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Beacon Launches with CAD$5.25M Seed Round to Develop a Purpose-Built Super App to Support the Canadian Immigrant Journey
TORONTO, May 22, 2024–(BUSINESS WIRE)–Goal, a new solution designed to facilitate smooth transitions for immigrants moving to Canada, has completed a seed round of CAD$5.25 million and has officially launched in the Canadian market. This investment was supported by prominent figures from the Canadian private and angel investor community such as Jawl Residential Group, Wayne Pommen, Adrian Rocca, Jonathan McCain, as well as US institutional investors including MS Transverse Insurance Group. The investment will accelerate the development of Beacon’s Super App – a comprehensive solution specifically designed to meet the needs of Canadian immigrants.
“When we immigrated to Canada in 2014 with my wife and young son, we encountered many challenges and obstacles in building our lives in Canada. I knew there had to be a better solution to help immigrants settle down easily and build their future with confidence, so we started Beacon to be that solution,” said Aditya Mhatre, co-founder and chief product and technology officer at Beacon. “We are developing a set of specific financial and technology-backed offerings that I wish existed when I moved to Canada.”
Canada is home to more than eight million people who were born outside of Canada and plans to attract and settle millions more over the next decade. At the same time, recent studies have shown that immigrants struggle to settle in Canada and leave the country in alarming numbers. Beacon is available globally to immigrants moving to Canada and is built so they can build their future with confidence.
The Beacon Home App is a pre-arrival solution with a mission to support an immigrant’s first 100 days in Canada. Provide relevant content, personalized digital information and checklists to people before they leave their home country. The Beacon App will soon include Beacon Money, an innovative approach specifically designed to solve an immigrant’s financial needs, offering everyday financial solutions.
“Canada needs to do better to find, establish and retain the world-class talent our country demands. That’s why we created Beacon,” said Stuart Szabo, co-founder and CEO of Beacon. “The immigration journey is often filled with frustration and confusion. Our team at Beacon is committed to solving this problem by providing innovative, compliant financial solutions that empower immigrants to thrive. Beacon is providing the right support at the right time.”
Wayne Pommen, former CEO of PayBright, is a member of Beacon’s board of directors and one of Beacon’s initial investors. Wayne expressed confidence in Beacon’s vision, stating, “The immigration process to Canada is notoriously complicated, especially when it comes to accessing financial services. I continue to be impressed by Beacon’s passion for solving these problems and the progress they have already made soon.”
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“Canada is an important market for MS Transverse Insurance Group. We are looking to increase our Canadian exposure and believe that combining Beacon’s vision and team is a logical step for our Canadian business,” said Dave Paulsson, president of MS Transverse Insurance Group. “Immigrants in any market demand personalized insurance solutions and we look forward to supporting the Beacon team with innovative insurance solutions for Beacon users.”
Beacon has been represented in fundraising by Blakes as corporate counsel, as well as in various financial regulatory matters.
To download the Beacon app go to www.mybeacon.ca
About the headlight:
Beacon is a financial solution designed specifically to help immigrants in Canada settle easily and build their future with confidence. Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. The organization is on a mission to simplify the path to a new life in Canada by providing resources, guides and financial products through its Super App to ensure immigrants have all the tools they need to build their brightest possible future. To learn more, visit www.mybeacon.ca
About MS Transverse Insurance Group (MS Transverse):
MS Transverse Insurance Group is a hybrid carrier serving the program, MGA and reinsurance markets, with offices in New York, New Jersey and Texas. MS Transverse is a subsidiary of Mitsui Sumitomo Insurance Group and part of MS&AD Insurance Group Holdings. Founded in 2018 by Erik Matson, CEO, and Dave Paulsson, President, MS Transverse is a global enabler that connects and empowers partners through access to risk capacity and alternative capital in admitted and surplus securities. For more information please visit https://mstransverse.com.
View the original version on businesswire.com: https://www.businesswire.com/news/home/20240522849375/en/
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