Keep raises C$33m to build Canada's Brex
Keep, an all-in-one financial platform for small businesses, has emerged from stealth with C$33 million in equity financing to build a Canadian Brex.
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Tribe Capital led the round, with participation from Rebel Fund, Liquid2 Ventures, Cambrian, Assurant Ventures and a host of angels including execs from the likes of Robinhood, Venmo, Stripe, Plaid, Chime, Coinbase, Ramp, and Alloy.
The startup has also secured a C$71 million credit facility from Coventure and a C$4 million venture debt line from Silicon Valley Bank.
Keep argues that Canada's $500 billion plus small business banking market remains dominated by legacy players offering outdated software, subpar customer service, and rigid underwriting processes that cripple firms' ability to flourish.
While the likes of Brex, Mercury, and Ramp have made strides in the US, Canadian entrepreneurs have lacked similar options. Keep is vowing to bring this financial revolution north of the border with an offering specifically designed for Canadian tax systems, banking regulations, and business needs.
Clients get a business credit card, automated expense management, multi-currency accounts, and flexible global bill pay - all designed to eliminate the fragmented, fee-heavy options that burden business owners today.
Despite only now emerging from stealth, the startup hit C$20 million in annualised revenue last year, onboarding over 3,000 SMBs across a diverse mix of industries.
"Traditional banks have failed Canadian entrepreneurs for too long," says Oliver Takach, CEO, Keep. "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."
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