Three Canadian FinTech firms strike new partnerships

Three Canadian FinTech firms have struck partnerships that will power financial services for Lyft, Sage, and Columbia Valley Credit Union (CVCU). 

Toronto’s Payfare is extending its agreement to provide earned-wage access (EWA) to Lyft’s network of drivers, while Montréal-based Flinks is powering private open banking services from British Columbia’s CVCU. Meanwhile, Vancouver-based VoPay will be providing its tech to software giant Sage.

Payfare’s EWA offering allows workers, particularly gig workers, to access their earnings more quickly, rather than wait for a payday through the Lyft Direct app. Payfare, which also provides a cashback rewards program, is calling the agreement a “long-term extension” of its partnership with Lyft. Payfare says its other clients include Doordash, Uber, and Uber Eats. 

Flinks launched a private open banking offering in 2021, in response to the lengthy delays to the federal government’s adoption of its open-banking framework, a process that continues to this day. Flinks 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 allow its members to access a network of FinTech platforms and applications that will allow its members to connect financial tools and services. Flinks struck a similar partnership with New Zealand accounting software company Xero in December. 

Finally, VoPay’s partnership will see it power Sage’s Business Cloud Payroll offering. Geared towards small-and-medium-sized businesses, the offering provides direct deposit payments and self-serve portals, as well as reporting and reconciliation data. 

In March, VoPay established a partnership with New Jersey’s Cross River Bank as it looked to expand in the United States. VoPay was also accepted into the United Kingdom FinTech branch of the Canadian Technology Accelerators (CTA) program, which gave VoPay and six other participants briefings on entering the UK market, access to potential investment, and tailored mentoring from local industry experts. 

Last week, BetaKit also covered Australian-founded, Singapore-headquartered FinTech firm Airwallex partnering with Toronto-based corporate card and expense management technology startup Float. As part of the partnership, Airwallex is powering Float’s bill pay product, as Airwallex looks to grow its presence in Canada.

Feature image by Mohamed Hassan via Pixabay

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