News Summary

Toronto-based FinTech startup Cybrid has successfully raised a $10 million USD Series A round led by BDC Capital’s Growth Venture Fund. The funding aims to enhance Cybrid’s stablecoin payment infrastructure and broaden its enterprise client base, including Canadian financial institutions. The round saw participation from Toronto’s Golden Ventures, Montréal’s Luge Capital, and Panache Ventures. Founded in 2021, Cybrid offers payment solutions enabling businesses to integrate stablecoin and cross-border transactions. CEO Avinash Chidambaram, with a background at Interac and BlackBerry Payments, emphasizes the significance of stablecoin in facilitating international trade without fees using blockchain technology. The company is also a registered payment service provider with the Bank of Canada. As the stablecoin sector grows, Canada’s tech companies, including Stablecorp and Tetra Trust Group, are pushing for a Canadian dollar-backed stablecoin, with industry leaders advocating for regulatory frameworks. Cybrid plans to expand to Europe, focusing on cross-border remittance transfers.