With candy fully consumed and World Series dreams fully dashed, Team BetaKit is locked in on Prime Minister Mark Carney’s first budget.
We’ve been busy in the lead-up to budget day. Ottawa Staff Writer Alex Riehl covered the city’s pitch to become the country’s defence innovation hub in anticipation of the feds’ forthcoming defence industrial strategy. Below, you’ll find Reporter Madison McLauchlan’s exploration of Canadian stablecoin regulation after she broke news a few weeks ago that such language—and the next phase of open banking!—is expected in the budget.
This year’s budget is highly anticipated, with some speculating that the country’s economic prosperity hangs in the balance. I won’t tip the scales with my own predictions, but I will say that BetaKit takes both the moment and our responsibility as the publication of record for Canadian tech seriously. For the first time ever, BetaKit will be in lock-up to increase the depth and quality of our budget coverage.
Have something you’d like to see from us on budget day or in the days after? Email me.
Douglas Soltys
Editor-in-chief
The Profitual $10k No-Pitch Competition is BACK
Calling all founders! Thanks to RBCx and Bloom Funding Our Canada-wide financial forecasting competition is back, accepting applications until November 30th, 2025.
The No-Pitch competition is designed to take traditional storytelling of the equation, judging founders on the strength of their financial models and not their pitch decks. Companies submit an excel version of their financial model to our 60 second online application, where their numbers are left to do the talking.
All forecasts are assessed first using our AI-driven forecast evaluator, which levels the playing field by using stage-relevant benchmarks to review the model. Feedback and scoring are then validated by our team of accountants and investors, before custom reports are shared with each applicant with recommendations to improve.
Companies of all industries, from pre-revenue to generating a maximum of $5M ARR are encouraged to apply.
Wealthsimple hits $10-billion valuation in new round backed by Dragoneer, GIC, CPP Investments
Wealthsimple is on track to become Canada’s most valuable private venture-backed tech company. The Toronto-based FinTech firm has signed a Series E round of up to $750 million CAD, at a post-money valuation of $10 billion.
Wealthsimple co-founder and CEO Michael Katchen says the raise “reflects deep confidence from new and returning investors in our mission and our role as a defining Canadian company.”
Stablecoins are at a regulatory crossroads in Canada. What’s next?
The federal budget, set to be released in a few days, is believed to contain “language” around stablecoins. FinTech leaders say the digital asset is set to disrupt traditional payment methods, but how Canada will or should regulate stablecoins remains an open question.
Canadian semiconductor leaders see opportunity, and risk, in US takeovers
As Canadian AI chip startups either move south or get snapped up by larger American players, conversations at VentureLab’s HardTech Summit focused on how to build Canada’s semiconductor sector amid rising pressure from the United States and shifting geopolitical conditions.
Founder Katherine Homuth submits bid to rejoin SRTX as company enters strategic review
Embattled Sheertex tights maker SRTX said this week it is exploring a “range of options” for its future, including a sale, recapitalization, or reorganization. The review comes alongside the resignation of its CEO less than two months into the job, and yet another wave of “temporary” layoffs affecting 100 employees.
SRTX founder Katherine Homuth, who left in March, says she has submitted a bid to rejoin the company.
Wattpad unpacks its evolving strategy under new product head Chelsea Parry
Toronto’s Wattpad has brought Chelsea Parry on as its head of product as the online storytelling and social media platform gears up for its next chapter under the umbrella of digital comic producer Webtoon.
In an exclusive interview with BetaKit, Wattpad president Aron Levitz outlined why the company hired Parry and how Wattpad’s strategy is evolving under her leadership.
A “terrifying” time to build: Canadian VCs debate AI bubble at RevStar Summit
Canadian tech investors are aligned on the notion that generative AI has radically changed the math of startup investing. But they differ on whether the investment hype around AI represents a growing bubble, and how much that matters.
Open House Montréal brings its grassroots energy back to city’s startup scene
Bookended by remarks from AI godfather Yoshua Bengio and a builders’ day at Shopify offices, Montréal’s first iteration of a grassroots tech week brought together more than 6,000 attendees to explore AI, social impact, and Québec’s funding crunch.
New accelerator program aims to give Canadian founders a taste of Silicon Valley
Former Panache Ventures partner Chris Neumann has built a new accelerator program geared towards exposing early-stage Canadian technology startup founders to Silicon Valley.
Through Game On, which he described as “an experiment in acceleration” for not just startups but individuals and leaders, Neumann hopes to “change founder metabolism.”
Time to catch up: Why Canada needs to rethink financial innovation and competition
In an op-ed for BetaKit, Peoples Group’s John Landry argues that the future of finance in Canada will be built by the FinTech ecosystem.
“FinTech isn’t fringe. It’s core infrastructure, and our economy can’t afford to keep treating it like an experiment,” Landry writes.
FEATURED STORIES FROM OUR PARTNERS
- Next week, Vidyard CEO Michael Litt will arrive at SAAS NORTH with a message: “SaaS is dead.” Litt’s keynote is one of many must-see sessions happening on the BetaKit Keynote Stage at SAAS NORTH 2025 in Ottawa. Read about the on-stage moments you won’t want to miss.
- The Canada Fintech Forum has always signalled where the industry is headed, but this year, it felt like a tactical briefing. With our partners at Mastercard, we break down five key takeaways from this year’s conference.
🇨🇦 Weekly Canadian Deals, Dollars & More
- VAN – Arca strikes 10-year carbon removal deal with Microsoft
- VAN – Hootsuite lays off 20 percent of its global workforce
- VAN – Grammarly rebrands to Superhuman with new AI focus
- CGY – Loon raises $3M to oversee CAD-backed stablecoin
- TOR – Robinhood’s acquisition of WonderFi delayed to next year
- TOR – Untether AI files for bankruptcy following AMD acquihire
- TOR – Waabi integrates self-driving tech into new Volvo truck
- TOR – Technation and OneEleven tap new leaders
- OTT – Ottawa unveils strategy to become defence tech hub
- OTT – Maple Bridge raises $10M to fund immigrant entrepreneurs
- OTT – Solink doubles physical footprint of Ottawa headquarters
- MTL – Maket secures $3.4M for AI floor planning
- MTL – BDC selects Magnum as first investment in new ETA Fund
- HFX – Maritime Launch gets $10M EDC loan to build spaceport
- STJ – Sparrow raises $10M to scale smartphone stethoscope
The BetaKit Podcast — What the AWS outage reveals about Canada’s digital sovereignty
“We were sleepwalking our way into this new economy, and we’ve had a bit of a wakeup call.”
Ian Rae, CEO of Aptum and a member of Minister Evan Solomon’s AI Task Force, has been building internet infrastructure since 1994. Recorded the day after the AWS outage, Rae joins to explain why such outages happen and what they reveal about the economics of the internet and Canada’s digital sovereignty goals.
Take The BetaKit Quiz – Goodbye Grammarly, Canada’s newest decacorn, Let’s Go Blue Jays!
Think you’re on top of Canadian tech and innovation news? Time to prove it. Test your knowledge of Canadian tech news with The BetaKit Quiz for October 31, 2025.
Attend the Forum Shaping Women’s Health
Closing the gender health gap is a $1 trillion global opportunity, and Canada is ready to lead.
Join the second annual Femtech Canada Forum on November 13 in Vancouver, BC to be part of critical discussions and insights. This premier event unites founders, investors, policy makers, and thought leaders to explore the breakthroughs and investments driving Canada’s femtech advantage.
Network with key opinion leaders, gain strategic insights, and help shape the future of women’s health innovation. Your perspective matters in building this vital ecosystem.
Limited tickets available. Register today.
Image courtesy Francois-Philippe Champagne via X.