Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Keep Raises C$108M to Reinvent SMB Finance in Canada
Fintech Financing | May 22, 2025
Image: Keep Announces 108M funding
Keep, Canadian Fintech, Raises C$108M to Modernize Small Business Banking and Credit
On May 20, 2025, Toronto-based fintech Keep revealed that it raised C$108 million in new funding to reinvent small business finance in Canada. The funding round includes C$33 million in equity financing led by Tribe Capital, plus C$71 million credit facility from Treville Capital, and C$4 million in venture debt from Silicon Valley Bank.
Founded by Oliver Takach and Helson Taveras, Keep is specifically designed for Canadian small and medium sized businesses (SMEs or SMBs) and provides an integrated financial suite of tools, such as automated expense management, a rewards-based business credit card, multi-currency accounts, and flexible global bill payments.
See: The Case for Better Banking Options for Canadian SMEs
Oliver Takach, CEO Keep said in a CEO letter:
Keep was born from that frustration. I went into the branch. Twice. I signed personal guarantees. I paid fees no one could explain. And in the end, they still wouldn’t give me a business credit card.”
Opportunity in a Fragmented C$530 Billion Market
Canada’s small business sector is the backbone of the economy, contributing more than 40% of GDP and accounts for over 98 percent of all employer businesses. Keep estimates that the small business banking market in Canada is worth $500B, which is dominated by legacy institutions who continue to rely on paper-based underwriting, limited tools and integrations, and haven't adapted products to align with modern workflows or regulatory requirements.
Yet, many entrepreneurs remain locked out of fast, reliable credit and banking tools, which is what Keep's platform is designed to solve. Since launching in 2022, Keep has on-boarded over 3,000 SMBs across a range of industries, and has surpassed C$20 million in annualized revenue. The company also reports a 300% net dollar retention rate, reflecting strong adoption and satisfaction.
Glen Napier, CEO of James G Armour & Co.:
"With Keep, we've cut our financial admin time by 80%. The integration of their products was seamless and helped us double our revenue in just six months. What used to take weeks with traditional banks now happens instantly."
Global Backing, Strategic Growth
Keep operates in a competitive domestic market that includes startups like Float, Loop, and Venn, aiming to differentiate itself by providing an all-in-one model that integrates core financial tools rather than offering individual product solutions.
Investor confidence seems to agree with the strategy. The latest found has attracted both returning and new backers including Rebel Fund, Liquid2 Ventures, Cambrian, and Assurant Ventures, as well as individual investors from Stripe, Coinbase, Robinhood, Plaid, and Chime.
See: Velocity Fund II Secures $10M to Back Early Startups
Takach said, "By 2027, we aim to serve 100,000 small businesses across Canada and help them save over a quarter billion dollars in fees annually.”
Outlook
Backed by global investors, the Canadian fintech industry keeps getting stronger. Keep's emergence from stealth to grow founder-led financial infrastructure to support how entrepreneurs actually operate will help close gaps left by traditional banks. Domestic competition is heating up.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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