Keep Technologies, a company developing a financial platform for small businesses, has exited stealth mode and announced its initial financing details.
The startup has obtained $71-million credit facility through Treville (formerly CoVenture), while Silicon Valley Bank is supplying a $4-million venture debt line. Tribe Capital led $33 million in equity financing, with participation from Rebel Fund, Liquid 2, Cambrian, Assurant Ventures, Upshot, Vera, Data Tech, 305 Ventures, Valyrian, Brainstorm, and Collaborative.
“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.”
Oliver Takach,
CEO, Keep
The Toronto-based startup is pitching itself as a Canadian equivalent to Brex, Mercury, Ramp, and other companies courting small businesses in the US. It claims to have an “all-in-one” approach that includes business credit cards, automated expense management, global banking, and the option to apply for up to $1 million in financing.
CEO Oliver Takach, who was previously involved in two Y Combinator-backed firms, co-founded Keep in 2023. The company claims to have already achieved $20 million in annualized revenue in 2024, with signups from more than 3,000 small- to medium-sized businesses.
In a blog post, Takach said he created Keep as a response to his own experiences with what he called a “broken” Canadian business banking system.
“Traditional banks have failed Canadian entrepreneurs for too long,” Takach said in a release. “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.”
The team includes veterans from Meta, Robinhood, Stripe, Venmo, and other major brands.
Keep has already outlined some of its plans for the funding. This includes both scaling the business as well as “deeper automation” for payments, reconciliation, and spending. New features for banking, rewards, and “day-to-day financial workflows” are also en route, according to Takach.
Keep isn’t alone in courting small Canadian businesses. Most notably, it has to compete with Float Financial, which also has backing from Silicon Valley Bank. However, Takach argued in his post that the Canadian market was less “crowded” than its American counterpart, and that the country had a market that’s “long been overlooked.”
Feature image courtesy of Keep Technologies.