The people
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Working at Truly Financial
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On the TechTO stage
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About
Kanchan Kumar and Sandeep Todi — who had by then worked together for about 25 of their 30 years in software — founded Remitr in Toronto in 2016 to give Canadian businesses an alternative to wire transfers, cheques and bank branch visits for paying suppliers abroad. It later added global business accounts for Canadian small businesses, and the company now trades as Truly Financial, combining a USD checking account, multi-currency accounts and physical and virtual expense cards for businesses that buy, sell or hire internationally. Remitr and Truly Financial are the same company: both are brands of Remitware Payments Inc. Kumar joined TechTO Talent in August 2020, hosted by Jason Goldlist, for a conversation about finding work in the pandemic labour market rather than about the product; by then the company was processing hundreds of millions of dollars a year.
Backers
Backed by investors named in company coverage including Roots VC, Smart Start Fund, Venture Highway, Whiteboard Capital and Vijay Shekhar Sharma. Round sizes were not confirmed here.
Quick answers
Are Remitr and Truly Financial the same company?
Yes. Both are brands of Remitware Payments Inc., founded in Toronto in 2016. Remitr was the original cross-border payments product; Truly Financial is the current business-banking brand.
What does Truly Financial do?
It gives small businesses that operate internationally a USD checking account, multi-currency accounts, global payments and physical and virtual expense cards — an alternative to wires and bank branch visits.
Who founded it?
Kanchan Kumar and Sandeep Todi, in Toronto in 2016. They had worked together for roughly 25 years before starting it.