Toronto-based fintech Beacon has closed an oversubscribed $20 million financing round as it looks to expand its cross-border financial services between Canada and India. The round was led by Beacon’s existing investors, with participation from new backers.
Beacon says it doubled its user base in just seven days while spending only $11,000 on advertising, helping the company reach the top position in Apple’s App Store.
The new capital will support further user growth, the launch of additional financial services in Canada and India, and the development of an integrated platform for managing money across the two countries. Beacon also plans to grow its team.
Founded in 2023 by Stuart Szabo and Aditya Mhatre, Beacon initially set out to simplify the financial and logistical challenges facing immigrants moving to Canada.
As Fintech.ca reported in 2024, the company previously raised a $5.25 million seed round backed by investors including Jawl Residential Group, former PayBright CEO Wayne Pommen, Adrian Rocca, Jonathan McCain and MS Transverse Insurance Group.
Its product suite has since expanded to include Beacon Money, a digital wallet designed for newcomers, and Beacon Remit, which enables users to transfer money from India to Canada through a single app. Beacon has also partnered with organizations including Deloitte Canada to support internationally recruited employees relocating to the country.
The company is now positioning itself more broadly as a cross-border fintech connecting Canada and India. Mhatre said Beacon was created to replace the multiple apps, identity-verification processes and phone numbers that people often need to manage remittances, banking, investments and international payments.
In its funding announcement, Beacon also teased another major product launch that it believes will change how members of the Indian diaspora manage their money across borders.
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