The Canadian banking landscape just lost another player. But in a plot development nobody saw coming, the last one standing just got a whole lot stronger.
The math was simple. Too simple, actually.
If you're running a challenger bank, neobank, or fintech in Canada and you're not popping champagne right now, you haven't been paying attention.
The Bank of Canada just handed out hall passes to 300 fintech companies. And unlike the bureaucratic paper-pushing exercises we’ve become numb to, this one actually matters.
There's a moment in every poker game when someone pushes all their chips to the center of the table. Last week, RBC and TD did exactly that; except instead of chips, it was billion-dollar AI commitments with their names attached.