Embracing his innovative spirit to help his fellow newcomers on their settlement journeys

Aditya Mhatre admits that, growing up, he wasn’t considered the smartest person in the family when it came to academics, so expectations weren’t high.
He grew up in the 1990s in the idyllic environs of Panvel, a small, bustling town in the western part of India known for its lush, pristine greenery and diverse population
“My days were spent cycling in the neighbourhood, hanging out with friends and spending time outdoors,” he said.
It was after his father brought a personal computer home that Mhatre’s fascination with technology began, and he started teaching himself to code and program from textbooks, which were hard to find.
He said that he was lucky to have parents who wanted to give him the best they could. They sent him to Belgium as an exchange student, and that’s where he was exposed to a whole new world.
“One of the most eye-opening experiences I had in Belgium was witnessing the seamless fluidity of European borders. Coming from India, where traveling between states often involves navigating checkpoints, it was astonishing to see that you could simply walk across a street and be in another country,” said Mhatre.
“My host family and I would drive to Luxembourg, just 45 minutes away, to refuel because of the lower taxes there. It was surreal how easily you could cross into a new nation, without any barriers, and it deeply influenced my understanding of globalization.”
Mhatre said his experience had a profound effect on him, shaping his perspective on the interconnectedness of the world. He even mastered French by actively communicating with the locals, without relying on English.
“From a very early age, I realized that I may not always be the most naturally gifted person in the room, but I had confidence in my ability to outwork others and eventually achieve my goals,” he said.
Though his education was in commerce, Mhatre decided to pursue a master’s program in Computer Science and Information at the famed Carnegie Mellon University in the U.S.
“Coming from a commerce background, the rigorous computer science curriculum was initially overwhelming, but I persisted. I sought help from others and put in significant effort, learning that it was acceptable to not have all the answers but crucial to persevere,” he said.
His experience in university was a significant milestone in his life that taught Mhatre resiliency, a defining trait for his future career. His drive led him to set up Indicast, one of the first multi-person podcasts at the time, where Mhatre and his cohost engaged in conversations about everything under the sun.
Canada came calling soon after when Mhatre decided to pursue an MBA at the University of Toronto. He was hired by Paytm Canada, a digital payment app company, in his second year of study.
His rise in the company was swift; he successfully led the Bill Payment Service in Canada, which garnered more than 300,000 users in a short period of time, thanks to his proactive and intrepid attitude.
“I made it a practice to advocate for myself and seek learning opportunities,” Mhatre said. “For instance, I expressed my desire to attend board meetings, where I observed high-level discussions and shared insights about the Canadian market, even when my contributions were initially met with skepticism due to Canada’s relatively smaller user base compared to India.”
He learned to ask for things. “What’s the most they’d say? No? That’s fine; at least your idea is out there.”
In 2018, Mhatre was finally all set to put down roots in Canada, having just bought a home for his young family. Except that he had to make a slight detour.
“As part of our investor relations process, I visited Tokyo and realized there is a huge potential in the digital payment solutions market in Japan — almost 78 per cent of all consumers still paid in cash. This was a country that had bullet trains way before other countries had even thought about it.”
Mhatre called his wife and told her to leave their bags unpacked because they were moving to Japan. During his three-year stint there, Mhatre, with his team of two — himself included — worked to set up a team of more than 200 employees within a year.
They captured 70 per cent of the mobile payment market in Japan, significantly increasing digital payment adoption by two percentage points — an impressive feat for such a large economy.
Back in Canada, Mhatre was hit by the realities that immigrants encounter during their settlement journey.
“Returning to Canada after my time in Tokyo, I struggled to secure a mortgage. This experience made me reflect on the difficulties that many immigrants face in navigating the financial system here. I found that most banks were ill-equipped to serve newcomers effectively. That realization became the spark to create a company dedicated to making the settlement process easier and more manageable for immigrants,” he said.
Mhatre, along with his co-founder Stuart Szabo, established Beacon — a financial solutions company dedicated to easing the transition for immigrants moving to Canada. They recently unveiled their first product, Beacon Remit, a service within the Beacon Super App designed to make international money transfers affordable and straightforward.
“I know firsthand how challenging it can be to transfer money from India into a Canadian bank account, so we created a solution that allows users to move their money from start to finish with just one app,” he said.
Through Beacon, Mhatre said that he’s not just building a business but a support system for those seeking to start a new life in a foreign land — just as he once did.
“Immigrants may need to make advanced rent or bill payments. The financial pressure is huge for them. So, we want to look at products like rent insurance and digital payments to make the process of settling in easier for a newcomer,” he said.
Now, having raised $5 million for their venture, Mhatre, who is also the chief product and technology officer of Beacon, and Szabo are set to provide a host of essential services, which include Beacon Bank, designed with the immigrant experience in mind.
For those looking to emulate his entrepreneurial success, Mhatre has some valuable advice.
“Networking is crucial — many opportunities arise through personal connections, just as I experienced when I met my co-founder. For newcomers, networking may not come easily, so it’s important to actively put yourself out there.”
He also points out that funding opportunities in Canada are primarily geared toward Series A or growth-stage companies, with few options for seed-stage startups.
“Be prepared for many rejections — 50 or even 100 noes are common. Building a prototype or a minimally viable product can improve your chances of securing funding,” he said.
He acknowledges the sacrifices that his wife has made for him to get to this point, as well as the value of having a co-founder whose vision aligns with his.
“Often, the toughest challenges drain your energy unexpectedly, and having someone to share these experiences with can provide much-needed support,” he said.
“It’s not just about complementary skills — emotional support is crucial, too. You may not always feel comfortable discussing work challenges with your spouse, but a co-founder understands the unique pressures of the startup environment, making that partnership especially motivating in a foreign land,” he said.