Keep Secures C$108 Million to Revolutionize Small Business Banking in Canada

In a major development for small businesses across Canada, Keep, the pioneering all-in-one financial platform dedicated exclusively to small business banking, recently announced a remarkable funding round totaling C$108 million. As the company emerges from stealth mode, this financing sets the stage for significant advancements aimed at addressing the pressing cash flow and operational challenges faced by Canada's three million small enterprises.

A New Era for Small Business Banking

The landscape of small business banking in Canada, valued at over C$500 billion, has long been dominated by traditional banks, many of which offer outdated software, lackluster customer service, and inflexible underwriting procedures. These factors often stifle the growth potential of small business owners and entrepreneurs. Keep is stepping into this void by catering to well-established businesses that seek improved banking experiences, as well as entrepreneurs who have encountered barriers with conventional financial institutions.

CEO and Co-founder Oliver Takach, who brings firsthand experience as a former entrepreneur himself, understands these challenges intimately. Takach previously founded a company that reached C$2 million in revenue by 2019 but struggled with the very inefficiencies that Keep seeks to resolve. “Traditional banks have failed Canadian entrepreneurs for too long,” he asserts. “We're dedicated to developing the financial operating system that small businesses truly need—equipping them with the technology, tools, and services required for success.”

Strong Backing for Growth

The recent funding comprises C$33 million in equity financing spearheaded by Tribe Capital, paired with a C$71 million credit facility from Coventure (Treville) and an additional C$4 million in venture debt from Silicon Valley Bank. This substantial financial backing will allow Keep to accelerate its mission and innovation substantially.

In addition to enhanced customer service, Keep's offerings include Canada’s first fintech-specific business credit card, automated expense management features, multi-currency accounts, and streamlined global bill payment—all designed to help businesses reduce the fragmented, fee-ridden systems currently prevalent in the market.

The impact of Keep's technological offerings on small businesses has already been documented. Glen Napier, the CEO of James G Armour Co., recounted, “With Keep, our financial administration time was reduced by a staggering 80%. The seamless integration of their products facilitated our revenue doubling within only six months.” Such quantifiable success stories are backed up by Keep's impressive growth metrics, claiming over C$20 million in annualized revenue in 2024 alone and enjoying an impressive net dollar retention rate exceeding 300%.

A Vision for the Future

As Keep looks toward the future, it envisions an ambitious goal of reaching 100,000 small businesses by 2027 while helping them save over C$250 million a year in fees. “This funding brings us one step closer to our ultimate objective: to ensure that the vision of any Canadian entrepreneur isn't limited by a lack of access to fair and flexible financial services,” Takach expresses passionately.

The recent funding round attracted robust participation not only from existing supporters but also from new investors like Rebel Fund, Liquid2 Ventures, Cambrian, and Assurant Ventures, as well as noteworthy individuals from fintech giants including Robinhood, Venmo, Stripe, and Coinbase.

Keep is dedicated to building a financial future where small businesses thrive, and as the fintech revolution continues to identify and eliminate barriers within existing banking frameworks, Keep stands at the forefront, leading Canadian entrepreneurs into a transformed banking era.

About Keep: Keep is Canada's first all-in-one financial platform built specifically for small businesses. Founded in 2022 and headquartered in Toronto, the service allows businesses to manage their spending, automate bookkeeping efforts, and conduct financial transactions in a unified platform.

For further information, visit Keep's Website.