes or NFC. It also integrates with traditional banks, giving users the flexibility to link their accounts without switching providers. The platform boasts over 800,000 active users across Canada.

One of MaplePay’s unique features is its bilingual customer interface, supporting both English and French by default. This has helped the company penetrate markets in Quebec more effectively than its competitors. The app also complies with strict Canadian data privacy laws, something international apps have occasionally struggled with.

The company has already formed partnerships with several national chains, including a pilot with Tim Hortons allowing customers to pay with MaplePay at select Toronto locations. Analysts believe such integrations are key to the app’s mainstream appeal, especially in suburban and rural markets.

Despite its rapid growth, MaplePay faces stiff competition. Global giants dominate the digital wallet space, and even local banks have introduced their own branded apps. But Lin believes that MaplePay’s focus on user experience, data sovereignty, and transparency gives it a unique edge.

The new funding will also support MaplePay’s planned expansion into microloans and savings tools. The company intends to offer low-interest short-term loans directly within the app, targeting gig workers and students who often lack access to traditional credit options.

Financial inclusion is a core part of MaplePay’s mission. 'We’re not just building a payments app,' said COO Jessica Chou. 'We’re building a financial platform that works for everyone—from small business owners to new immigrants navigating Canada’s banking system.'

The company has also committed to reinvesting 1% of its transaction revenues into financial literacy programs. Partnering with nonprofits, MaplePay is developing workshops and online resources aimed at helping young Canadians manage their money in a digital-first economy.

Regulatory compliance remains top of mind as MaplePay scales. The startup has already registered with FINTRAC and works closely with the Office of the Superintendent of Financial Institutions to ensure adherence to anti-money laundering protocols and consumer protections.

Market watchers are optimistic. 'This is a smart bet,' said fintech analyst Harsha Mehta. 'Canada is overdue for a domestic digital payment champion, and MaplePay has the branding, product, and timing to fill that role.'

With $40 million in fresh capital and a clear roadmap, MaplePay is ready to make its mark. Whether it becomes a household name remains to be seen, but for now, it’s proving that innovation and financial empowerment can go hand in hand—right from the heart of Toronto.