Toronto Payment App Raises $2.5M to Revolutionize Canada’s Payment Landscape

TORONTO, ON / ACCESSWIRE / August 23, 2023 / Mosea, a Toronto-based payment startup, has successfully raised $2.5 million in Seed funding to fuel their expansion and enable the introduction of its social payments app to new users across Canada.

The Canadian payments market has long been controlled by Interac E-Transfer. Mosea intends to dethrone the payment giant, with its user-focused interface and meticulous functionality.

Mosea offers distinguishing features, such as the ability to create groups in order to split bills, as well as create Campaigns to sell tickets to an event. Mosea is bringing an all-in one payment app to the Canadian market, similar to Venmo and Cashapp, which have excelled in the American Market.

" Mosea's social payment app is designed to encourage interaction between users. Unlike other Canadian payment apps, Mosea addresses the challenges of splitting expenses with friends, peers, or housemates… Mosea provides an organized way to collect money from a group of people", says Mosea Co-Founder, Aidan Tighe.

By enabling users to send money requests to groups, Mosea simplifies the debt collecting process, eliminating the hassle of manual calculations and awkward conversations. Mosea's Groups keep the collection process organized and easy to stay on top of.

"Social spending is antiquated in Canada from the lack of competition and innovation due to the Canadian banking monopoly. We are one of many fintechs looking to breakthrough and provide Canadians with better options so they can realize what is out there." said Luke de Haas, CEO of Mosea.

Mosea's growth began on Canadian university campuses, where they experienced a surge in popularity among students seeking efficient bill-splitting and expense-sharing solutions with peers. The platform's scope quickly expanded to collaborations with school clubs, groups, and organizations, facilitating the payment processing for various events, membership fees, and fundraising initiatives. Notably, Mosea's growth catapulted in the fall of 2022, where they became widely adopted by the Canadian student market.

The app's growth and popularity has been instrumental in attracting the attention of investors, resulting in $2.5M raised to date.

Mosea's commitment to revolutionize the Canadian payments space is driven by its desire to align with the advancements witnessed in the American payments market.

Platforms such as Venmo,CashApp, and Zelle, have long been popular among American users. Mosea aims to bring similar convenience and reliability to Canada, offering fast, secure, and reliable transactions, on a user-focused, social platform.

"Prior to Mosea, there was no way for Canadians to easily share costs on one platform. We set out to build a mobile app that facilitates real-time payments with an easy-to-use interface," added Colin Lee, Co-Founder. "Cost-sharing is a problem that the entire team at Mosea experience first-hand, and we are incredibly committed to making this process easier for our users."

Mosea is well-positioned to transform the Canadian payments landscape and revolutionize the way Canadians manage their money.

About Mosea:

Mosea is a Canadian bill splitting and payments app, dedicated to revolutionizing the Canadian payments landscape. The innovative payment platform allows users to send instant money transfers to friends while offering convenient bill splitting features for large groups. With a focus on social payments, Mosea is on a mission to bring Canada up to speed with global counterparts in the world of modern payments.

Luke de Haas, Co-Founder & CEO. Luke@mosea.io

SOURCE: Mosea Technologies Ltd.