Despite Canada trying to attract immigrants to the country to settle there, many are struggling to establish themselves resulting in them leaving. Looking to make the transition to Canadian life easier, Beacon has completed a CAD$5.25million seed round and officially launched in the Canadian market.
The new seed round will support the development of Beaconâs super app â a comprehensive, purpose-built solution tailored to the needs of Canadian immigrants. Specifically, the app is aiming to support the first 100 days in Canada. It provides relevant content, customized digital information and checklists for people before they depart their home country. The Beacon App will soon include Beacon Money, an innovative, purpose-built approach to solving an immigrantâs financial needs by offering everyday financial solutions.
Aditya Mhatre, co-founder and chief product and technology officer of Beacon
âWhen I immigrated to Canada in 2014 with my wife and infant son, we encountered many challenges and roadblocks building our lives in Canada. I knew there had to be a better solution to help immigrants settle with ease and build their future with confidence, so we started Beacon to be that solution,â said Aditya Mhatre, co-founder and chief product and technology officer of Beacon.
âWe are developing a suite of purpose-built financial and technology-backed offerings that I wish had existed when I moved to Canada.â
The investment was supported by prominent figures in the Canadian private and angel investor community. For example, Jawl Residential Group, Wayne Pommen, Adrian Rocca, Jonathan McCain, as well as US institutional investors including MS Transverse Insurance Group.
Empowering immigrants in Canada
Stuart Szabo, co-founder and CEO at Beacon
âCanada needs to do better at finding, settling, and retaining the world-class talent that our country requires. Thatâs why we created Beacon,â said Stuart Szabo, co-founder and CEO at Beacon. âThe immigration journey is often filled with frustration and confusion. Our team at Beacon is committed to solving this issue by delivering compliant, innovative financial solutions that empower immigrants to thrive. Beacon is providing the right support at the right time.â
Wayne Pommen, former-CEO of PayBright is a member of Beaconâs board of directors and one of Beaconâs initial investors. Pommen expressed confidence in Beaconâs vision, stating: âThe process of immigrating to Canada is notoriously complicated, especially when it comes to accessing financial services. I continue to be impressed by Beaconâs passion for solving these problems and the progress theyâve already made in a short time.â
âCanada is an important market for MS Transverse Insurance Group. We are seeking to increase our Canadian exposure and believe that the combination of the vision and team at Beacon is a logical step for our Canadian businessâ said Dave Paulsson, president of MS Transverse Insurance Group. âImmigrants in any market require tailored insurance solutions and we look forward to supporting the Beacon team with innovative insurance solutions for Beacon users.â
The company was represented on the fundraising by Blakes as corporate counsel as well as on various financial regulatory matters.
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