When MazumaGo initially launched in 2018, its focus was to make it simple for businesses to send and receive large payments online. The startup saw success and raised an $800,000 seed round in 2021 led by E-Fund, Mother Trucker Capital, and Ryan Holmes of Hootsuite. The company wanted to grow its services but pushed up against Canadian regulations and red tape. This led to a decision to expand into the U.S. Of the choice, Smith said that the “ecosystem for neo-banks and fintech companies is a lot more welcoming and open.”

Fast-forward a year, and MazumaGo has built an online banking platform offering payments, bank accounts, cards, and automation tools. But Smith says that the company couldn’t keep growing at the pace it wanted in both countries while maintaining the same level of client service – and this ultimately led to the acquisition.

“With Baseline, we found a sophisticated merchant service provider, based in Vancouver B.C., that was interested in integrating our service into their suite of payment solutions,” explained Smith. “Baseline's co-founder and chief visionary officer Paul Schulz has been a friend and supporter of MazumaGo along the way. It just makes sense – I know our customers will be in good hands.”

MazumaGo was one of the top-16 companies Victoria Tech Journal readers said we should watch back in May. Revisit the list.