Keep Secures C$108 Million to Disrupt Legacy Banks in Canada’s SMB Sector
In a significant development for the Canadian financial technology landscape, Keep, a promising FinTech company, has successfully raised C$108 million. This funding marks its emergence from stealth mode and aims to reshape the financial services offered to small businesses across Canada.
Funding Breakdown and Key Investors
The recent funding round consists of:
- C$33 million in equity led by Tribe Capital,
- C$71 million credit facility from Coventure (Treville), and
- C$4 million in venture debt from Silicon Valley Bank.
Other notable investors include Rebel Fund, Liquid2 Ventures, and Assurant Ventures, alongside prominent backers from renowned companies such as Robinhood, Venmo, Stripe, Plaid, Chime, Coinbase, Ramp, and Alloy.
Transforming Small Business Banking in Canada
Keep aims to disrupt Canada’s small business banking sector, a market valued at over $500 billion. The company is focused on addressing the inefficiencies found in traditional banking institutions, which often rely on outdated software and poor customer service. Keep highlights the challenges posed by rigid underwriting processes that impede the growth of the country’s 3 million small businesses.
Innovative Financial Solutions
The platform is uniquely tailored for the Canadian regulatory and tax environments, offering a suite of innovative tools such as:
- The country’s first FinTech business credit card,
- Multi-currency accounts,
- Automated expense management, and
- Flexible global bill payments.
By consolidating these financial functions, Keep aims to eliminate the fragmented and costly systems that many business owners currently endure.
Future Goals and Impact
The proceeds from this funding round will enable Keep to accelerate its mission to provide enhanced financial infrastructure for Canadian entrepreneurs. The company plans to reach 100,000 small businesses by 2027, potentially saving them over C$250 million in annual fees.
Impressive Traction
In 2024, Keep reported remarkable growth, surpassing C$20 million in annualized revenue within just two years and achieving over 300% net dollar retention. The platform has successfully onboarded more than 3,000 small businesses across diverse industries.
Leadership Insights
Keep’s CEO and co-founder, Oliver Takach, emphasized the need for change, stating, “Traditional banks have failed Canadian entrepreneurs for too long. We’re building the financial operating system that Canada’s small businesses actually need – one that provides the technology, tools, and services to help them thrive.”
Takach, a two-time Y Combinator founder, shared that the company was born from his own frustrations with fragmented systems and banking inefficiencies. “We’re building what I desperately needed back then,” he added.
Customer Success Stories
Feedback from customers has been overwhelmingly positive. Glen Napier, CEO of James G Armour & Co, stated, “With Keep, we’ve cut our financial admin time by 80%. The integration of their products was seamless and helped us double our revenue in just six months.”
Support from Investors
Arjun Sethi, co-founder and partner at Tribe Capital, expressed enthusiasm about Keep’s trajectory, stating, “Keep’s incredible growth and product adoption is far beyond what we see in high growth companies at their stage today. We’re excited to support Keep as it redefines how businesses manage operations and cash flow.”
This funding round is the first publicly disclosed investment for Keep, which had operated in stealth mode prior to this announcement. For more information, visit Keep’s official website.
