Work Here?
Overview
My Beacon provides financial services tailored for immigrants in Canada through the My Beacon mobile app, acting as a centralized platform for banking and settlement needs. Its main offering is the Beacon Money account, a digital wallet that supports daily spending and lets users withdraw cash at any VISA-enabled ATM worldwide without Beacon fees. It also offers Beacon Remit, an RBI-approved platform for international money transfers, and Beacon Planning Lists to guide users through immigration and settlement steps. The company uses a direct-to-consumer model and forms strategic partnerships (for example with Wellconnect Services Inc.) to broaden its reach and integrate financial services into the broader newcomer support ecosystem. In short, My Beacon aims to simplify banking, remittance, and settlement for newcomers by providing convenient digital tools and a supportive network.
About My Beacon
Industries
Consumer Software
Fintech
Financial Services
Company Size
11-50
Company Stage
Seed
Total Funding
$3.9M
Headquarters
Canada
Founded
2023
Get referred to My Beacon
See people who can refer or advise you
Simplify's Take
What believers are saying
- MyBeacon updated March 4, 2026, and still advertises no monthly fees.
- The website shows Beacon serves remittances at a zero service fee under $500.
- Fitzrovia's July 2, 2025 partnership expands distribution to renters entering Canada.
What critics are saying
- Beacon depends on Canada-India rails; any RBI or FINTRAC action freezes remittance revenue overnight.
- Deloitte and Wellconnect partnerships concentrate enterprise sales; one contract loss cuts growth fast.
- Wise, Remitly, and big banks can outspend Beacon, making My Beacon acquisition uneconomic.
What makes My Beacon unique
- Beacon Money opens before landing, letting immigrants fund Canadian spending from abroad.
- Beacon Remit pairs Indian transfers, bill pay, and wallet access inside one app.
- Deloitte Canada, Wellconnect, and Fitzrovia partnerships distribute Beacon through settlement and housing channels.
Help us improve and share your feedback! Did you find this helpful?
Funding
Total Funding
$3.9M
Above
Industry Average
Funded Over
1 Rounds
Industry standards
Benefits
Hybrid Work Options
Growth & Insights and Company News
6 month growth
↑ 9%1 year growth
↑ 20%2 year growth
↑ 14%Beacon, a new solution built to facilitate smooth transitions for immigrants relocating to Canada, has completed a CAD $5.25 million seed round and of
Toronto and Montréal-based FinTech startup Beacon has emerged from stealth, announced $5.25 million CAD in previously undisclosed seed funding, and launched the first iteration of its planned 'super app' for Canadian immigrants.
My Beacon is Hiring for 3 Jobs on Simplify!
Find jobs on Simplify and start your career today
About My Beacon
Industries
Consumer Software
Fintech
Financial Services
Company Size
11-50
Company Stage
Seed
Total Funding
$3.9M
Headquarters
Canada
Founded
2023
My Beacon is Hiring for 3 Jobs on Simplify!
Find jobs on Simplify and start your career today