MyBeacon Revolutionizes Canadian Immigration with Financial Super App

Nobody prepares you for the financial nightmare of moving to a new country. When Aditya Mhatre returned to Canada after three years abroad, every major bank rejected his mortgage application despite his successful career. His assets were in India, his Canadian credit history had "suffered" from his absence, and the banking system had zero solutions for someone with international financial footprints. This personal frustration became the foundation of MyBeacon, a fintech startup transforming how immigrants establish financial lives in their destination countries.

Mhatre's journey from corporate executive at Reliance Geo and PayTM to fintech founder represents a new approach to immigrant finance: building a "super app" that addresses the complete lifecycle of needs for anyone moving across borders. From pre-arrival planning to cross-border bill payments, MyBeacon is creating infrastructure that traditional banks have ignored for decades.

This isn't just another remittance service—it's a complete reimagining of how financial services should work for the millions of people who relocate internationally every year.

From Corporate Zero to One: The Foundation of MyBeacon

Mhatre's entrepreneurial journey didn't start with MyBeacon—it was built on decades of experience launching products from zero to one. As employee number 10 at Reliance Geo (then Infotel), he witnessed firsthand how India's largest telecom brand was built from scratch. "I was managing the Android platform for their smartphones, tablets, and set-top boxes," Mhatre recalls. "That entire hustle showed me how a brand is built, how services are thought about, and how infrastructure is created to meet ambitious goals."

But perhaps the most relevant experience came from his podcasting journey in 2005. Mhatre co-founded India's first multi-person podcast network, "Indicast," which quickly hit #1 on Apple's New and Notable list. When mobile internet was virtually non-existent, they innovated by letting people dial a toll-free number to listen to content. That early exposure to building technology solutions for user adoption challenges would prove invaluable decades later.

His most critical zero-to-one experience came with PayTM's international expansion. Mhatre was the first employee for PayTM Canada, handling everything from setting up offices to HR before taking on product management. Later, he became the first person on the ground for PayTM's Japan launch, branded as PayPay. "I was told: launch PayTM in Japan, figure it out," Mhatre remembers. Today, PayPay processes nearly 80% of mobile payment value in Japan.

The Personal Pain Point That Sparked a Revolution

After returning to Canada from Japan, Mhatre wanted to buy a bigger house for his growing family. Despite his successful career and assets, every major bank rejected his mortgage application. The reason? He had spent three years in Japan, so his Canadian credit history had gaps, and banks wouldn't consider his international assets.

This contradiction became impossible to ignore. Canada was actively recruiting immigrants while the financial system completely failed to serve them. Mhatre realized his personal experience wasn't unique—it was a systemic problem affecting millions.

The Super App Strategy: Beyond Single-Product Solutions

When people hear "super app," they typically think of WeChat or Gojek—platforms that combined chat, payments, and retail for massive consumer markets. MyBeacon applies this concept differently: creating a super app specifically for the immigrant journey.

"A super app basically is something that has one primary function—chat or payments—and uses that engagement to carry over to offer other services," Mhatre explains. "If we apply that logic to an immigrant journey, Beacon starts by providing a planning service: how do you prepare to move to a particular country?"

The platform addresses needs across three phases: pre-arrival (90-60 days before moving), immediate post-arrival (first 30 days), and ongoing settlement (years after relocation). Each phase has distinct financial requirements that traditional systems ignore.

Service 1: Pre-Arrival Financial Infrastructure

MyBeacon's first breakthrough product is something no traditional bank offers: a fully operational Canadian bank account that can be opened up to 6 months before arriving in the country. "We have worked very closely with banks here, with the regulatory framework to be the only company that can allow you to open a financial services account that will meet your day-to-day payment needs before you arrive," Mhatre states.

This account isn't just for show—it's fully functional. Users can start making rent payments, send money locally within Canada, and establish their financial presence before ever setting foot in the country. For immigrants, this eliminates the catch-22 of needing a local address to open an account, but needing an account to secure housing.

Service 2: Cross-Border Money Transfer

Once immigrants have established their Canadian financial presence, they need to move money from their home country. MyBeacon offers a fully digital remittance service that's dramatically cheaper than alternatives. "We are the only digital service in India right now for India to Canada, India to UK, India to US," Mhatre explains. "We are 100% digital, you don't need to visit a branch, and we are up to 50% cheaper than any alternatives out there."

The service integrates seamlessly with the pre-arrival account, creating a complete financial bridge between countries. Users can send money directly to their MyBeacon account or any other Canadian bank account, with full transparency and minimal fees.

Service 3: The Game-Changer—India Bill Payment

Perhaps MyBeacon's most innovative service addresses a problem few people realize exists: immigrants needing to pay bills in their home countries after relocating. "My parents are back in India, they're elderly, and I used to send some money for some work. Now I have to figure out that I can't just send them money because they cannot make those bill payments," Mhatre explains.

The research revealed that 50% of remittances to India go toward "Family Maintenance"—housing society payments, utility bills, mobile bills, taxes, and subscription services. MyBeacon partnered with YES Bank and BBPS (Bharat Bill Payment System) to become the first company allowing India bill payments using foreign currency.

The Risk Question: Serving Immigrants Responsibly

A natural concern when lending to immigrants is risk—what prevents someone from taking a loan and returning to their home country? Mhatre's research revealed something counterintuitive: immigrants are actually BETTER credit risks than local residents.

"The risk is no higher than serving a local audience," Mhatre explains. "Especially in fact, when people move as immigrants, they're especially more cautious to follow the rules because their immigration status depends on it. They're more cautious about paying their taxes, more cautious about defaults because they have to build their credit history."

The behavioral economics make sense: immigrants have invested enormous time, money, and effort to relocate. They're building new lives in their destination countries, which creates powerful incentives to maintain excellent financial standing. A default or credit issue doesn't just hurt their finances—it jeopardizes their immigration status and future opportunities.

Building Trust Through Alternative Signals

MyBeacon has developed innovative ways to assess creditworthiness beyond traditional credit scores. They look at which universities students are attending, prioritizing top-tier institutions. They've established strategic relationships with major employers like Deere, where the company directly verifies employment and salary information.

"Currently people just take their entire life and boil it down to a number, and that only tells you part of the story," Mhatre observes. "We look at which school are they coming from? Are they coming from a top-tier school? That's a signal of how trustworthy a particular person is."

This alternative data approach allows MyBeacon to serve creditworthy immigrants who traditional banks would reject based on rigid credit score requirements.

The Future of Immigration: Navigating Policy Changes

With countries worldwide implementing stricter immigration policies, does MyBeacon's business face headwinds? Mhatre takes a nuanced view, acknowledging short-term impacts while emphasizing long-term opportunity.

"In the short term, there may be some impact," he acknowledges. "However, we're not only building services for new immigrants—we're also building services for people who are already there." The India bill payment product is a perfect example, serving the 4 million NRIs (Non-Resident Indians) already living in Canada who need to maintain financial connections to their home country.

Furthermore, Mhatre points out that Canada's economic reality makes immigration unavoidable. "Canada has one of the lowest birth rates in the world. In order to build businesses or spur economic activity, they're going to have to depend on immigration." The composition may shift from international students to skilled workers, but the fundamental need for people—and financial services that serve them—remains constant.

The Philosophy: Building for Yourself First

When asked about the advantages and disadvantages of building from personal experience, Mhatre is unequivocal: "Building for yourself is the best way for you to build the best service."

The philosophy is straightforward but powerful: if you can't solve your own problem, you can't solve anyone else's. This approach provides the persistence needed to find product-market fit, which rarely happens immediately. "Very few services will work the first time as soon as you launch," Mhatre acknowledges. "What gives you the ability to move around and find product-market fit is best done if you yourself are the customer."

This approach also helps with prioritization when resources are constrained. "If you go by market research, you have no idea what's true," Mhatre argues. "But if you go that 'I'm going to just build for myself and meet my needs,' and hence meet 10,000 other people's needs—if you can get the 10,000 people right, then the network kicks in."

Key Takeaways

Aditya Mhatre's journey from corporate zero-to-one specialist to fintech founder offers crucial insights for entrepreneurs building in underserved markets:

For Fintech Founders: The biggest opportunities lie where traditional systems fail completely. Immigrants represent a massive, growing market that banks have ignored for decades due to outdated risk models and legacy thinking.

For Immigrants: The financial system isn't designed for you—but companies like MyBeacon are changing that. From pre-arrival banking to cross-border bill payments, solutions now exist that address real pain points in the immigration journey.

For Product Builders: The super app concept can be applied vertically. Rather than trying to be everything for everyone, focus on being everything for a specific customer journey with multiple distinct needs over time.

For Zero-to-One Builders: Personal experience is the best compass. Build what you know, solve your own problems first, and trust that others share your challenges. Product-market fit is easier to find when you are your own target customer.

MyBeacon represents a new generation of fintech companies that don't just digitize existing services but fundamentally reimagine how financial systems should work for specific customer segments. By focusing on the complete immigrant journey rather than individual products, they're creating a moat that traditional players will struggle to replicate.

For anyone moving to Canada—or any country—MyBeacon's message is clear: the financial system should serve your journey, not the other way around.

About the Guest

Aditya Mhatre is the co-founder and Chief Product & Technology Officer at MyBeacon, a Toronto-based fintech company building a financial super app for immigrants. With extensive experience launching products from zero to one, Mhatre previously served as an early employee at Reliance Geo, helped launch PayTM in Canada, and was the first person on the ground for PayTM's Japan expansion (PayPay), which now processes 80% of Japan's mobile payment value.

His entrepreneurial journey began in 2005 when he co-founded Indicast, India's first multi-person podcast network, which reached #1 on Apple's New and Notable list. Mhatre is also a former podcaster who innovated toll-free audio streaming when mobile internet was virtually non-existent in India.

Under his leadership, MyBeacon has launched several first-of-their-kind services, including Canada's only pre-arrival bank account for immigrants, 50% cheaper cross-border money transfers, and India's first foreign-currency bill payment service. The company is focused on transforming the financial experience for the millions of people who relocate internationally each year.

Mhatre is a vocal advocate for immigrant financial inclusion and regularly speaks about the need for financial systems to evolve beyond resident-only models. His personal experience with immigration challenges drives MyBeacon's mission to ensure no immigrant faces the financial frustrations he experienced when returning to Canada.