Calgary Fintech Finofo Raises $3.3M Seed to Scale Global Payments Platform

Calgary-based fintech firm Finofo has raised $3.3 million in an oversubscribed seed funding round led by Watertower Ventures, with participation from Motivate Venture Capital, SaaS Ventures, and Alberta-based private investors, bringing its total funding to over $5 million. Founded by Prateek Sodhi and Charles Maranda, Finofo offers a financial operations platform that streamlines global payments, international receivables, FX, and AP workflows, targeting mid-market companies with complex cross-border financial operations, especially those in energy, manufacturing, and logistics sectors. The platform consolidates multi-currency accounts, automates approvals, reduces foreign exchange losses, and enhances fraud prevention, addressing pain points that traditional banks and legacy systems have failed to solve. Following rapid growth that tripled its revenue and helped it serve over 180 North American clients, Finofo plans to expand its offerings, including launching a $29/month Small Business Plan to provide affordable access to frictionless global payments amid challenges like rising postal costs and a looming Canada Post strike. The company's growth aligns with increasing regulatory focus on financial infrastructure and fraud prevention, highlighted by discussions at the upcoming G7 Summit and new federal leadership under Prime Minister Mark Carney. Finofo's success reflects Calgary's emergence as a fintech hub, showcasing Alberta-led innovation in global finance technology.