Canada’s Peloton Technologies’ funding hits $2m

Peloton Technologies, a Canadian FinTech company focused on innovating payment solutions, is marking a new milestone in its journey.

The firm has received a funding extension of $1.5m, making a total of $2m from the Pacific Economic Development Agency of Canada (PacifiCan). This extension is part of a larger investment of over $8.1m in PacifiCan funding towards various Greater Victoria organisations, announced on June 27, 2023.

Peloton Technologies, which is based in Victoria, British Columbia, is committed to developing its innovative SaaS-based payments platform. Their mission is to expand the client base of merchants who are eager to transition from traditional processes to streamlined digital transactions, making payments simple and efficient for small to medium businesses across Canada.

The newly acquired funding will accelerate Peloton’s growth trajectory, allowing them to further their objective of providing affordable digital payments for SMEs across Canada.

Apart from Peloton, PacifiCan’s latest announcement included funds for the Association of British Columbia Marine Industries, South Island Prosperity Partnership, the University of Victoria, Aluula Composites Inc., and Origen Air Systems Ltd. through three different programmes. This highlights the diversity and high performance of environmental and tech talent emerging from Greater Victoria.

Peloton Technologies Inc. CEO Craig Attiwill said, “The original BSP funding fuelled our growth trajectory. Demonstrating success allowed us to triple our original ask and further accelerate our objective of providing affordable digital payments for SMEs across Canada.”

Additionally, The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada, acknowledged the region’s potential, “British Columbia has both the talent and natural resources to create diverse, inclusive and thriving economies in all corners of the province.”

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