- Beacon introduces a digital wallet to simplify financial access for immigrants to Canada
- Users can open and fund accounts remotely, offering tools like Visa prepaid cards and global remittances
What happened
Beacon, a company reshaping financial services for Canadian immigrants, announced the launch of Beacon Money on November 19. This innovative tool allows users to open and fund an account before they arrive, bypassing traditional banking barriers like Canadian ID or local credit history. The wallet includes a prepaid Visa card for transactions, international funding options, and remittance capabilities tailored for Indian users. Beacon’s co-founder, Aditya Mhatre, conceptualized the solution based on his own experiences as an immigrant. Backed by C$5.25 million in seed funding, Beacon plans a public rollout by January 2025, aiming to serve a broad immigrant demographic.
“When I immigrated here in 2014 and again in 2021, it was very difficult to both move money out of India and to set up a functional bank account in Canada. Beacon Money and Beacon Remit solve these pain points before people land in Canada so our users can settle with confidence,” says Mhatre.
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What it’s important
Beacon’s digital wallet addresses a critical gap in immigrant integration by removing financial entry barriers, an area often overlooked by traditional banks. This aligns with broader fintech trends where startups like PayJoy and Pngme create tailored solutions for underserved markets, such as offering credit access in developing countries. Similarly, companies like Stilt, which provide financial products to non-residents in the U.S., demonstrate the potential of niche financial tools to empower immigrant communities.
Beacon’s model positively disrupts the sector by combining accessibility with advanced digital infrastructure. Unlike traditional banks, which may demand extensive documentation, Beacon’s solution uses a prepaid Visa system, Swift integration, and intuitive remittance tools to ensure usability before arrival. As Canada plans to welcome over 400,000 new immigrants annually by 2025, such innovations can significantly ease financial onboarding.
