Latest news with #LisaShields
CBC
31-07-2025
- Business
- CBC
Insurance won't cover $5M in City of Hamilton claims for cyberattack, citing lack of log-in security
Many City of Hamilton departments didn't have multi-factor authentication in place before cyber criminals launched a massive ransomware attack in February 2024, paralysing nearly all municipal services for weeks. Multi-factor authentication, also sometimes in the form of two-step verification, is a widely used layer of extra security for users logging into a system like their email accounts. They're required to verify their identity using more than one method, such as entering a code texted to their phone. It's been used by corporations and technology companies for years. Google, for example, launched its two-step log-in system in 2011. While not the only reason the attackers were successful, the city's lack of multi-factor authentication was a "root cause" of the breach, as determined by the city's insurance company, said a staff report to the general issues committee Wednesday. As a result, the insurance company did not cover any of the city's claims totalling about $5 million. "This has been a test of our system and a test of our leadership," said Mayor Andrea Horwath at a news conference Wednesday. "We are not sweeping this under the rug. We are owning it, we're fixing it and we're learning from it." The lack of multi-factor authentication, and no insurance coverage, was reported publicly for the first time this month. Solicitor Lisa Shields told councillors that staff were aware of the multi-factor authentication requirement in their insurance policy in the fall of 2022 and began rolling out a pilot program the following year, but for only a few departments. In early 2024, the city was preparing to fully implement multi-factor authentication, but then the ransomware attack took place on Feb. 25, said Cyrus Tehrani, acting chief information officer. He told reporters that — contrary to what the insurance company found — the breach would've happened even with multi-factor authentication in place. However, the staff report said: "According to the policy, no coverage was available under the policy for any losses where the absence of MFA was the root cause of a cyber breach." Attackers demanded $18.5M in ransom About 80 per cent of city systems were impacted and the attackers demanded the city pay $18.5 million to unlock it — a massive crisis and among the most significant in Canada, city manager Marnie Cluckie told councillors. Based on advice from outside experts, the city decided not to pay the ransom and instead recover what it could and rebuild everything else. The police investigation is ongoing, Cluckie said. To date, the city has spent $18.4 million and will continue to pay nearly $400,000 a month until November 2026 to rebuild its systems, said Mike Zegarac, general manager of finance. While staff vowed systemic changes had been made, councillors were skeptical about whether enough had been done to hold decision-makers responsible. "I find it very frustrating that there has been zero accountability for this, absolutely none," said Coun. Brad Clark. "I can't explain that to my residents." Coun. Mike Spadafora had similar concerns. "We can't ask residents tens of millions of dollars whenever we make a mistake and say, 'Well, there were lessons learned,'" he said. Some changes to leadership team in recent years At the news conference, Cluckie said it wasn't a single person who made a decision on whether or not to implement multi-factor authentication when it became an insurance requirement. "We're certainly accountable collectively as a leadership team and are taking steps to address those gaps," said Cluckie. Horwath noted the senior leadership team is "a lot different" than in 2022, when the current term of council began. "Significant changes were made," Horwath told reporters. "This city needed to change. This city needed to become more modernized. When I got here I felt this was a city time forgot." In 2024, Cluckie replaced Janette Smith as city manager, for example. And a number of other senior staff have left the city in recent years. Tehrani also took on the new role of chief information officer after the ransomware attack. Staff resistant to multi-factor authentication: consultant Immediately after the attack, the city hired cybersecurity experts at CYPFER to help it respond. The company's CEO, Daniel Tobok, told councillors Wednesday that the public sector generally neglects its information technology systems with a "don't fix it if it's not broken" mentality. He said his team's first question to the city was why multi-factor authentication was only in place in some departments and not others. "We heard, 'We have major resistance from people working for the City of Hamilton,'" he said. But after the ransomware attack and everyone faced the "harsh reality," he said that's when staff were on board.
Cision Canada
23-07-2025
- Business
- Cision Canada
FISPAN Powers 1,000+ Businesses in Sage Intacct as Demand for Embedded ERP Banking Services Accelerates
VANCOUVER, BC, July 23, 2025 /CNW/ - FISPAN, in partnership with Sage, has reached a major milestone in their ongoing collaboration to modernize financial operations for small and mid-sized businesses. Over 1,000 businesses are now actively leveraging FISPAN's embedded banking capabilities within Sage Intacct, marking a major milestone in the growing adoption of FISPAN's embedded enterprise resource planning (ERP) banking solutions. "Our collaboration with FISPAN has been essential in helping businesses optimize financial workflows," said Chip Mahan, Sage's Global Commercial Head of Fintech, Payments & Banking. "By embedding banking capabilities directly within the ERP, we're empowering businesses to save time, reduce risk, and operate more strategically." Since becoming a Sage Tech Partner Plus in 2023 and the recommended bank feeds solution for Sage, FISPAN has welcomed an additional 725 new businesses into its platform. Customer adoption has grown by 118% year-over-year from May 2023 to May 2024, followed by a further 55% increase from May 2024 to May 2025. This momentum underscores the rising demand for integrated solutions and highlights the growing value of embedded ERP banking solutions to simplify financial operations. What FISPAN's embedded ERP banking means for businesses As the financial landscape continues to evolve, finance and accounting teams are under increasing pressure to streamline operations and enhance decision-making. FISPAN's partnership with Sage enables businesses to embrace modern, automated financial solutions without the need for major overhauls of existing workflows. With FISPAN's solutions embedded directly within Sage Intacct, businesses can: Automate bank reconciliation and financial workflows, reducing manual data entry and ensuring more accurate financial records Gain real-time visibility into cash flow, enabling more confident financial planning and faster decision-making Simplify routine processes like payment initiation and approvals, all from within the ERP system "FISPAN is delighted to reach this milestone with Sage Intacct. It means more finance teams benefit from having banking information at their point of decision making," said Lisa Shields, FISPAN's Founder & CEO. "We're excited to see how this partnership continues to empower businesses through greater speed, precision, and insight." About FISPAN FISPAN, the industry leader in banking connectivity, partners with financial institutions to provide turnkey solutions that seamlessly integrate with enterprise resource planning (ERP) and accounting software. These integrations automate workflows, enhance visibility, and strengthen security for businesses. With over 4,500 businesses on its platform and an annual payment volume exceeding $100 billion, FISPAN continues to set the standard for banking connectivity solutions.
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Fispan doesn't need the cash. So why has Lisa Shields's B.C. fintech just raised $30-million?
One of Canada's most successful women tech entrepreneurs, Lisa Shields, has raised US$30-million for her latest company Fispan Services Inc. in a deal led by U.S. growth equity firm Canapi Ventures. Beyond the headline information, however, the details of the deal reveal how much the financing market has shifted since the tech bubble burst in 2021. The Fispan transaction 'is quite different' from deals of that era, which saw money-losing startups pursue growth at all costs and raise huge financings at ever-inflated valuations, said Tom Davis, Canapi's San Francisco-based general partner. Instead, it is more indicative of a return to saner market dynamics, he said. 'This is a classic growth equity deal.' For one, Fispan didn't need the money. Fispan sells subscription software tools that enable banks to embed services for mid-market companies into enterprise resource planning (ERP) and accounting platforms such as Oracle NetSuite, Intuit QuickBooks and Xero. That makes it easier for clients to handle cash and accounts management in one place. Fispan has 15 customers, including Bank of Montreal, Toronto-Dominion Bank, JP Morgan and Wells Fargo, and is used by 4,500 of their clients. Vancouver entrepreneur whose last business was sold to PayPal for $400-million expands new fintech for banks The nine-year-old Vancouver company generates US$25-million-plus in annual revenue after growing by 80 per cent on average over the past three years. It turned profitable last year and still has half the US$16-million from its last funding in 2021. (Fispan did fall prey to the grow-at-all-costs mindset, Ms. Shields admits, before cutting 30 per cent of staff in 2022 and shifting 'to serve our bank clients with quality and consistency at all costs.') Since Fispan sells to banks, it doesn't spend much on marketing and 'has fantastic unit economics, a proven sales motion, a solid customer base and high net dollar retention within existing customers,' said Mr. Davis. Meanwhile, valuations for fintech companies are running at eight to 12 times revenues, about half what they were at the peak. So why raise at all? 'You're asking the question we had as an internal debate,' said Ms. Shields, an aeronautical engineer by training whose previous company, payments platform provider Hyperwallet Systems Inc., sold to PayPal Holdings Inc. for US$400-million in 2018. The answer is two-fold, she said: to 'remove liquidity pressure' by offering investors a chance to take money off the table. Most of the Canapi-led investment – US$17-million-plus – is going to angel and seed-stage backers in what is called a secondary deal. Canadian deal-making still stuck in a rut, despite the hot markets Secondaries have become commonplace as mergers and acquisitions, and initial public offerings, have dried up. While companies aren't keen to issue equity or sell at lower valuations, many investors are happy to cash in some gains. In fact, Ms. Shields would have been content to do just a secondary offering and was only willing to sell up to US$15-million in primary equity to minimize dilution. 'We didn't want to take more than we had to,' said Jay Rhind, a Fispan director and partner with Rhino Ventures. The second reason was to find a new investor with expertise and deep pockets. Fispan had had the same group of investors since 2018 – early Fispan investor Rhino led the 2021 round – and Ms. Shields wanted to add a growth equity firm to her ownership group and boardroom that was familiar with the realities of selling to slow-moving banks. To make the deal big enough to interest growth equity firms, which typically invest large amounts in deals, Ms. Shields targeted a US$40-million raise, but existing investors ultimately weren't willing to sell as much as expected. Canapi was the ideal choice for several reasons: Because it invests in a wider range of deals, it was open to investing a lower amount than some growth equity firms. Its leaders hail from finance, financial technology and regulatory affairs (managing partner Gene Ludwig was chief banking regulator of the U.S. during the Clinton administration), and its funders are comprised of 75 financial institutions, many of which could open doors for Fispan. That was important for Ms. Shields, who started Fispan after noticing banks weren't keeping up with digital challengers that were plugging their services into business software platforms. She set out to build tools that would make banking services 'just as delightful and easy to use as those of any fintech' on those platforms. But many fintechs that target mid-market corporations (those with US$30-million to US$2-billion in annual revenues) typically top out before hitting 10,000 customers, she said. Ms. Shields sees a potential market of 250,000 such companies in North America alone and is eying expansion in Britain. 'Nobody has ever had the kind of market share that really makes it interesting. We think with our bank-based distribution model we have a really interesting opportunity to get there,' she said. 'I want guidance from people that have worked with banks. This is about structuring the company to be able to continue high growth with discipline in the face of this radical technological shift that's coming, and we want to be part of it.'
Cision Canada
03-06-2025
- Business
- Cision Canada
FISPAN Raises $30M Series B to Accelerate Embedded Banking Innovation for Mid-Market Businesses
Canapi Ventures leads investment round to accelerate FISPAN's growth VANCOUVER, BC, June 3, 2025 /CNW/ - FISPAN, the industry leader in embedded ERP banking solutions, announced today that it has closed $30 million USD in Series B funding led by fintech and enterprise software investment firm Canapi Ventures. This new capital will accelerate FISPAN's mission of seamlessly integrating banking services directly into businesses' enterprise resource planning (ERP) systems and accounting software. Bridging the Gap Between Banks and Businesses For many years banks have invested in host-to-host and API platforms, enabling large enterprises to reap the productivity benefits of connecting to their financial institutions directly. FISPAN packages those connectivity capabilities and enables banks to distribute their treasury products to mid-market and smaller businesses via an easy to install, out-of-the-box, in-ERP plugin. Trusted by the world's largest banks and nearly 5,000 businesses across North America, FISPAN enables banks to deliver modern, integrated client experiences by embedding key financial and banking capabilities directly into their existing ERP system or accounting software. For businesses, this means: Centralized Financial Workflows: Integrating financial transactions and operational workflows into a single system, eliminating inefficiencies and disconnected processes Automated Processes: Built-in automation streamlines routine tasks like payment initiation and approval processes – saving time and lowering costs Fewer Manual Errors: Direct ERP integrations minimize manual uploads and data entry, improving accuracy and minimizing operational risk Through seamless API integration with systems like Oracle NetSuite, Sage Intacct, and Microsoft Dynamics 365 Business Central, banks can offer contextual solutions that streamline payables, cash management, and reconciliation. "This Series B funding is a pivotal moment for FISPAN, empowering us to significantly scale our innovation and market reach," said Lisa Shields, CEO & Founder at FISPAN. "Canapi quickly distinguished themselves through their understanding of the embedded ERP banking landscape and our unique opportunity within it. With an LP network of over 75 financial institutions—and partners with banktech operating expertise — Canapi is a natural partner for our next chapter. We're excited to work with Canapi to help more treasury teams optimize their operations." Driving the Next Phase of FISPAN's Expansion In conjunction with the investment, Tom Davis from Canapi Ventures will join FISPAN's board of directors. This new capital will fuel several key growth opportunities: Accelerated Product Development: Deepen AI capabilities, expand ERP and accounting system integrations, and enhance platform capabilities to support full-stack treasury solutions Expanded Market Reach: Scale go-to-market efforts in key regions and significantly grow banking and channel partner networks Strategic Talent Acquisition: Expand FISPAN's world-class team with top-tier talent to accelerate product leadership and customer experience "FISPAN is at the forefront of a fundamental shift in how businesses interact with their banks," said Tom Davis, General Partner at Canapi. "Their proven ability to deliver highly sought-after embedded finance solutions positions them for tremendous growth. Our investment reflects our confidence in their visionary team and their capacity to build a leading platform that drives efficiency and value for both financial institutions and their corporate clients." About FISPAN FISPAN is a leading fintech company that seamlessly integrates banks with their clients' enterprise resource planning (ERP) and accounting systems. Founded in 2016, FISPAN provides innovative ERP banking solutions that eliminate the complexities and frustrations of traditional banking services. By embedding banking services directly into ERP and accounting software, FISPAN streamlines financial workflows, reduces costs, minimizes manual errors, and enhances efficiency for businesses of all sizes. For more information, head to the United States – Canapi brings unmatched sector experience and best-in-class knowledge, connections, and credibility to founders. For more information, visit
