Keep Raises $108M to Shake Up Small Business Banking in Canada
Keep has stepped out of stealth with a C$108 million boost to reinvent financial tools for Canada's small business sector. The Toronto-based fintech startup secured C$33 million in equity led by Tribe Capital, along with a C$71 million credit facility from Coventure (Treville) and a C$4 million venture debt line from Silicon Valley Bank.
The funding signals a major bet on the 3 million small businesses across Canada that have long struggled with outdated systems from traditional banks. Unlike their US counterparts, who’ve benefited from modern tools by Brex and Ramp, Canadian entrepreneurs have lacked streamlined options that actually fit their market.
Keep is aiming to fix that with an all-in-one platform tailored specifically to Canada’s financial regulations, tax systems, and operational needs.
"Traditional banks have failed Canadian entrepreneurs for too long," said Oliver Takach, Keep’s Co-founder and CEO, highlighting the significance of the announcement.
He’s no outsider to the problem—having bootstrapped a business to C$2 million in revenue in 2019, Takach built Keep after dealing firsthand with clunky, fragmented systems.
The startup already offers Canada’s first fintech business credit card, plus features like automated expense tracking, multi-currency accounts, and global bill pay. These tools have helped customers like Glen Napier, CEO of James G Armour & Co., reduce finance admin time by 80% and double revenue in six months.
So far in 2024, Keep has crossed C$20 million in annualized revenue and achieved more than 300% net dollar retention, a sign of strong customer loyalty. Over 3,000 small businesses are already on board.
“Keep's incredible growth and product adoption is far beyond what we see in high growth companies at their stage today,” said Arjun Sethi, Co-Founder and Partner at Tribe Capital.
The funding round drew investors from fintech heavyweights like Robinhood, Stripe, Chime, Plaid, and Venmo, signaling wide confidence in Keep’s plan to modernize a C$500 billion-plus market.
A company spokesperson confirmed that Keep is targeting 100,000 small business customers by 2027 and aims to help them save more than C$250 million annually in bank fees.
This announcement arrives as demand grows for faster, smarter, and more flexible banking tools tailored to entrepreneurs—particularly in regions like Canada where fintech innovation has lagged behind.
