Keep Raises C$108M to Challenge Canada SMB Banking Market

Keep, a Canadian fintech startup, has raised C$108 million ($78 million) to expand its all-in-one financial platform tailored specifically for small and medium-sized businesses (SMBs) in Canada. The funding round includes C$33 million in equity led by Tribe Capital, a C$71 million credit facility from Coventure (Treville), and C$4 million in venture debt from Silicon Valley Bank, underscoring strong investor confidence in Keep's mission to modernize Canada's SMB banking sector valued at over $500 billion. Keep's platform offers innovative tools such as Canada's first fintech business credit card, multi-currency accounts, automated expense management, and global bill payments, all designed to address the inefficiencies of legacy banks that rely on outdated software and rigid underwriting processes. The company has onboarded more than 3,000 SMB customers and reported significant growth with over C$20 million in annualized revenue and a net dollar retention rate exceeding 300%. Keep aims to serve 100,000 Canadian SMBs by 2027 and save them over C$250 million in annual fees, positioning itself as a leader in a market with fewer alternatives compared to the U.S., where startups like Brex, Ramp, and Mercury dominate. Co-founder and CEO Oliver Takach, a two-time Y Combinator founder, emphasizes that Keep is building the financial operating system that Canadian entrepreneurs have long needed to thrive.