Fintech
Three Canadian FinTech Firms Form New Partnerships
VoPay, Flinks and Payfare have been chosen to power offerings for tech giants and credit unions.
Three Canadian FinTech firms have entered into partnerships that will power financial services for Hitch-hiking, WiseAND Columbia Valley Credit Union Italian:
from Toronto Payment is extending its agreement to provide access to earned wages (EWA) to Lyft’s driver network, as the Montreal-based company Flicker is powering CVCU of British Columbia’s private open banking services. Meanwhile, the Vancouver office VoPay will supply its technology to software giant Sage.
Payfare’s EWA offering allows workers, especially the self-employed, to access their earnings faster, rather than having to wait for payday through the Lyft Direct app. Paymentwhich also offers a cashback rewards program, calls the deal a “long-term extension” of its partnership with Lyft. Payfare says its other customers include Doordash, Uber and Uber Eats.
Flinks has launched a private open bank offering in 2021, in response to long delays in the federal government’s adoption of its open banking framework, a process that continues to dateFlinks says its offering allows FinTech startups to securely access consumer data from financial institutions.
RELATED: Airwallex Continues Canadian Expansion with Float Partnership
With its latest partnership, CVCU will give its members access to a network of FinTech platforms and applications that will allow its members to connect financial tools and services. Flinks has hit a similar partnership with New Zealand accounting software company Xero in December.
Finally, the VoPay partnership will enhance Sage’s Business Cloud Payroll offering. Geared toward small and medium-sized businesses, the offering provides direct deposit payments and self-service portals, as well as reporting and reconciliation data.
In March, VoPay has established a partnership with New Jersey’s Cross River Bank, which was looking to expand into the United States. VoPay was also accepted into the UK FinTech branch of the Canadian Technology Accelerators (CTA) program, which provided VoPay and six other participants with briefings on entering the UK market, access to potential investments, and one-on-one mentoring from local industry experts.
Last week, BetaKit also reported on the FinTech company Airwallex, founded in Australia and headquartered in Singapore collaboration with Toronto-based business card technology and expense management startup Float. As part of the partnership, Airwallex is enhancing Float’s bill payment product as Airwallex looks to grow its presence in Canada.
Featured image of Mohamed Hassan via Plumage