Beacon Provides Critical Financial Services for Immigrants

TORONTO--(BUSINESS WIRE)--Beacon, a company reinventing financial services for immigrants to Canada, is utilizing Bank of Montreal’s (TSX: BMO) banking services, to deliver seamless cross-border money transfer solutions for immigrants worldwide.

As a new Money Services Business (MSB), this milestone underscores Beacon’s commitment to both innovation and compliance excellence. As a leader in innovative financial solutions, Beacon will leverage its new corporate accounts with BMO to advance its mission of simplifying financial transitions for immigrants to Canada with the peace of mind that secure systems are established to safeguard their hard-earned funds.

“Beacon’s mission is to reinvent financial services for immigrants to Canada. A key component of fulfilling our mission is empowering our users to seamlessly move money in and out of Canada — quickly, affordably, and in full compliance with world-class risk and compliance standards,” said Stuart Szabo, CEO and co-founder of Beacon. “BMO’s Money Services Business accounts are key pieces to enable these services for our users. We are proud to work with BMO on this important mission.”

Beacon is trying to address a critical pain point immigrants face: the challenge of moving money between countries swiftly and securely. As an MSB business registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Beacon offers users innovative solutions such as Beacon Remit, a first-of-its-kind tool providing a fully digital, end-to-end money transfer experience from India. With BMO, transfers to and from Canada are now easier, faster, and more affordable. These accounts not only allow Beacon to deliver critical services like Beacon Remit and Beacon Money but also sets a new benchmark for financial service startups navigating the rigorous compliance landscape of Canadian banking.

“At BMO, we continually look for new products and services to enhance the lives of our customers,” said Bhavna Gounder, Director of BMO Commercial Bank. “Once a newcomer to Canada, I understand how challenging it can be to set up your life in your new country while also managing obligations back home. We are thrilled to work with Beacon as an MSB client.”

Establishing accounts with BMO marks a significant step in Beacon’s vision to expand its offerings and support immigrants in Canada and abroad. Beacon continues to grow its ecosystem to meet newcomers’ financial needs and exceed regulatory expectations.

To learn more and to download the My Beacon app, visit www.mybeacon.ca.

About Beacon:

Beacon is a purpose-built financial solution to help immigrants in Canada settle with ease and build their future with confidence. Based in Toronto and Montreal, Beacon was founded in 2023 by Stuart Szabo and Aditya Mhatre. The organization is on a mission to simplify the path to a new life in Canada by delivering resources, guides and financial products through its Super App to ensure immigrants have all the tools needed to build their brightest possible future. To learn more, visit www.mybeacon.ca.

About BMO: www.bmo.com