Fintechs Canada has boosted its membership, as end-to-end payment automation platform for SMBs, Plooto, joins the association.
The not-for-profit association, which serves as the collective voice for fintechs in Canada, said it was important to have members like Plooto “contributing their expertise to our advocacy efforts”, given that small and medium businesses account for around 40% of Canada’s GDP.
“In an economic environment where every dollar counts, small and medium-sized businesses are looking for innovative solutions from their financial service providers – and fintechs are delivering,” said Alex Vronces, executive director of Fintechs Canada.
“With a track record of innovating to solve problems for their 8,000-plus customers and a recent round of fundraising complete, we’re excited to see what they come up with next.”
In December last year, Plooto secured US$20 million in a Series B all-equity funding round, led by Centana Growth Partners, with participation from existing investors FINTOP Capital and Luge Capital.
It followed a Series A in early 2021, which raised US$6.34 million.
Plooto co-founder and CEO Hamed Abbasi added that while the Canadian fintech community has seen tremendous growth over the past few years, “the governing policies have not kept up with the same speed”.
“We are now presented with a once-in-a-generation opportunity to shape policies that will directly influence the rate of innovation in our industry,” Abbasi said.
“We recognize the significance of this moment in time and intend to work alongside our fellow fintech leaders and Fintechs Canada, to turn our country into the undisputed fintech innovation hub of the world.”