Plus: Wealthsimple reaches $10 billion valuation with new funding.
With the candy completely eaten and World Series dreams completely crushed, the BetaKit team is stuck with Prime Minister Mark Carney's first budget.
We've been busy leading up to budget day. Ottawa staff writer Alex Reel talks about how the city should become a nation state. defense innovation center in anticipation of the feds' upcoming defense industrial strategy. Below you'll find reporter Madison McLauchlan's exploration of Canadian stablecoin regulation after she reported a few weeks ago that such language is the next step in open banking! – expected in the budget.
This year's budget is highly anticipated and some believe that economic prosperity of the country hanging by a thread. I won't tip the scales with my own predictions, but I will say that BetaKit takes both the moment and our responsibility to publish Canadian technology records seriously. For the first time, BetaKit will be locked in to increase the depth and quality of our budget coverage.
Would you like to receive something from us on budget day or in the following days? Write to me.
Douglas Soltis
editor-in-chief
Profitable competition without presentation with a prize fund of $10,000 IS BACK
Greetings to all founders! Thanks to RBCx and Bloom Funding, our pan-Canadian financial forecast competition is back with entries accepted until November 30, 2025.
The No-Pitch competition is designed for a traditional equation narrative, evaluating founders based on their financial models rather than their pitches. Companies submit an Excel version of their financial model with just their numbers to our 60-second online application.
All forecasts are first evaluated by our AI-driven forecast estimator, which levels the playing field by using appropriate benchmarks to analyze the model. Feedback and ratings are then reviewed by our team of accountants and investors before individual reports are provided to each applicant with recommendations for improvement.
Companies from all industries are invited, from pre-revenue to generating maximum annual revenue of $5 million.
Wealthsimple reaches $10B valuation in new round backed by Dragoneer, GIC, CPP Investments
Wealthsimple is on track to become Canada's most valuable privately held venture capital-backed technology company. The Toronto-based fintech company has signed a Series E round of up to C$750 million at a post-investment valuation of $10 billion.
Wealthsimple co-founder and CEO Michael Katchen says the raise “reflects new and returning investors' deep confidence in our mission and our role as a defining Canadian company.”
Stablecoins are at a regulatory crossroads in Canada. What's next?
The federal budget, which will be released in a few days, is believed to contain language around stablecoins. FinTech leaders say the digital asset is designed to disrupt traditional payment methods, but how Canada will or should regulate stablecoins remains an open question.
Canadian semiconductor leaders see opportunities and risks in US acquisitions
As Canadian AI chip startups either move south or are acquired by larger U.S. players, conversations at the HardTech VentureLab summit focused on how to build Canada's semiconductor sector amid growing pressure from the United States and changing geopolitical conditions.
Founder Catherine Homuth bids to return to SRTX as company enters strategic review
Tights maker Sheertex SRTX said this week it was exploring a “range of options” for its future, including a sale, recapitalization or reorganization. The review comes at the same time as the chief executive's resignation less than two months into the job and another wave of “temporary” layoffs affecting 100 staff.
SRTX founder Catherine Homuth, who left in March, says she has applied to return to the company.
Wattpad Reveals Its Evolving Strategy Led by New Product Head Chelsea Perry
Toronto-based Wattpad has named Chelsea Parry as head of product as the online storytelling and social media platform prepares for its next chapter under the auspices of digital comics producer Webtoon.
In an exclusive interview with BetaKit, Wattpad President Aron Levitz discussed why the company hired Perry and how Wattpad's strategy is evolving under her leadership.
'Terrifying' time to be building: Canadian VCs discuss AI bubble at RevStar summit
Canadian tech investors are unanimous in their belief that generative artificial intelligence has radically changed the mathematics of startup investing. But they disagree on whether the investment hype around AI represents a growing bubble and how important it is.
Montreal Open Day brings grassroots energy back to the city's startup scene
Montreal's inaugural Grassroots Tech Week, highlighted by talks from AI godfather Yoshua Bengio and Builders Day at the Shopify offices, brought together more than 6,000 participants to explore artificial intelligence, social impact and the funding crisis in Quebec.
A new acceleration program aims to give Canadian founders a taste of Silicon Valley.
Former Panache Ventures partner Chris Neumann has created a new accelerator program aimed at introducing early-stage Canadian tech startup founders to Silicon Valley.
With Game On, which he calls an “acceleration experiment” not just for startups but also for individuals and leaders, Neumann hopes to “change the metabolism of founders.”
Time to catch up: Why Canada needs to rethink financial innovation and competition
In an article for BetaKit, John Landry of the Peoples Group argues that the future of finance in Canada will be built on the FinTech ecosystem.
“Fintech is not a fringe issue. It is essential infrastructure, and our economy cannot afford to continue treating it as an experiment,” Landry writes.
SELECTED STORIES FROM OUR PARTNERS
🇨🇦 Weekly Canadian Deals, Dollars and More
- VAN – His face strikes 10-Year Carbon Removal Agreement with Microsoft
- VAN – Hootsuite resigns 20 percent of its global workforce
- VAN – Grammar rebranding to a superman with a new focus on AI
- CGY – Moon raises $3 million to oversee CAD-backed stablecoin
- TOP – Robinhoods acquisition WonderFi postponed until next year
- TOR – Untie AI bankruptcy cases after AMD acquisition
- TK – Topic integrates Self-driving technology in new Volvo truck
- TOR – Technation and OneEleven identify new leaders
- OTT – Ottawa presents strategy become a defense technology center
- OTT – Maple Bridge raises $10 million to fund immigrant entrepreneurs
- OTT – Solink doubles physical footprint headquarters in Ottawa
- MTL – Layout provides $3.4 million for AI-powered floor planning
- MTL – BDC chooses Magnum as the first investment in the new ETA fund
- HFX – Sea Launch received a $10 million EDC loan build a spaceport
- STJ – Sparrow raises $10 million to scale a stethoscope for a smartphone
BetaKit Podcast – What the AWS Outage Says About Canadian Digital Sovereignty
“We were sleepwalking our way into this new economy, and we had sort of a wake-up call.”
Ian Ray, CEO of Aptum and a member of Minister Evan Solomon's artificial intelligence task force, has been building internet infrastructure since 1994. Recorded the day after the AWS outage. Ray joins to explain why these outages are happening and what they say about the economics of the internet and Canada's digital sovereignty goals.
Take the BetaKit Test: Goodbye Grammar, Canada's newest decacorn, Let's Go Blue Jays!
Think you're up to date on Canadian technology and innovation news? Time to prove it. Test your knowledge of Canadian tech news with the BetaKit quiz on October 31, 2025.
Visit the forum “Shaping Women’s Health”
Closing the gender gap in health is a $1 trillion global opportunity, and Canada is poised to lead the charge.
Join Femtech Canada's second annual forum on November 13 in Vancouver, British Columbia to engage in critical discussions and gain valuable insights. This flagship event brings together founders, investors, policy makers and thought leaders to explore the breakthroughs and investments driving Canada's femtech advantage.
Connect with key opinion leaders, gain strategic insight, and help shape the future of women's health innovation. Your perspective matters in building this vital ecosystem.
The number of tickets is limited. Register today.
Image courtesy of François-Philippe Champagne via X.
