Beacon, a Toronto and Montreal-based startup, has officially launched in the Canadian market with a CAD $5.25m seed funding round.
The company, founded by Stuart Szabo and Aditya Mhatre in 2023, aims to simplify the process for immigrants settling in Canada through its innovative Super App.
The seed funding was backed by notable Canadian investors, including Jawl Residential Group, Wayne Pommen, Adrian Rocca, Jonathan McCain, and US institutional investors such as MS Transverse Insurance Group.
Beacon’s primary focus is to support the needs of immigrants relocating to Canada by offering a comprehensive suite of financial and technology-backed services. The Super App provides pre-arrival assistance, including relevant content, digital information, and customized checklists to help newcomers prepare for their transition.
The fresh capital will be used to enhance Beacon’s Super App, which will soon feature Beacon Money, an offering designed to address immigrants’ financial needs. This includes everyday financial solutions tailored to make settling in Canada more manageable.
Aditya Mhatre, co-founder and chief product & technology officer of Beacon, said, “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. We are developing a suite of purpose-built financial and technology-backed offerings that I wish had existed when I moved to Canada.”
Canada, home to over eight million immigrants, plans to attract and settle millions more in the coming decade. However, many immigrants face difficulties in establishing themselves, prompting some to leave the country. Beacon’s app is designed to counter these challenges by providing essential support from the outset.
Stuart Szabo, co-founder and CEO at Beacon, said, “Canada needs to do better at finding, settling, and retaining the world-class talent that our country requires. That’s why we created 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.”
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