Startups Revolutionizing Corporate Spend Management for Businesses
In the United States, startups like Brex, Ramp, and Mercury are vying to become the go-to corporate spend managers for businesses of all sizes. Meanwhile, in Canada, the landscape is evolving with companies like Keep making waves.
Keep, a Toronto-based startup, recently secured $23 million in equity funding, a $50 million credit facility, and a $3 million venture debt line. Led by Tribe Capital, this latest funding round marks a significant milestone for the company, which aims to cater specifically to small and medium-sized businesses (SMBs).
Co-founded by Oliver Takach and Helson Taveras in 2021, Keep offers a comprehensive financial platform that includes corporate credit cards, multi-currency accounts, automated expense management, and integrations with accounting software. The company has seen rapid growth, surpassing $14 million in annualized revenue and onboarding over 3,000 SMB customers.
One of Keep’s key differentiators is its multi-currency capabilities, allowing customers to “bank like a local” and facilitate cross-border operations. With a focus on providing essential financial services for businesses, Keep is poised to expand its offerings with plans to launch a banking product and incorporate features like embedded credit options and bill pay.
Tribe Capital led Keep’s latest equity raise, with support from notable investors such as Rebel Fund, Liquid 2 Ventures, and Cambrian. Angel investors including Arash Ferdowsi and Vlad Magdalin also participated in the financing, underscoring the industry’s recognition of Keep’s potential to redefine corporate finance management.
As the demand for streamlined financial solutions grows, Keep is at the forefront of innovation, setting a new standard for managing expenses, facilitating money transfers, and offering seamless currency exchange services. With a focus on empowering businesses to take control of their finances, Keep’s future looks promising as it continues to enhance its offerings and drive industry-wide transformation.
