Keep's competitive edge lies in its multi-currency capabilities, which facilitate cross-border operations for its clients. The startup plans to expand its offerings by launching a banking product and adding features like embedded credit options and bill pay. Keep's closest competitor in Canada is Float Financial. The company is positioning itself as a mission control center for business finances, addressing the limitations of traditional financial tools. Arjun Sethi of Tribe Capital emphasizes the importance of vertically integrating financial services as a new industry standard.
Key takeaways:
- Keep, a Canadian startup, raised $23 million in equity funding, a $50 million credit facility, and a $3 million venture debt line to expand its financial platform for SMBs.
- Keep's offerings include a corporate credit card, multi-currency accounts, automated expense management, and integrations with accounting software, aiming to be a comprehensive financial solution for businesses.
- The company has achieved significant growth, crossing $14 million in annualized revenue and onboarding over 3,000 SMB customers, with a focus on international business operations.
- Keep plans to launch a banking product and add features like embedded credit options and bill pay, with Tribe Capital leading its latest equity raise and participation from notable investors.