Canapi Ventures led the round in the Vancouver fintech, which plans to use the money to speed up product development, hire new staff and sign up more customers. Fispan makes software that lets companies integrate their banking with popular accounting and business platforms. (The Logic)

Talking point: More than US$17 million of the raise is going to Fispan’s angel and seed-stage investors who are selling their shares, an increasingly popular way for Canadian scaleups to raise cash without going public. Wealthsimple, Clio and Jane have all raised funds in secondary deals in the past year. In an online post, Fispan said it’s cash-flow positive and growing “robustly,” but decided to raise funds now to give itself more flexibility. Fispan’s founder and CEO, Lisa Shields, previously founded Hyperwallet, which PayPal acquired in 2018.