Category Archives: Press Releases

Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth

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Progressa Release | Aug 14, 2018

TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners.

The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019.

Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.”

See:  Upstart Vancouver eyes Toronto’s fintech crown

This latest financing round is anticipated to be Progressa’s last private round, as it has now raised over $15 million of equity capital since inception and begins to prepare for an IPO. Kia Besharat, Senior Managing Director and Head of Capital Markets Origination at Gravitas Securities commented, “We are incredibly excited to have supported Progressa over both its bridge and pre-IPO rounds in 2017 and 2018. Ali has assembled a world-class management team and has operated the business like a public company for as long as we have been working with him. We look forward to continue watching Progressa’s success in tackling the vastly underserved collections debt and retail point-of-sale finance market in Canada.” Gravitas has acted as Exclusive Financial Advisor to Progressa since May of 2016.

In the past 5 years, Progressa has established itself as a market leader in Canada by developing innovative software solutions for enterprise business that tackles a traditionally negative collections process in a positive and socially responsible way. Progressa’s solutions ultimately protect the enterprises' brand reputation, among other things, utilizing non-traditional credit evaluation techniques to improve lending outcomes. With additional lending capacity, the Company can onboard new banking partners and continue on its mission to help Canadians borrow for the right reasons and improve their financial well-being.

Miller Thomson LLP, a leading national law firm with expertise in, among other things, technology and financial services, assisted with the legal aspects of the Company’s equity round and loan purchasing program. Kevin Refah, who is the lead relationship partner for Progressa, commented, “Progressa’s new financial capacity will help position it well to continue its ascent in the Canadian FinTech space, and we certainly look forward to continuing to support Progressa and its excellent management team on the company’s impressive growth trajectory.”

See:  Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors

“Cypress Hills Partners is proud to have been a part of Progressa's impressive growth over the past 3 years and is excited by our continued financial relationship. Progressa has proven to be a leader in serving Canadian unbanked and underbanked consumers with their highly successful instalment loan program,” said Kelly Klatik, Managing Partner with Cypress Hills Partners.

“They have demonstrated steady and continued growth in consumer underwriting practices and significant advancement in their adjudication technology required to further scale their lending business. We are proud to work with them as they continue their expansion and innovation in the Canadian FinTech industry.”

Progressa is experiencing a truly transformative year, expected to near $100 million of loan funding before the end of 2018. With offices in Vancouver and Toronto, the Company has over 100 team members and continues to make significant investments in its proprietary credit score that drives all of its enterprise software solutions.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
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FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
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Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
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Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
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CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
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FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
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Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
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Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
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Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
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Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 

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FCA publishes update on wide-ranging review of retail banking sector

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WiredGov UK | FCA | Jun 28, 2018

The Financial Conduct Authority (FCA) yesterday published an update on its Strategic Review of Retail Banking Business Models.

The Review is an in-depth and wide-ranging piece of work to give the FCA a greater understanding of retail banks’ business models, and how these may change in the future. This includes looking at how personal current accounts (PCAs) are paid for, the possible impact of technological and regulatory developments such as Open Banking and changes to payment services due to the revised Payment Services Directive (PSD2). It sets out the progress made on the analysis of the issues and planned next steps.

See:  New matchmaking service for small businesses looking for finance

The review is also critical to the FCA’s work on overdrafts. The FCA has already expressed concerns that some potentially vulnerable people are paying significantly more for their current accounts through unarranged overdraft charges and fees. In May this year, the FCA proposed a set of potential changes on overdrafts for discussion as part of its high cost credit work and will consult on any changes later this year.

The review shows that most current account customers contribute to their bank’s profits, but a small proportion pay significantly more than others – around 10% of customers generate between a third and a half of all contributions to profits from current accounts. The data also show that many consumers go to their current bank rather than shopping around when looking for other financial products.

For example:

  • 52% of PCA customers with credit cards have one with their PCA provider;
  • 48% of PCA customers with personal loans have one with their PCA provider; and
  • 32% of PCA customers with mortgages have one with their PCA provider.

Andrew Bailey, FCA Chief Executive, said: “This is an important piece of work to help us understand the complexities of the retail banking market and how this may develop in the future.

“It provides more evidence that there is no such thing as free banking. In particular, this evidence will inform the work we are doing on overdrafts, so we can fully understand the potential effects of the significant action we are considering taking in this market.”

The FCA’s analysis shows some of the reasons why retail banking markets remain highly concentrated.  Major banks have a captive audience of customers who do not switch and can be cross-sold other products.  Together they have a large share of the PCA market, currently over 80%, giving them considerable competitive advantages.

Yesterday’s update also sets out a number of factors that could lead to significant changes in this overall picture of the market. In the next stage of the Review, we will look at a number of scenarios to assess when and how these changes may have an effect – including changing customer behaviour, regulatory initiatives, technological developments like Open Banking, and changes to banks’ business models such as branch closure programmes.

The FCA has collected information from 45 firms across the range of the market to inform the Review including major banks, small retail banks, building societies, specialist lenders and new digital banks.

See:  Europe’s banks brace for a huge overhaul that throws open the doors to their data

The FCA is asking for responses to this update, including evidence or views, by 7 September 2018. The next stage of the Review will look at a range of possible future scenarios, including what branch closure programmes mean for consumers and banks’ business models, and how technological and regulatory changes may affect the market.

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FCA Regulatory Sanbox | Aug 8, 2018 Find out about the 29 businesses that have been accepted into cohort 4 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms. We received 69 applications for cohort 4 of the regulatory sandbox. Applications came from a diverse range of firms operating across the financial services sector including in areas such as consumer credit, automated advice and insurance. 29 firms have been accepted to develop towards testing, including 3 firms that were accepted as part of previous cohorts but did not proceed to test. Firms that have been accepted to develop towards testing are listed below, except for one firm that has asked not to be named at this point in time. See:  Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators We have accepted a number of firms that will be testing propositions relating to cryptoassets. We are keen to explore whether, in a controlled environment, consumer benefits can be delivered while effectively managing the associated risks. Tests will be conducted on a short-term and small-scale basis and the FCA is working with each firm to agree testing parameters and ...
Read More
FCA Regulatory sandbox participants - Cohort 4
Progressa Release | Aug 14, 2018 TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners. The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019. Ali Pourdad, Progressa’s co-founder and CEO, commented, “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market. Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.” See:  ...
Read More
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
CNBC Markets | Kate Rooney  | Jul 24, 2018 Fintech company Square is boosting its small-business lending with an eBay partnership. Square Capital, the lending arm of the payment start-up, will be available to eBay sellers looking to expand their business operations. Starting in the third quarter, merchants on the site can apply for a loan as small as $500 and up to $100,000 to help with everything from payroll and inventory to equipment and marketing, the companies announced Tuesday. Square Capital’s focus since launching in 2014 has been on those businesses historically excluded from the larger financial system. The partnership will offer access to capital for those who have been “underserved when seeking funding” and give U.S. sellers a "seamless funding experience," said Jacqueline Reses, head of Square Capital. See:  What we can learn from Ontario’s $3 million loan to small business Lending Loop Surpasses $10M in Loans to Small Businesses Across Canada Small-business lending is an increasingly competitive area in fintech. PayPal, which was once a part of eBay, has a program called Working Capital and provides loans to merchants based on sales history. Amazon also does this for sellers, and began extending credit to small business owners ...
Read More
Square partners with eBay to expand lending for 'underserved' small businesses
CBC | Rob Antle  | Aug 6, 2018 Agency wants to make sure tax laws are being followed When Ottawa looks at cryptocurrencies like bitcoin, it sees problems. Bitcoin can be difficult to track, and there is the potential for "tax noncompliance" through unreported or under-reported income and capital gains. The Canada Revenue Agency "wants to understand how bitcoin and other cryptocurrencies operate in the traditional economic space to ensure that tax laws are being followed," CRA spokesperson Etienne Biram said in an emailed statement. "It is important to note that using digital currency does not exempt consumers from Canadian tax obligations." So CRA commissioned research on businesses that installed bitcoin automated tellers on their premises. A bitcoin ATM is not actually an ATM; it doesn't provide a connection to a customer's bank account. Rather, it's an internet-linked terminal that allows people to buy and sell bitcoins. See:  Learn about crypto payments - Fintech Fridays Podcast: ep1 with Samir Bandali of CoinPayments According to the study that followed — which surveyed 20 businesses — the taxman wanted to understand why a business would install a bitcoin ATM, along with "the perceived value it brings to businesses and their customers, and attitudes towards tax compliance in the ...
Read More
CRA surveyed businesses to find out why they're taking bitcoin ATMs
NCFA Canada | Craig Asano | Aug 10, 2018 We're excited to announce a new NCFA Podcast series called 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges! FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Nets Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest: Amy Wan, Founder & CEO, Sagewise About this episode: On this episode, our host Manseeb Khan sits down with LA legal tech entrepreneur Amy Wan, the CEO/Founder of Sagewise, a smart contracts dispute resolution startup. They talk about why smart contact safety nets are important, the bridge between legal tech and fintech and how Amy closed out her seed round while being pregnant. Enjoy! Subscribe to the channel and tune in each Friday to check out the latest movers and shakers in fintech. Listen to more Fintech Fridays podcasts here Transcription of Interview Manseeb Khan: Hey Everybody Manseeb Khan and you are tuning in to NCFA newest show Fintech Fridays. Today we have an amazing guest. She's a rock star in the industry. Ladies and gentlemen. Amy Wan is with us today. She's the CEO of Sagewise Amy thanks so ...
Read More
FINTECH FRIDAY$ (ep.4): Importance of Smart Contract Safety Net with Amy Wan, CEO & Founder at Sagewise
University of Cambridge and Ivey Business School | by Tania Ziegler and Michael King | Aug 8, 2018 The 2018 Americas survey of alternative finance conducted the University of Cambridge Centre for Alternative Finance is nearing its closing stages. This global survey of crowdfunding and lending via online platforms is the benchmark for the industry, providing the most comprehensive data on this fintech activity.  In Canada, Cambridge is being assisted by their research partners and the Scotiabank Digital Banking Lab at Ivey Business School.  NCFA is a supportive community partner. Leading platforms should have received an email with details on how to complete the survey from either Tania Ziegler at University of Cambridge or Professor Michael King at Ivey. It is vital that platforms participate in order to demonstrate the importance of this sector to Canadians and to policymakers at the federal and provincial levels. King says, “As we look ahead to the completion of the Federal Financal Sector Review early in 2019, this data will be vital for promoting open banking and other initiatives that support Canada’s fintech sector. When platforms opt out, they are effectively telling policymakers that alternative finance is not important and not worthy of the ...
Read More
Cambridge Survey of Alternative Finance Needs Your Participation!
Fortune | Matt Harris | Aug 8, 2018 Matt Harris is a managing director at Bain Capital Ventures. He is consistently ranked as one of the top investors in fintech, having participated in the space since 2000. I’ve been proven wrong once again. For eight years running, I’ve predicted that fintech investment is going to plateau. Based on the start of 2018, it hasn’t yet. In fact, we saw more than $5.4 billion invested in fintech during the first quarter of the year, with no signs of slowing momentum. For perspective, fintech investment for all of 2014 was just under $4 billion, so that’s “5x” growth in four years. In 2001, per data from Venture Scanner, it was something like $300 million. With that said, this whole “fintech” thing is kind of a charade. As I shared with attendees last month during our annual Fintech CEO Summit, co-hosted together with Nyca Partners, the CEOs in our portfolios don’t actually run “fintech businesses.” They run a payments business or a lending business, or they build investing technologies, or they sell to banks or insurance or real estate companies. Regardless of what VCs tell limited partners, or how media cover the industry, ...
Read More
Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
Crowdfund Insider | JD Alois | Aug 7, 2018 The UK Financial Conduct Authority (FCA) has initiated a new consultation that is going beyond the UK borders when it comes to Fintech innovation. Announced today, the FCA has created the Global Financial Innovation Network (GFIN). The multinational group includes regulatory agencies from the US, Singapore, Hong Kong, Australian, France and more. FCA Director of Competition, Christopher Woolard, said the creation of GFIN is an important step for the FCA to be able to better understand and harness the benefits of innovation in financial services for consumers, while managing the potential harm. “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.” The members as announced include: Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF) Australian Securities & Investments Commission (ASIC) Central Bank of Bahrain (CBB) Bureau of Consumer Financial Protection (BCFP, USA) Dubai Financial Services Authority (DFSA) Financial Conduct Authority (FCA, UK) Guernsey Financial Services Commission (GFSC) Hong Kong Monetary Authority (HKMA) Monetary Authority of Singapore (MAS) Ontario Securities Commission (OSC, Canada) Consultative Group to ...
Read More
Fintech: UK Financial Conduct Authority Initiates Consultation on Global Financial Innovation, Partners with 12 International Regulators
Globe and Mail | Aug 8, 2018 The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for an VanEck exchange-traded fund backed by Bitcoin. A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. Digital assets have now lost about $600 billion since crypto-mania peaked in January, equivalent to erasing the entire market value of Visa Inc. twice over. (Shares of the payments processor are trading near a record high.) The SEC postponed its decision on whether to approve the Bitcoin ETF, dealing a blow to bulls who had bet a green light from the regulator would help sustain last month’s tenuous rally. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. See:  OSC approves Canada’s first blockchain ETF Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m. in New York, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg ...
Read More
Crypto prices sharply down after SEC postpones Bitcoin ETF decision
Digital Journal PR | Aug 7, 2018 ATLANTA--(Business Wire)--Steady, the income-building platform for the Build-Your-Own (BYO) workforce is already serving 100,000 Americans since it launched last week. The company, which today delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts, has raised $9 million in Series A financing round led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures. Shaquille O’Neal has joined the team as an Advisor and Advocate for the BYO workforce. “The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.” Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, ...
Read More
Shaquille O’Neal Joins Steady; Company Raises $9 Million in Series A Round of Funding from Leading Fintech Investors

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens

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CSA | Staff Notice 46-308 | June 11, 2018

Montréal  The Canadian Securities Administrators (CSA) today published CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens, which provides additional guidance on the applicability of securities laws to offerings of coins or tokens, including ones that are commonly referred to as “utility tokens.”

“Since publishing initial guidance, we have engaged with numerous businesses considering token offerings and have found that most of these offerings involve securities,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Our notice sets out additional guidance based on situations we have seen to date and common inquiries we have received from businesses and their advisors.”

CSA Staff Notice 46-308 outlines specific situations that may have an implication on the presence of one or more of the elements of an investment contract in the context of an offering of coins or tokens.

This notice supplements the CSA’s August 2017 publication of CSA Staff Notice 46-307 Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings, initial token offerings, cryptocurrency investment funds and the cryptocurrency platforms trading these products.

See: 

Any business planning to raise capital through an offering of coins or tokens should consider whether it involves the distribution of a security. In order to avoid costly regulatory surprises, businesses are encouraged to consult qualified securities legal counsel about the potential application of, and possible approaches required to comply with, securities legislation. Businesses should also contact their local securities regulatory authority to discuss possible flexible approaches to complying with securities laws, including time-limited exemptive relief.

The CSA Regulatory Sandbox is an initiative of the CSA to support financial technology (fintech) businesses seeking to offer innovative products, services and applications in Canada. The CSA has granted, through the CSA Regulatory Sandbox, exemptive relief from certain securities law requirements to firms in the context of offerings of coins or tokens that involve the distribution of securities, subject to conditions to ensure adequate investor protection.

CSA staff monitor cryptocurrency offerings activity and will continue to take action against businesses that do not comply with securities laws.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Source:  Security law implications for Offerings of Tokens

Download CSA Staff Notice 46-308 --> here

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Leading Blockchain Firm Decentral Announces Launch of Jaxx Liberty & Decentral Unity

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Decentral Release | May 17, 2018

Next phase of global digital wallet Jaxx will create customizable digital ecosystem for users

TORONTO, May 17, 2018 /PRNewswire/ -- Decentral Inc., Canada's leading blockchain company and the creator of the multi-platform, multi-currency digital wallet Jaxx, has announced its next phase: Decentral Project, which was three years in the making. The company also unveiled the first three of the project's many initiatives: Jaxx Liberty, the single, gamified interface for everyone to experience the blockchain ecosystem; a native token Decentral Unity, which will reward users for engaging with Decentral's partners on Jaxx Liberty; as well as other exciting announcements, including two new hardware pieces. The details of Decentral Project were revealed to 1,000 partners and friends of Decentral aboard a yacht cruise called "United By Decentral," the official after-party of major crypto conference Consensus 2018.

Founded in 2014, Decentral was created with the goal of fostering the next generation of disruptive and decentralized technologies. In just four years, Decentral has created a community of hundreds of partner projects, most notably spawning leading blockchain Ethereum, and developing Jaxx, which actively engages more than 750,000 global monthly users without collecting user information or holding customer funds. With the announcement of Jaxx Liberty, which is due to launch on July 1, 2018, Decentral will continue to realize this mission by reimagining the blockchain experience for users and providing a wide portfolio of high-caliber blockchain service providers for users to engage with on the platform.

See:  Diiorio’s Decentral Inc. Teams up with Legal Firm to Architect Blockchain in Canada

Jaxx Liberty will be a gamified experience, where users who engage with Decentral's partners on Jaxx Liberty will earn Unity tokens, level up, and eventually have the opportunity to use tokens to gain discounts on partner services. Unity is a complementary token to every other token in the ecosystem, providing partners more value the more users engage with their projects. As a single, unified blockchain experience, Jaxx Liberty will allow users to check cryptocurrency balances on one streamlined portfolio and customize their interface with portfolios, avatars, wallets, charts, graphs, news, and partner integrations.

Decentral CEO & Founder and Ethereum Co-founder Anthony Di Iorio said: "Our core objective of Decentral Project is to empower the ecosystem with unparallelled tools, enabling the masses to take control of their digital lives. We believe that Jaxx Liberty is a crucial step in this journey, and we hope that the platform, designed as an interactive game, will transform the way that everyday consumers interact with and secure their digital wealth. Jaxx Liberty will create wins for everyone; our partners will have a broader network of engaged individuals, and the more users engage with our partners, the more Unity they can earn to take advantage of discounts on partners services."

Through this incentive-based system, Decentral hopes to gamify cryptocurrency markets on a large scale, encouraging partners to build on Jaxx Liberty, as well as motivate users to take advantage of the exclusive services provided by hundreds of participating industry partners. The platform is also designed to offer users the best possible prices for purchasing partners' services.

"With the implementation of the Unity token, Decentral hopes to blur the line between the digital and real-world interactions of millions of people. We believe that by rewarding the community for their participation on this innovative platform, we can — once and for all — transition to a future where the user is in control. It has always been our mission at Decentral to pioneer the new internet of value, and we plan to achieve this by providing our users with the tools to get them there. We believe that Jaxx Liberty, and the Unity token in particular, will be key tools in that toolbox. I look forward to seeing what the future holds," continued Di Iorio.

With the expansion of Jaxx Liberty, Decentral hopes to scale its capabilities to as many as 10 million users per month — all interacting anonymously to provide unprecedented security and accountability to the exchange.

Jaxx Liberty will officially launch on July 1, 2018, with Decentral Unity to follow soon after. The platform will be made available for reporters upon request prior to launch.

Source:  newswire


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 1700+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry.  Join Canada's Fintech & Funding Community today FREE!  Or become a contributing member and get perks. For more information, please visit:  www.ncfacanada.org

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FinMason Launches in Canada

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FinMason Release | Apr 27, 2018

Canadian Dollar support within acclaimed investment analytics as a service platform marks the first step in international expansion

BOSTON, April 27, 2018 /PRNewswire/ -- FinMason, a rapidly growing FinTech company, today announced that they are rolling out a Canadian Dollar version of their acclaimed investment analytics as a service platform. This enhancement marks the first step in FinMason's international expansion plans.

The new production environment will allow Canadian financial services firms – and U.S.-based companies with operations in Canada – to leverage FinMason's robust investment analytics to enhance their offerings. U.S. firms interested in expanding to Canadian markets can also take advantage of FinMason's new capabilities to facilitate the process and accelerate their timelines.

"One of the pleasures of working with a completely modern tech platform is that we can put in place a system for rapidly rolling out new base currencies at scale," said Kendrick Wakeman, CEO of FinMason. "That allows us to support our clients and prospective clients across the globe."

This announcement comes on the heels of last month's appointment of 32-year industry veteran David Remstein as the firm's first president and COO, a role in which he will help drive FinMason's international expansion. Prior to FinMason, Remstein held several senior global analytics roles at JP Morgan, Citi and Riskcare, including global head and chief operating officer of analytics and consulting at JP Morgan.

See:  Google Chatbase Ushers in the Rise of Chatbot Analytics

"It is important that investors always look at analytics specific to their own base currency," commented Remstein. "To do it right, you need to do more than just translate the currency. You need to change the perspective. For example, a U.S.-based investor would want to consider Trade-Weighted US Dollar as a potential return driver, but a Canadian-based investor would want to see trade-weighted Canadian Dollar. FinMason's system does just that."

The new Canadian analytics product is scheduled to launch at the end April. Looking forward, the firm projects incorporating support for the Euro, Pound and Swiss Franc by the end of the summer, with many of the Asian currencies following in early 2019. The new base-currency analytics can be accessed by simply changing three letters in the API address, allowing for global firms to use the same code base across all currencies.

ABOUT FINMASON INC.

FinMason is the world's largest independent investment analytics engine for financial services platforms. The Boston-based financial technology firm provides access to more than 700 calculations on every publicly traded asset in the world delivered through one simple API. Developed by FinMason's team of seasoned data practitioners and nine Ph.D.s, the cutting-edge platform delivers institutional-grade analytics in milliseconds via two core products: FinRiver™ – a lightning-fast API that delivers any analytics anywhere in a financial services firm's platform with just a few keystrokes; and FinScope™ – a bulk processing platform that can analyze millions of portfolios every night for compliance screening and performance attribution. For more information, visit www.finmason.com and follow FinMason on TwitterLinkedIn and Facebook.

View the original release --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

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CryptoChicks Conference and Hackathon for Blockchain Professionals

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CryptoChicks | Release | March 14, 2018

Toronto, Ontario, Mar 9, 2018- Toronto-based non-profit CryptoChicks and online educator BlockGeeks are pleased to invite entrepreneurs, startups, enthusiasts, investors, developers, and students of all genders to the CryptoChicks Blockchain Conference and Hackathon, April 6-8, 2018 at the MaRSDD centre in downtown Toronto.

Since being popularized by Bitcoin, encrypted accountancy ledgers or “blockchains” have taken the finance world by storm. Unmet demand for blockchain developers is high and increasing- blockchains simplify transactions and reduce costs- but, currently, in the industry men outnumber women 92-to-8.

“We believe this hackathon will provide needed exposure to female talent...connecting hackers with employers,” says CryptoChicks cofounder Natalia Ameline.

Speakers, participants, and mentors of all genders will gather alongside teams of females hacking in Business or Developer streams. Industry leaders from around the globe, including Paige Bailey of Microsoft, Amanda B. Johnson of Dash, Dr. C Mohan of IBM, 16-year-old ‘Crypto Price Tracker’ app-developer Harshita Arora and many others, will speak on blockchain matters in AI, healthcare, the developing world, small and large enterprise, investing strategies, ICOs and DAICO’s, hedge funds, fintech, venture capital, crypto economics, social welfare and industry disruption. The opening night panel will feature entrepreneurs Dmitry Buterin and Natalia Ameline, parents of Ethereum inventor Vitalik Buterin, speaking on supporting the next generation of tech pioneers.

Content tailored to blockchain entrepreneurs and startups includes starting a blockchain business, designing an effective token model, running a successful ICO, attracting investors and complying with regulations. Many employers and venture capitalists will be circulating at business pitches, the cocktail meet-and-greet, and the VIP dinner. The first-floor conference and second-floor hackathon, hosting over 100 female (cis and trans) hackers, will be connected to live video feeds. Hacked projects will be judged and awarded on the final day.

This event is made possible thanks to the generous support of sponsors BlockGeeks, Polychain Capital, RBC, Pixel Dreams, Microsoft, IBM, Nobul, RightMesh, ZCash, NeuFund and The Opinion Economy, who will present their ‘CryptoChick of the Year’ award at this event.

Act soon: early-bird ticket sales (3-day conference, including food, for $150.00) end March 15, 2018.

For more information, go to cryptochickshackathon.com.

Company Contact:
Elena Sinelnikova,

CryptoChicks Founder, and CEO
647-546-6461

The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a national non-profit actively engaged with social and investment crowdfunding, alternative finance, fintech, peer-to-peer (P2P), initial coin offerings (ICO), and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, networking opportunities and services to thousands of community members and works closely with industry, government, academia and eco-system partners and affiliates to create a vibrant and innovative fintech and online financing industry in Canada.  For more information, please visit: www.ncfacanada.org

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Global Blockchain Becomes Media Sponsor for FFCON18: VELOCITY

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Global Blockchain Release | Shidan Gouran | March 2, 2018

Participating alongside leading names in blockchain, fintech and the finance world, this conference will be where many advances for blockchain will occur in 2018.

VANCOUVER, British Columbia, March 02, 2018 (GLOBE NEWSWIRE) -- GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE:BLOC) (CSE:BLOC.CN) (CSE:BLOC.CNX) (FSE:BWSP) (OTC:BLKCF) ("BLOC" or the "Company") is pleased to announce that it will be a media partner for the Fintech and Funding Conference of 2018.

The National Crowdfunding & Fintech Association of Canada (NCFA) and partners are proud to present FFCON18: VELOCITY (2018 Fintech and Funding Conference) on Monday, March 5th and Tuesday, March 6th. Currently in its fourth year, this conference offers a full scope of insights, knowledge and commentary from leaders and innovators in the blockchain industry;  as well as regulators, lawyers and several notable names in the world of tech. BLOC is proud to announce that it will be a media partner for this event, giving it presence at what will be a defining conference for the trajectory of the blockchain in Canada for 2018 and beyond.

“We are honoured to have BLOC on board as a media partner,” says Craig Asano - Founder and CEO of NCFA. “Their accomplishments to date in blockchain-related ventures have helped to put Canada on the map as a leading market in this sphere. We’re thrilled to have BLOC participate at FFCON, because we know the amount of influence that they carry in this field - which is very much of interest to our attendees, exhibitors and speakers.”

See:  Fintech and Funding 2018 Conference March 5-6, Toronto, Blockchain, Crypto and Alternative Investing

At the conference, there will be five different streams of content, several learning and networking events, VIP one-on-one meetings, 12 pitching companies, and over 50 speakers - including  the President of BLOC, Mr. Shidan Gouran.

“I’m really happy that we’re getting to be part of this conference,” says Mr. Gouran. “As blockchain jumps past the initial hurdles of adoption, everyone is trying to understand all of the different angles of it - taking somewhat of a holistic approach. The team behind FFCON has done a great job to bring in experts from nearly every relevant area, and this is going to be an event that you don’t want to miss if you want to be part of Canada’s climb to the top of the blockchain world.”

In light of substantial changes to and developments in cryptocurrencies and the blockchain over the past year, this will be the most impactful FFCON event so far. With even greater changes and developments coming on an even larger scale, the insights that come from this event will be essential both for active blockchain participants and for entities who are just getting introduced to it.

For more information, please contact info@globalblockchain.io

On behalf of the Company:
Shidan Gouran, President
(416) 854-3017

About Global Blockchain Technologies Corp.

The Company provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.

BLOC is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "BLOC". Additional information relating to BLOC is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company's website at www.globalblockchain.io.

About FFCON18: VELOCITY

FFCON (Fintech and Funding Conference) is an annual conference hosted by NCFA Canada in its fourth year, with an educational objective that brings together professionals and innovators in blockchain, cryptocurrency, and alternative investing. It is being held on Monday, March 5th and Tuesday, March 6th, 2018 in downtown Toronto. The VELOCITY theme is all about speed, efficiency, and reducing friction; all of which are commonly shared objectives among participants in the blockchain ecosystem. Additional information about the conference can be found at www.fintechandfunding.com.

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