MONTREAL, QC, Feb. 10, 2021 /PRNewswire/ -- Hardbacon, a personal finance application used by more than 25,000 Canadians, has announced its intention to go public in 2021.
The company has proved itself a pioneer in equity crowdfunding with over 1,000 shareholders. Hardbacon raised more than $1 million through its first two rounds on the regulated GoTroo and FrontFundr platforms.
"Having proved our concept to thousands of satisfied users, now is the time for us to pour fuel on the fire," said Hardbacon CEO Julien Brault. "This IPO will allow Hardbacon to accelerate its growth and pursue strategic acquisitions."
Hardbacon has retained the services of lawyer Michel Lebeuf of the law firm Dunton Rainville. Lebeuf has helped no less than 30 companies go public in Canada and the United States.
Véronique Laberge, CPA, auditor, also joins Hardbacon as its new Director of Finance ahead of the IPO. Laberge has several years of experience as CFO of publicly traded companies.
"Going through social equity financing led us to reach the minimum number of shareholders required to go public," said Brault, a longtime former business reporter at Les Affaires. "More importantly, it ensures that we've already complied with many of the regulatory requirements imposed on listed companies," said Hardbacon CEO Julien Brault.
Hardbacon's decision comes at a time when initial public offerings (IPOs) are on the rise in Canada. According to PwC Canada, the value of IPOs jumped 500% between 2019 and 2020 to reach $5 billion.
Bacon Financial Technologies, better known by its brand name Hardbacon, is dedicated to helping Canadians make better financial decisions, get wealthier and achieve their financial goals. The company, which has secured $1.1 million in funding, markets a mobile app that links to its users' accounts and helps them plan, budget and invest. Hardbacon also enables its users to compare different financial services such as credit cards, bank accounts, online brokers and robo-advisers. The company also markets its technology to financial institutions to help them accelerate their digital transformation.
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