Helcim raises CAD $53 million at CAD $250 million valuation

Helcim has raised CAD $53 million in a Series C funding round, valuing the Calgary payments company at CAD $250 million.

The round was led by Business Development Bank's Growth Venture Fund, with new backing from Curql Collective and Gold House Ventures, alongside follow-on investment from Headline, Aquiline, Information Venture Partners, Vesey Ventures, Clocktower Ventures and Alberta Accelerate Fund.

The latest financing brings Helcim's total equity raised to CAD $100 million since its Series A in 2022. Its valuation rose to CAD $97 million at the time of its Series B in 2024.

The fundraising comes as competition in small business payments in Canada shifts. Several large banks have recently sold or outsourced their merchant services operations, creating an opening for independent providers targeting smaller companies.

Against that backdrop, Helcim has expanded across Canada and the US. It has passed CAD $150 million in annual recurring revenue, increased headcount to 200, and now serves more than 22,000 active merchants.

The company is also on track to handle nearly CAD $10 billion in annual payment volume. Helcim launched as its own payments business in 2020 and built its own infrastructure rather than reselling another processor's system.

Helcim argues that approach has allowed it to offer volume-based interchange-plus pricing instead of flat-rate fees. It also provides point-of-sale, invoicing, online checkout, a payment terminal and embedded payments tools for small and medium-sized businesses.

In January, the company introduced an AI-based Payment Extension designed to let merchants connect Helcim's payment processing to software they already use. Helcim said adoption has grown quickly since launch and has helped drive investor interest in the latest round.

Nic Beique, Founder and Chief Executive Officer of Helcim, linked the raise to changes in the merchant services market.

"There's a real void in the market right now - merchants are coming to Helcim faster than ever, looking for a modern alternative," said Beique. "This round lets us act on this at scale: expanding our platform, growing our team, and moving up-market so no business outgrows what we can offer them."

Investor view

BDC Capital's Growth Venture Fund said Helcim had built momentum as software and payments providers compete more directly for business customers.

"Helcim is having a unique moment, growing fast and building a real advantage in the market," said Jack Fraser, Partner at BDC Capital's Growth Venture Fund. "Their recent AI-powered integration tool is a good example of the kind of fast-moving innovation we're backing, and exactly what it will take to capture that opportunity."

The new capital will be used to further invest in the payments platform and expand into additional financial services for merchants. Helcim is also seeking deeper ties with regional banks and credit unions reassessing their existing payments arrangements.

Curql's participation reflects that strategy. The investment group is backed by more than 160 North American credit unions and focuses on financial technology providers that can be distributed through that network.

Nick Evens, President and Chief Executive Officer at Curql, said credit unions were under pressure to refresh products for small business customers.

"Credit unions need to continue to upgrade their product offering for their small business members in the communities they serve if they want to remain relevant, compete and retain deposits," said Evens. "Helcim's payment hub is the best we have seen and their value proposition for the CUs is far more robust than what is currently in market."

The fundraising gives Helcim additional resources as independent payments companies seek to win merchants from banks and legacy processors, particularly in the small and mid-sized business segment. It now serves more than 22,000 active merchants across North America.