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Fintech.ca: Beacon Launches Digital Wallet for Immigrants Starting New Lives in Canada

Toronto’s Beacon has unveiled Beacon Money, a digital wallet designed to empower immigrants as they transition to life in Canada.
This addition to the MyBeacon Super App aims to simplify financial integration for newcomers, enabling them to confidently prepare for their journey and thrive upon arrival.
Scheduled for public launch in January 2025, Beacon Money offers immigrants from around the globe the ability to open, fund, and use the wallet months before their arrival in Canada. Permanent residents, students, and work permit holders can rely on the app for everyday financial transactions, from tuition payments to salary disbursements.
A standout feature for users from India is the seamless pairing of Beacon Money with Beacon Remit—the first single app enabling money transfers out of India. Users can pre-fund living expenses or send tuition payments before departing for Canada, ensuring a smoother transition.
“At Beacon, we empower immigrants,” said Stuart Szabo, CEO and Co-Founder of Beacon. “Beacon Money gives our users a head start before they arrive in Canada and serves as the ideal wallet for their daily needs after arrival.”
Co-Founder and Chief Product & Technology Officer Aditya Mhatre highlighted the challenges immigrants face, drawing from personal experience: “It was very difficult to move money out of India and set up a functional bank account in Canada. Beacon Money and Beacon Remit solve these pain points so our users can settle with confidence.”
Beacon’s collaboration with Digital Commerce Group and Visa has been instrumental in launching Beacon Money.