In July, the Pacific Economic Development Agency of Canada announced an investment of $8.1 million in funding to help six Greater Victoria organizations boost innovation, drive business growth, and create new jobs and opportunities.
The investment included $2.2 million for two companies through PacifiCan’s Business Scale-Up and Productivity program.
As part of the Business Scale-Up and Productivity Program, Peloton Technologies was awarded $1.5M—becoming PacifiCan’s most-funded fintech.
Victoria’s Peloton is an organization with a digital-first mindset, exemplified by its remote workforce.
The upstart’s core product is a software platform that is reshaping the payments ecosystem in Canada. The platform uses technology to simplify complex payment processes and offers businesses a new level of transactional visibility.
“The Peloton Platform is a software engineering advancement in the payment space, providing end clients with an agnostic view of merchant acquirers and financial institutions,” the BC company explains. “Built for multi-channel collection and disbursement of payments, a defining feature of the platform is a set of generic interfaces designed to support the integration of multiple payments methods across many financial institutions.”
Founded by Phil Leitch and chief executive officer Craig Attiwill, Peloton’s highlights include Card and Bank Account Vaults, which provide a repository for financial data using “proprietary technology for secure storage of sensitive payment information.”
The platform also supports the tokenization of data, fostering interaction with other applications. And its service extends to in-house banking capabilities, enabling accounts in any currency and consolidating banking efforts to improve efficiency.
Before Peloton was established, CEO Attiwill held technology roles at various consulting firms where he specialized in understanding complex business requirements, honing his enterprise architecture skills and developing new technologies. Leitch boasts 40 years in business focused on software development for private and public industry mainly in the financial sector.
Attiwill said in a statement that the funding from PacifiCan will “further accelerate our objective of providing affordable digital payments for SMEs across Canada.”
The other Victoria startup that received funding through PacifiCan’s Business Scale-Up and Productivity program was Aluula Composites, an innovator of materials and fabrics for extreme sport applications.
Peloton and Aluula are among several Vancouver Island startups pushing the pace of innovation in BC.
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