WellnessLiving
“Can a Canadian challenger dethrone Mindbody as the operating system for fitness, wellness and beauty studios by bundling AI-native front desk with multi-processor payments?”
Founded2012
HQThornhill, Ontario, Canada
FoundersLen Fridman, Sasha Davids
Total raised~$68.4M disclosed
Latest roundGrowth, August 2022
IndustryVertical SaaS / Fitness & Wellness
The story
Founded 2012 in Toronto explicitly as a Mindbody challenger for fitness, yoga, wellness and beauty studios. Bootstrapped through a debt round in 2018, then scaled with a $66M McCarthy Capital / CIBC growth round in 2022. Its embedded finance strategy is centered on merchant acquiring — the company operates a multi-processor gateway model (Paragon, Nuvei, PayArc, Paysafe, Barclays, Payrix, QuickPay) rather than a single-PSP embedded payments product. Recent moves have been into AI-native front-desk and BI agents (Isaac, CAASI), not banking or lending.
Last 12 months
Product timeline
2012
Founded in Toronto by Len Fridman and Sasha Davids to challenge Mindbody in fitness/wellness business management SaaS.· pivot
2018
Secured $2.4M CAD growth financing from BDC Capital.· funding
2022
$66M growth round led by McCarthy Capital with CIBC Innovation Banking debt.· funding
2025
Launched Isaac (GPT-4 powered AI assistant) and later CAASI AI Front Desk agent.· product
The stack
4 layers disclosed in WellnessLiving’s embedded-finance stack
Money movement
in the full report
Unified APIs
in the full report
Accounting
in the full report
Accounting gap: minor
4 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.