This past quarter we celebrated our first anniversary as a fund! We’d like to thank everyone for their support as we continue our mission to build fintech champions!
We feel fortunate to be working with amazing startups, financial institutions, and the ecosystem at large in supporting the rapid changes in the fintech sector. We were thrilled to welcome Owl.co to our family of portfolio companies and look forward to supporting them in their growth.
We also invested in a promising company in the employee benefits space. You’ll hear more about them later in the year.
More highlights are just below.
Two More Investments!
Luge Capital co-led the seed financing round of Owl.co with Impression Ventures. Owl.co provides a modular data aggregator that enables organizations to know their customers like never before. Their platform allows financial institutions and insurance companies to reduce customer onboarding time, Know-Your-Customer (KYC) complexities and fraud. The company is already working with many of Luge’s LP investors and has signed on other large financial institutions.
You can listen to the 3 co-founders as guests on the Fintech Impact podcast, discussing how they are successfully assisting numerous financial institutions with their AML, KYC, onboarding and fraud protection solutions.
Owl.co was crowned the winner of The Future of Fintech and AI category at the Canadian Fintech 3.0 Summit.
We made another investment focused on payments in the employee benefits space, but we can’t talk much about it just yet.
Read the latest blog post Dispelling The Myth That Robo-Advisors Are The Way Of The Future that explains why the Finaeo insurtech solution is the perfect blend of human touch and robo advice.
Aly Dhalla (CEO and Co-Founder at Finaeo) joined Zaheer Merali (Entrepreneur, Advisor, Investor) on Jason Pereira’s Fintech Impact podcast series. They discussed how tech titans, like Facebook, Apple, Amazon, Microsoft, Google, IBM, Alibaba, etc. in non-financial spaces are venturing into both fintech and healthcare at the same time. The insightful conversation covered two episodes that you can listen to: episode 71 and episode 72.
Finaeo was the proud winner of both the Startup Pitch (Judges’ Choice) and People’s Choice awards at InsurTech North. They were also one of the Top 10 startups that investors wanted to meet at Collision Conference this year.
Flinks recently added the Attributes feature that unlocks the power of the users’ transaction data so organizations can better serve their customers by pro-actively categorizing the data. Learn more about Attributes here.
In addition, Flinks is partnering with Equifax to provide a joint solution to better serve the Thin files and New-to-Credit market. In a recent podcast, Flinks spoke with Equifax Canada’s President, Lisa Nelson, on “Driving Relevant Innovation as a 100-Year-Old Institution.” You can listen to the podcast here.
Flinks sat down with Interac’s President and CEO, Mark O’Connell, to discuss how he’s currently modernizing Interac — and, in doing so, making an impact on Canada’s payments system. Listen to the podcast here.
Held by C2 Montréal, Flinks was one of the winners of the Emerging Entrepreneurs Contest, which celebrates up and coming
Annual General Meeting (AGM)
Our first AGM was held in Montreal on June 3rd with our partners and founders coming in from across Canada. Everyday we feel privileged to be working with ambitious world-class entrepreneurs and value-added investors. During the day, some of our portfolio companies presented their businesses and participated in a panel discussion on the importance of partnerships with financial institutions as a strategy to scale globally: Aly Dhalla of Finaeo, Sean Merat of Owl.co, and Yves-Gabriel Leboeuf of Flinks.
Build It & They’ll Come: Payment Standardization & Modernization
Karim’s article providing commentary on this year’s Payments Canada Summit held in Toronto was published by Medici, the leading independent newswire and information source for the worldwide financial technology community. In the article, Karim discusses the importance of payments modernization and the need for industry participants to follow a common standard, which was a theme throughout the conference. Read the full article here.
An In-depth Guide to Running Early Stage Startup Boards
Laviva Mazhar, our Investment Analyst, published the first part in a series of blog posts on preparing, running and managing early stage startup boards. This article summarized how startups should build their board, its purpose, and the legal considerations for founders. Read the blog post and let us know your thoughts. The second part will be out this mid-summer so follow us on Medium.
We added a couple of new perks our portfolio companies can leverage in making their business a success.
Boast Capital combines engineers and accountants with artificial intelligence to help companies prepare and maximize their R&D costs from the government through the R&D tax, SR&ED and IDMTC programs.
Segment is a customer data infrastructure (CDI) platform that helps companies collect, clean, and control customer data to further to put their clients needs at the forefront of their offering.
To learn more about the many perks we offer, please contact us.
Luge participated in a number of events in Canada and the US during the second quarter, with some of them listed below. Follow us on Twitter to know where we’ll be so we can connect!
● 48Hrs in the Valley (by C100 in the San Francisco Bay Area) — David and Karim attended this event where Canada’s most promising startups meet with Silicon Valley’s top mentors, investors, and industry executives.
● Payments Canada SUMMIT (Toronto) — Karim presented at the Startup Lounge and also submitted the article “Build It & They’ll Come: Payment Standardization & Modernization” following the conference.
● Collision (Toronto) — We had the opportunity to mentor a few tech companies at this conference that brought together over 25,000 attendees.
● Ascension Demo Day (by Fintech Cadence in Montreal) — Laviva was a judge at this pitch contest where the Minister of Economy and Innovation, Pierre Fitzgibbon, spoke and had questions for the startups during the pitch contest. Click here to learn about the Ascension program.
● FFCON (Toronto) — Karim participated in an interesting “FEARLESS INVESTORS: The Future of Fintech and What’s Required to Succeed” panel discussion with fellow VC’s Robert Antoniades (Information Venture Partners) and Christian Lassonde (Impression Ventures). Jennifer Reynolds of Toronto Finance International was the moderator.
● Inovia Capital CEO Summit (Toronto) — Kudos to Inovia Capital for pulling together another inspiring conference with 70+ brilliant business leaders from Canada, the US and UK, who are delivering on their bold visions for a better future.
Here are some news, articles or videos that we found interesting or tickled our funny bone. Let us know what you think.
- So You Wanna Raise a Seed video by lool Ventures
- Emirates NBD’s video “It Wasn’t Me” reminds people to be vigilant about sharing their financial information and prevent identity theft
- Desjardins’ Startup in Residence program fosters the development of startups that are likely to have an impact on Desjardins Group’s digital transformation
- 10 Risks in Banking Industry Faced by Every Bank by Medici
- Canadian FinTech Report by the FinTech Growth Syndicate
- Blockchain Adopted by Canadian Banks to Verify Client Identities on Bloomberg LP
- FinTech Station, opening in downtown Montreal in December, offers fintech startups and financial stakeholders rental workspaces, professional and technological services, training and coaching, networking activities, etc.
- Senate of Canada’s report on “Open Banking: What it Means for You”, which includes a perspective from Luge.
- Startups — apply here to take part in Canada FinTech Forum’s pitch contest and present in front of Canada’s largest FinTech audience! More than $1M in financing and prizes to win.
- Deadline to nominate a person or organization for the Canadian FinTech & AI Awards is September 16th. If you feel if we, our portfolio companies, LP’s or Advisors have brought you or others in the fintech community value, please vote.
- Fintech innovation — an imperative for the success of Canada’s financial sector — an op-ed by Jennifer Reynolds, president and CEO, Toronto Finance International (TFI) appeared in the Globe and Mail
- Prospect.fyi is a free career network with the mission to unite the global tech talent pool with Canada’s startup industry.
Enjoy the long sunny days! We wish you, your team and loved ones an awesome summer. If vacations are on the horizon, may they be filled with laughter and moments that become amazing memories!
Luge Capital Team