Beacon raises C$5.25m for super-app targeting Canada's immigrants

Source: Beacon

Beacon, a new solution built to facilitate smooth transitions for immigrants relocating to Canada, has completed a CAD $5.25 million seed round and officially launched in the Canadian market.

This investment was supported by prominent figures in the Canadian private and angel investor community, such as Jawl Residential Group, Wayne Pommen, Adrian Rocca, Jonathan McCain, as well as US institutional investors including MS Transverse Insurance Group. The investment will accelerate the development of Beacon’s Super App—a comprehensive, purpose-built solution tailored to the needs of Canadian immigrants.

“When I immigrated to Canada in 2014 with my wife and infant son, we encountered many challenges and roadblocks building our lives in Canada. I knew there had to be a better solution to help immigrants settle with ease and build their future with confidence, so we started Beacon to be that solution,” said Aditya Mhatre, Co-Founder and Chief Product & Technology Officer of Beacon. “We are developing a suite of purpose-built financial and technology-backed offerings that I wish had existed when I moved to Canada.”

Canada is home to over eight million people who were born outside of Canada, and plans to attract and settle millions more in the next decade. 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. Beacon is available globally to immigrants relocating to Canada, and was built so they can build their futures confidently.

Beacon’s initial app is a pre-arrival solution that is on a mission to support an immigrant’s first 100 days in Canada. It provides relevant content, customized digital information and checklists for people before they depart their home country. The Beacon App will soon include Beacon Money, an innovative, purpose-built approach to solving an immigrant’s financial needs by offering everyday financial solutions.

“Canada needs to do better at finding, settling, and retaining the world-class talent that our country requires. That's why we created Beacon,” said Stuart Szabo, Co-Founder and CEO at Beacon. “The immigration journey is often filled with frustration and confusion. Our team at Beacon is committed to solving this issue by delivering compliant, innovative financial solutions that empower immigrants to thrive. Beacon is providing the right support at the right time.”

Wayne Pommen, former-CEO of PayBright is a member of Beacon’s board of directors and one of Beacon’s initial investors. Wayne expressed confidence in Beacon’s vision, stating: “The process of immigrating to Canada is notoriously complicated, especially when it comes to accessing financial services. I continue to be impressed by Beacon’s passion for solving these problems and the progress they’ve already made in a short time.”

“Canada is an important market for MS Transverse Insurance Group. We are seeking to increase our Canadian exposure and believe that the combination of the vision and team at Beacon is a logical step for our Canadian business,” said Dave Paulsson, President of MS Transverse Insurance Group. “Immigrants in any market require tailored insurance solutions and we look forward to supporting the Beacon team with innovative insurance solutions for Beacon users.”

Beacon was represented on the fundraising by Blakes as corporate counsel as well as on various financial regulatory matters. 

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