The Toronto-based startup operates an AI-powered platform that banks and other institutions can use to manage their lending operations more efficiently. Investors in the round include Joe Canavan, former CEO of Logiq Asset Management, and Michael Zych, Scotiabank’s former global head of fixed income. (The Logic)

Talking point: With nearly 60 employees, Savvyy has largely been self-funding its operations since it was founded in 2018. The company expects to earn between $5 million and $10 million in revenue this year, co-founder Norm Cappell told The Logic. The proceeds from the fundraising will be used to expand its products beyond loan origination to services such as loan renewals and payment collections, which will involve roughly doubling its headcount in the next year, co-founder Salim Naran said. While Savvyy has so far mainly worked with financial institutions in Canada, including Concentra and an undisclosed member of the Big Five banks, it’s weighing an expansion to other commonwealth countries. Savvyy has also been in talks with some tech companies about using their platform for lending, as tech firms show a growing interest in financial products.