Paymi was a mobile payment service developed by a consortium of major Canadian banks, including RBC, TD, Scotiabank, BMO, and CIBC. The service allowed users to send and receive money using just a mobile phone number, without needing to share banking details or account information.
Launched in 2015, Paymi was positioned as Canada's answer to peer-to-peer payment solutions, aiming to compete with other digital payment platforms. However, despite backing from major financial institutions, the service struggled to gain significant market traction. The platform was ultimately discontinued in 2019, with the participating banks citing changing market dynamics and strategic priorities in the evolving digital payments landscape.
Paymi has received investment from 11 venture capital firms.
Former Canadian mobile payment service backed by major banks that allowed money transfers using phone numbers before discontinuing in 2019.
Paymi has received investment from AC Ventures, Arkam Ventures, Atomic, Base10 Partners, Bedrock Capital and 6 other investors. These venture capital firms and investors provide both capital and strategic support.
Paymi operates in the Fintech sector. Former Canadian mobile payment service backed by major banks that allowed money transfers using phone numbers before discontinuing in 2019.
