In Canada’s emerging corporate spend management market, fintech startup Keep has secured $12 million in its latest funding round, further building momentum in a competitive environment dominated by American counterparts like Brex, Ramp, and Mercury.
Keep announced a cumulative $23 million in equity investment, complemented by a $50 million credit facility and a $3 million venture debt line. Tribe Capital led the Series A1 round, continuing its relationship with the Toronto-based startup after leading previous rounds in May 2023 and November 2021. While Keep declined to disclose its precise valuation, CEO and co-founder Oliver Takach indicated the round represented a fivefold valuation jump compared to their Series A funding, accompanied by a twentyfold increase in revenue.
The credit facility was provided by Treville Capital Group, while Silicon Valley Bank extended the venture debt financing.
Keep, co-founded by Takach and Helson Taveras in 2021, was born from the founders’ frustrations with traditional banking services designed for small to medium-sized businesses (SMBs). With previous entrepreneurial experience, including two stints at Y Combinator and the successful sale of a marketing tech startup, Takach brought significant startup experience to Keep’s journey.
In 2023, the company expanded its offerings by launching a corporate credit card aimed at becoming the “mission control center” for clients’ financial management. Today, Keep’s comprehensive suite includes multi-currency accounts, automated expense tracking, and seamless integration with popular accounting software platforms.
Last year, Keep surpassed $14 million in annualized revenue, onboarding over 3,000 SMB customers, many of which have international operations. Revenues come primarily from interchange fees generated by the corporate credit cards, as well as fees from capital advances, installment loans, premium instant payment options, and currency exchange services.
Takach considers Toronto-based Float Financial to be Keep’s closest competitor, as both startups target SMB customers in Canada. However, he emphasizes Keep’s multi-currency capabilities as a distinctive advantage, enabling its clients to conduct seamless cross-border financial operations.
This funding round featured participation by new and existing investors including Rebel Fund, Liquid 2 Ventures, Cambrian, and Assurant Ventures, alongside notable angels like Dropbox co-founder Arash Ferdowsi, Webflow CEO Vlad Magdalin, Alloy founders Tommy Nicholas and Laura Spiekerman, and General Catalyst’s Marc Bhargava.
Tribe Capital co-founder Arjun Sethi emphasized that integrating robust financial services into a unified platform is now an essential requirement rather than an optional benefit, highlighting the changing expectations businesses hold about digital financial solutions.
Looking forward, Keep intends to further broaden its services with the addition of embedded credit products, billing solutions, and a new banking product rollout planned in the coming months.
