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Welcome to this week’s Thursday Feature, brought to you by Rising Economy 2022. In this issue, read about the local fintech company acquired by a Vancouver firm, and the serial entrepreneur at the helm of a new data intelligence startup. Have a great day. We'll see you again on Sunday.

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Victoria’s MazumaGo acquired by Vancouver fintech company Baseline Payments

Victoria’s MazumaGo has been acquired, according to a LinkedIn post from co-founder and CEO Matthew Smith. MazumaGo, which helps firms manage financial processes, was sold to Vancouver’s Baseline Payments, another fintech firm.

When MazumaGo initially launched in 2018, its focus was to make it simple for businesses to send and receive large payments online. The startup saw success and raised an $800,000 seed round in 2021 led by E-Fund, Mother Trucker Capital, and Ryan Holmes of Hootsuite. The company wanted to grow its services but pushed up against Canadian regulations and red tape. This led to a decision to expand into the U.S. Of the choice, Smith said that the “ecosystem for neo-banks and fintech companies is a lot more welcoming and open.”

Fast-forward a year, and MazumaGo has built an online banking platform offering payments, bank accounts, cards, and automation tools. But Smith says that the company couldn’t keep growing at the pace it wanted in both countries while maintaining the same level of client service – and this ultimately led to the acquisition.

“With Baseline, we found a sophisticated merchant service provider, based in Vancouver B.C., that was interested in integrating our service into their suite of payment solutions,” explained Smith. “Baseline's co-founder and chief visionary officer Paul Schulz has been a friend and supporter of MazumaGo along the way. It just makes sense – I know our customers will be in good hands.”

MazumaGo was one of the top-16 companies Victoria Tech Journal readers said we should watch back in May. Revisit the list.

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📰 More Victoria innovation news

🕴️ New startup, who dis: Intlabs, a data intelligence startup, just announced its founding team members: a group of executives – including former Echosec CEO Karl Swannie – and investors who’ve previously worked together or in parallel at different businesses. Get the full story.

🚀 Product launch: Billi Labs, a personal finance management platform, announced a new credit-building service to support newcomers to Canada. It will allow them to report their rent payments directly to credit bureaus in order to establish credit in their first months of being in Canada. Learn more.

🕴️ Tech jobs of the week

Find your next career:

• QA Analyst at Megabyte Programming Services

• Back-End Developer at Momentum Dash

• Technical Analyst at BC Public Service

Hiring in Victoria? Reply to this email and let us know!

📅 Upcoming events

November 17: BattlePong

November 24: Unthinkable Thursday - Monthly Event

December 8: 2022 Victoria Tech Community Awards

Have an upcoming event? Reply to let us know.