Canada has had a long commitment to supporting and stabilizing immigration in this country.
Last year the federal government announced it would maintain its target of 485,000 permanent residents in 2024 and complete the final step to reach 500,000 in 2025. From the top down, immigration has been in the DNA of Canada for decades.
At the same time, recent studies have shown that immigrants are struggling to establish themselves in Canada and are leaving the country in alarming numbers.
A fintech startup from Toronto is hoping to change that.
Beacon is a new purpose-built financial solution designed to help immigrants settle in Canada with ease. Today they announced an impressive $5.25 million seed round and their launch in the Canadian market.
Fintech.ca sat down with Beacon Co-Founder and Chief Product & Technology Officer Aditya Mhatre to learn more about Beacon’s mission.
Tell us about Beacon?
AM: Beacon is a purpose-built super app revolutionizing how immigrants in Canada are supported so they can build their future confidently. My co-founder, Stuart Szabo and I, drew on our personal experiences with the immigration process here in Canada and our expertise in crafting global payments apps to introduce this all-in-one solution to addressing the many challenges of Canada’s immigration system. The first phase of this globally available app will assist immigrants during their first 100 days in Canada by providing access to essential digital information before departing their home country.
Why did you start Beacon?
AM: For me, it all started with a rejected mortgage application. For Stu, it started with his father, a new immigrant to Canada, selling encyclopedias door-to-door to pay for his education in search of a better life. During our discussions about personal encounters with the Canadian immigration system, we agreed that this process brought up feelings of fear and uncertainty for our families. While Canada continues to be a unique melting pot attracting millions of immigrants annually, studies show immigrants struggle to establish themselves in Canada and end up leaving. We started Beacon to empower immigrants to build a successful future in Canada and fix this worrying trend. Building upon our combined expertise, we are creating a financial solution to bring excitement back to the immigration process.
How is the current immigration process broken?
AM: Overall, Canada is an inclusive country and tries its best to provide opportunities for immigrants. Unfortunately, the immigration process in Canada is filled with complexity and bureaucracy, with numerous forms, requirements and regulations to navigate. In addition, when you move to a new country, you have to start over in the financial system which can be very difficult. Beacon will simplify the complicated processes of the immigration system by creating a comprehensive platform providing essential financial services and resources through an accessible and uncomplicated super app.
Congrats on your seed round, what are you going to do with the funding?
AM: We are thrilled to have announced our exciting seed round. The vision for Beacon is to become the preferred financial ally for immigrants and to simplify their journey into a seamless experience. We plan to utilize the seed round funds to fuel our product development and ultimately create an app to address the diverse needs of immigrants settling into Canada. We will also use the funding from the seed round to hire marketing teams to spread the word about the financial services and resources we offer to support immigrants from the pre-arrival stage to settle into Canadian society comfortably.
What does the future of Beacon look like?
AM: Our vision is to develop a super app tailored specifically for immigrants in Canada. Initially, we’re focusing on being the go-to ally by offering financial services and resources to assist immigrants in settling and establishing themselves in Canada. As we continue to grow, we aim to expand our platform to include additional services that we look forward to unveiling soon. Ultimately, our goal is to have Beacon be an ecosystem that addresses the diverse needs of immigrants throughout their journey, from the moment they decide to move to Canada to their longer-term integration into Canadian society.
How did you two meet and what are your roles in the company?
AM: Wayne Pommen, former CEO of PayBright is one of our early investors and he introduced us. He thought our strengths and experiences with immigration would complement each other and we quickly realized we both have similar values and mission – I have built the tech side, Stu is the financial services side.
What do you hope for the future of fintech founders in Canada as you begin your journey with Beacon?
AM: We envision a future where Canadian fintech founders push boundaries on innovative technologies to simplify the lives of all Canadian residents. At Beacon, we’re on a mission to utilize technology to address challenges that have slipped through the cracks – we ultimately want to facilitate positive change. We hope to see an ecosystem of fintech startups committed to supporting the diverse needs of all Canadians. We want to pave the way for accessible and innovative financial solutions that are inclusive and accessible to everyone.
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