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Keep raises $12M in increasingly competitive Canadian corporate spend market
Keep, a Canadian fintech startup focused on corporate spending for SMBs, has raised $12M in a Series A1 round led by Tribe Capital, totaling $23M in equity funding. Keep offers multi-currency accounts and automated expense management and has onboarded over 3,000 customers, crossing $14M in annual revenue. The firm aims to launch new banking products and features in the near future.
Key points
- Keep raised $12M in Series A1 led by Tribe Capital, totaling $23M equity funding.
- The startup targets SMBs, providing financial tools like corporate credit cards and multi-currency accounts.
- Keep reported a 5x valuation increase from its initial Series A and 20x revenue growth.
- The company's revenue streams include interchange fees, capital advances, and premium services.
- Keep's main competitor is Float Financial; its advantage lies in its multi-currency capabilities.
- Future plans include new banking products and additional financial services.
Why it matters
- The rise of fintech focused on SMBs parallels trends in digital finance and corporate spend management emerging in North America.
- Keep's success reflects a broader movement towards integrated financial solutions in the SMB space, crucial for operational efficiency.
- The growing importance of multi-currency capabilities highlights the increase in cross-border business activities due to globalization.
Keep's successful funding and expansion into corporate spend management for SMBs showcases a significant shift in how financial tools are tailored to meet the evolving needs of smaller businesses in Canada.