Helcim Secures $53 Million in Series C Funding
Helcim, a Calgary-based company providing easy and affordable payment solutions for small and medium-sized businesses, has successfully raised $53 million in a Series C funding round. The round was led by the Business Development Bank of Canada (BDC)’s Growth Venture Fund and included contributions from Curql Collective, Gold House Ventures, Headline, Aquiline, Information Venture Partners, Vesey Ventures, Clocktower Ventures, and Alberta Accelerate Fund.
Company Overview
Founded by Nic Beique, who also serves as CEO, Helcim offers a platform that enables businesses to accept payments both in-person and online. The company is particularly focused on serving the needs of small and medium-sized enterprises, making payment processing more accessible and cost-effective.
Market Context
The funding comes at a time of significant change in Canada's payment landscape. Recent moves by major banks to sell off their payment processing divisions have created opportunities for companies like Helcim to fill the gap. Notably, Moneris, a joint venture by BMO and RBC, was recently sold to a US private equity firm, increasing demand for alternatives like Helcim.
"There's huge momentum in the business right now, and the market shifted in our favor at the same time," said Nic Beique, CEO of Helcim.
Use of Funds
Helcim plans to utilize the new capital to develop its payment extension add-on, designed to offer merchants greater flexibility and potentially reduce costs. This aligns with the company's strategy to counter "walled-off" payment systems, which restrict external payment workflow access.
Future Prospects
With the fresh infusion of capital, Helcim is well-positioned to expand its offerings and further enhance its market position. The company's valuation has increased to $250 million CAD, reflecting its growth and market potential.
As Helcim continues to evolve, the funding will play a crucial role in its efforts to provide more comprehensive payment solutions for small and medium-sized businesses in Canada and beyond.