Calgary-based payments platform Helcim has raised $53m in a Series C funding round, taking its valuation to $250m as it looks to capitalise on a gap left by banks retreating from merchant services.
The round was led by BDC Capital’s Growth Venture Fund, with participation from new investors Curql, a strategic investment vehicle backed by more than 160 North American credit unions, and Gold House Ventures.
Existing investors including Headline, Aquiline, Information Venture Partners, Vesey Ventures, Clocktower Ventures and Alberta Accelerate Fund also participated. The latest raise brings Helcim’s total equity funding since its Series A in 2022 to $100m. Its valuation has increased from $97m at its 2024 Series B.
The funding comes as several major banks in Canada and the US have scaled back their merchant services operations, either selling or outsourcing those businesses. Helcim is looking to fill the gap by providing small and mid-sized businesses and credit unions with an alternative payments platform.
The company offers in-person and online payments alongside transparent pricing and direct customer support, while increasingly targeting larger businesses.
Founded in 2020, Helcim built its payments infrastructure in-house rather than relying on third-party technology. It says this allows it to offer volume-based interchange-plus pricing rather than the flat-rate fees common across the payments market.
The company now has 200 employees and serves more than 22,000 active merchants across Canada and the US. It has also surpassed $150m in annual recurring revenue and is approaching $10bn in annual payment volume.
In January, Helcim launched an AI-powered Payment Extension, allowing merchants to integrate its payment processing capabilities into existing software without being tied to a single embedded payments provider.
The company said adoption of the tool has been rapid, with the technology contributing to demand for its platform. Helcim plans to use the latest funding to expand its platform, move further into financial services and strengthen partnerships with regional banks and credit unions.
Nic Beique, founder and CEO of Helcim, said, “There’s a real void in the market right now – merchants are coming to Helcim faster than ever, looking for a modern alternative.”
“This round lets us act on this at scale: expanding our platform, growing our team, and moving up-market so no business outgrows what we can offer them,” he added.
BDC Capital Growth Venture Fund partner Jack Fraser said Helcim was “growing fast and building a real advantage in the market”.
“[Its] recent AI-powered integration tool is a good example of the kind of fast-moving innovation we’re backing, and exactly what it will take to capture that opportunity,” Fraser said.
Curql president and CEO Nick Evens said credit unions need to upgrade their offerings for small business members as they compete to remain relevant and retain deposits.
“Helcim’s payment hub is the best we have seen and their value proposition for the CUs is far more robust than what is currently in market,” Evens said.
The investment comes as banks and credit unions increasingly reassess how they deliver payments infrastructure to small businesses, creating an opening for independent PayTech providers to build deeper relationships with financial institutions.
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