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Working at Paperstack
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About
Assel Beglinova and Vadim Lidich met as international students at Seneca College in Toronto, having arrived from Kazakhstan in 2012 and Ukraine in 2013. They started Paperstack in 2021 to give small e-commerce sellers the back office larger brands take for granted: automated bookkeeping, cash-flow visibility, and access to working capital in the $5,000 to $500,000 range. The company went through Techstars and raised about $9 million in equity and debt, backed by Techstars Ventures, Gaingels and Ontario Centre of Innovation alongside angels from TD, BMO, Wealthsimple, KOHO and Shopify. It then moved up the stack into lending itself, at a moment when the larger revenue-based financiers it had been compared to — Clearco and Wayflyer — were retrenching. The current pitch is private credit for consumer brands. The company says it has processed more than 1,500 funding applications and that over 84 percent of its customers are businesses run by women and diverse founders. Beglinova, a Forbes 30 Under 30 honouree, spoke at TechTO's Commerce Toronto in January 2026 with Marie Chevrier Schwartz about becoming a first-time chief executive.
Backers
Techstars Ventures, Gaingels and the Ontario Centre of Innovation, with angel investors from TD, BMO, Wealthsimple, KOHO and Shopify. The company raised over $9 million in combined equity and debt.
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Quick answers
What does Paperstack do?
It lends working capital to direct-to-consumer and retail brands. It began as software that automated bookkeeping and cash-flow reporting for e-commerce sellers and arranged financing for them, then moved into originating the credit itself.
Who founded Paperstack?
Assel Beglinova, who is chief executive, and Vadim Lidich, chief technology officer, in 2021. Both came to Canada as international students — Beglinova from Kazakhstan in 2012, Lidich from Ukraine in 2013 — and met while studying at Seneca College in Toronto.
How much has Paperstack raised?
About $9 million in combined equity and debt, from Techstars Ventures, Gaingels and the Ontario Centre of Innovation, plus angels working at TD, BMO, Wealthsimple, KOHO and Shopify.
Where is Paperstack based?
Toronto, with a New York office reported at the time of the 2024 raise.