Keep Secures $23 Million in Funding to Transform Corporate Spend Management

Toronto-based fintech startup Keep, co-founded by Oliver Takach and Helson Taveras in 2021, has reached a staggering new funding milestone. The company has raised a combined $23 million in equity investments. This comes on the heels of a $12 million Series A1 round of financing led by Tribe Capital. Aside from the equity funding, Keep clinched a $50 million credit facility. They just completed setting themselves a $3 million venture debt line.

Oliver Takach, who previously founded CareLedger and Origin through Y Combinator, comes with a wealth of experience in the startup ecosystem. As of this writing, both CareLedger and Origin have since shuttered. His success as a two-time Y Combinator founder has catapulted him into the center of the fintech universe.

The inspiration for creating Keep was the founders’ frustration with their personal experiences with banking tools. They understood that there was an unmet need at their industries’ intersections for more targeted, efficient, and creative financial solutions. “Managing expenses, sending and receiving money, handling currency exchanges seamlessly, and giving employees controlled access to funds are now table stakes,” said Arjun Sethi, reflecting on the evolving demands of modern business finance.

Since its launch, Keep has seen tremendous grassroots success. Over the next three-odd years, the company has increased its valuation by five times since its first Series A round. By 2024, it raised its revenue impressively to more than $14 million, a monstrous 20x increase. In addition, Keep did a tremendous job onboarding 3,000+ new small and medium-sized business (SMB) customers that span a multitude of industries during that same time period.

The founders are quick to argue that combining various financial services has become table stakes for businesses. Vertically integrating these services isn’t just a luxury — it’s the new baseline,” Sethi stated, highlighting the need for today’s companies to simplify their financial workflows.

In spite of its meteoric development and success, even now, Takach chose not to reveal Keep’s valuation just yet. Given the favorable mission-oriented trajectory of the company, there is clearly a bright future ahead in what is increasingly a very competitive corporate spend market.