📝 Loon raises $3M CAD

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Loon, a Calgary-based FinTech startup founded by former Paytrie employees, has raised $3 million CAD in pre-seed funding to acquire and expand CADC, a Canadian dollar-backed stablecoin first launched by Paytrie in 2021. Led by Version One Ventures with participation from Garage Capital and Canadian angel investors, the funding will support Loon’s product development, compliance efforts, and regulatory engagement as it positions CADC as a transparent, regulated alternative to U.S.-dollar stablecoins that dominate Canada’s crypto market. CEO Kevin Zhang—who co-founded both Paytrie and Loon—said CADC has already processed over $200 million in transactions on the Base Network this year, making it Canada’s most-used CAD-backed stablecoin. Loon has pre-filed a prospectus with the Alberta Securities Commission as it pursues regulatory approval, aiming to become a “neutral party to all players in the space.” The company joins a growing race to establish a homegrown digital Canadian dollar, alongside efforts by Stablecorp, Tetra Digital Group, and Cybrid, amid rising calls for a federal stablecoin framework from industry leaders and the Bank of Canada.

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