Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: BaaS, Embedded Finance, API, Digital Banking
Nmbr Raises CAD $7.6M for Embedded Payroll in Canada
Funding Announcement | Sep 24, 2024
Image: Freepik
Nmbr Secures $7.6 million Seed Funding to Embed and Simplify Payroll Solutions for Canadian Businesses
Canada's first specialized embedded payroll software provider, Nmbr, announced seed funding of CAD $7.6 million to transform embedded payroll solutions for Canadian businesses. Funds will be used to expedite development of it's API-based payroll solution to help companies to customize their own payroll solutions in weeks instead of years, improving operational efficiency and customer retention. Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital led the round, while RBCx served as a strategic banking partner.
Jamie Rosenblatt of Golden Ventures:
“We invested in Nmbr because of the team’s deep industry expertise and their dedication to supporting businesses across Canada. Their solution is a game-changer for businesses of all sizes. We believe Nmbr will deliver substantial value to employers while driving efficiency and innovation in the payroll sector.”
The Power of Embedded Payroll Automation
Developed by Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr's integrated payroll platform gives Canadian companies an easy way to include payroll features into their daily operations. This option significantly reduces the complexity, time and costs needed to develop customized payroll infrastructure from scratch.
Various research studies show that traditional payroll systems are often overly manual, inefficient, and prone to errors that can cost firms up to 30% in processing time. Nmbr's integrated payroll solutions can improve the overall experience of employees who can access their pay stubs, tax information, and benefits at any time using a self-service portal and mobile access, promoting transparency, openness and employee participation.
See: Embedded Finance: Banking Meets the Customer
Automated payroll solutions can save 50% of processing time by helping companies reduce tax compliance risks and cut admin costs with automated tax filings, real time updates on changing tax laws, and best practice procedures. This avoids costly penalties and lost productivity, and aims for a smoother, error free payroll run.
Simon Bourgeois, Co-founder and CEO:
"We’re incredibly grateful to our investors for their support and belief in our mission to empower Canadian businesses with embedded payroll solutions. We’ve seen these systems thrive in the U.S., and we’re excited to bring this proven model to Canada."
Looking Ahead
Nmbr's initial clients are from various sectors, such as financial services and technology where their goal is to include payroll features directly into products like employee benefits administration, AP/AR automation, and scheduling.
See: 12 Market Entry Approaches for Fintech Startups
The embedded payroll model has demonstrated its effectiveness in the United States, and the Canadian market is ripe for similar advancements.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
|---|---|---|
 |  |  |
Join the 2024 Canada FinTech Forum! Sept 10-11, 2024
Fintech Event | Aug 18, 2024
Image: Canada Fintech Forum 2024
Join Us at the 2024 Canada FinTech Forum
NCFA is pleased to be a visibility partner of the annual Canada FinTech Forum 2024 taking place at the Fairmont The Queen Elizabeth Hotel in Montreal on September 10-11, 2024. This year’s event brings together over 1,300 industry leaders, innovators, and fintech enthusiasts to explore the latest trends in financial technology.
The forum’s theme, “Pushing the Boundaries of Fintech Innovation,” promises to deliver thought-provoking insights into the rapidly evolving landscape of fintech, with a focus on:
- AI Advancements in financial services
- Enterprise Infrastructure
- Integrated & Open Finance
Featured Speakers
The event will showcase thought leaders and innovators from across the fintech industry, including:
See: Innovative Approaches to Smarter Regulation
- Shelby Austin: Co-Founder and CEO, Arteria AI
- Dax Dasilva: Founder and CEO, Lightspeed Commerce
- Harley Finkelstein: President, Shopify
- Roham Gharegozlou: Co-Founder and CEO, Dapper Labs
- Darryl White: CEO, BMO Financial Group
- Jil Macdonald: Chief Operating Officer, Walnut Insurance
- Mara Reiff: Interim Co-CEO and Chief Customer Officer, FreshBooks
Hot Sessions
Attendees will have the chance to take part in lively panels and conversations that explore many aspects of financial technology's future throughout the 2 day event, such as:
- Concrete Gen AI Applications in Finance: Explore how generative AI is being applied to reshape the financial services industry with leaders from Scotiabank, NVIDIA, and Arteria AI.
See: FINTRAC Working to Fully Restore AML System Post-Cyberattack
- Building Bank-Fintech Partnerships: Learn from successful collaborations between institutions like National Bank of Canada and PayPal.
Networking & Exhibits
In addition, attendees can network with top executives at a prestigious Annual Supper, which features speakers like Shelby Austin and Dax Dasilva, and discover the latest innovative financial products in the Exhibit Hall.
Registration
Don’t pass up this great opportunity to be part of this influential fintech event. Use NCFA’s 15% discount code: FF2024NCFA15 and save $$!
🔗 Register here: Canada FinTech Forum 2024
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Walnut Insurance Raises $4.6M for Embedded Tech Expansion
Funding Announcement | Release | Aug 8, 2024
Image: Freepik/Racool studio
Walnut Insurance Secures $4.6M to Rollout Embedded Insurance Products
Walnut Insurance announced today the successful completion of its current investment round, raising $4.6 million to expand its embedded insurance tech platform for insurers, brokers, and enterprise businesses. The round was led by NAventures, the corporate venture capital arm of the National Bank of Canada, and also included TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta.
Diagram has recently broadened its strategy beyond its venture studio model to include external financing. Walnut is one of the first in Diagram's portfolio to benefit from this change, signalling their belief in their team's ability to deliver for investors. Their insurance distribution strategy reduces marketing costs as insurance products are distributed via partner channels, such as financial institutions and commercial businesses, who embed offerings directly on their own platforms.
See: Ontario’s FSRA Spearheads Insurance Innovation with Direct Access Model
Adrien Niblock, CPO and Co-founder of Walnut:
"The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy. Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner. This funding allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams."
Differentiation and Key Advantages
- Partners can use Walnut's platform to quote and enroll clients in nearly any insurance product in real time through advisor-driven procedures, headless via API, or co-branded consumer experiences.
- Walnut can integrate insurance solutions into a wide variety of digital ecosystems in less than 90 days, which is considered quick compared to other solutions that can take years to setup.
See: Inscora Secures $2M to Revolutionize Cyber Insurance
- Improved risk management, access to untapped markets, and profit sharing instead of upfront marketing expenses.
- Reduced attrition, stronger client relationships and higher Average Revenue Per User (ARPU).
- Specialty focus on loan and debt protection products which is timely in the current macroeconomic climate.
James Povitz, Principal at NAventures:
“We are proud to support Walnut in their next phase of growth. Our ongoing investment and partnership reflect our confidence in their vision and execution.”
Conclusion
Strong support from NAventures and other notable investors puts Walnut in a good position to grow its embedded insurance platform and provide insurers and large companies with an efficient way to distribute insurance.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
VoPay & Sage Revolutionize SMB Payroll Solutions
Fintech Partnership | Release | Jul 24, 2024
Image: Freepik
VoPay and Sage Team Up to Transform Payroll Management for SMBs
Vancouver, BC, July 24, 2024 – VoPay, a leading fintech company known for its innovative embedded payment solutions, has announced a strategic partnership with Sage, a global provider of accounting, financial, HR, and payroll technology. This partnership integrates VoPay's advanced payment technology into Sage Business Cloud Payroll, aiming to streamline and automate payroll processes for small and medium-sized businesses (SMBs).
Comprehensive Payroll and Financial Solutions
This partnership offers several benefits to small and medium-sized businesses, with a focus on improving payroll efficiency and accuracy.
See: VoPay Launches TXB Solution for Banks and Credit Unions
- Businesses can automate payroll direct deposits to eliminate human cheque processing and errors. This guarantees that employees receive their wages in a timely and secure manner, increasing overall satisfaction and retention.
- A secure employee web portal allows employees to access and manage their payment information, as well as view pay stubs, minimizing the administrative strain on HR teams.
- VoPay's technology offers detailed payroll data and insights, easing compliance, financial reporting, and reconciliation.
- VoPay's API-driven solutions work seamlessly with Sage's platform, helping businesses grow and expand. This integration provides strong security and compliance with industry standards.
Additional Benefits and Technologies
VoPay offers a range of additional tools via its platform, VoPay 360, which connects with a variety of accounting applications, including Sage, QuickBooks, Xero, and others. This interface centralizes financial data, allowing firms to more effectively manage accounts payable and receivable. VoPay 360 also offers real-time transaction insight, automatic reconciliations, and streamlined financial processes to all types of businesses, including SMBs and gig economy platforms.
See: Canadian Fintech VoPay and Mastercard Partner to Move Money
This partnership leverages VoPay's significant experience in real-time payment processing, including quick bank transfers and real-time payout capabilities. Embedded Payments API enables organizations to function without relying on typical banking cut-off times, resulting in greater flexibility and reliability in financial operations.
Hamed Arbabi, Founder and CEO of VoPay:
"Our goal is to eliminate the complexities of payroll processing for SMBs, providing them with the tools to manage their finances more effectively. This partnership with Sage aligns perfectly with our mission to bring innovative financial solutions to businesses of all sizes."
Outlook
This partnership enables Sage Business Cloud Payroll to provide a full stack scalable solution that small and medium-sized businesses can integrate and adapt to their unique needs. It improves payroll efficiency and also frees up valuable resources so companies can focus on primary operations and strategic expansion. To learn more information, visit Vopay.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Bank of England Launches New Data Innovation Strategy
Regulation | Jul 9, 2024
Image: Bank of England - Overview of Data and Analytics Strategy
Q&A Insights from the Bank of England's New Strategy
At the Future of Regulation (DiFoR) conference on July 5, James Benford, the at the FCA delivered a speech outlining the Bank of England's new data analytics strategy, goals, and new enterprise cloud data platform and plan to make data innovation work for everyone.
5 Insights About the BoE's New Data Analytics Strategy
Below we highlight some impactful Q&A of interest to fintechs and financial institutions regarding data innovation plans.
1. What is the Bank of England's New Data and Analytics Strategy?
With the goal of revolutionizing the collection, analysis, and application of data, the Bank of England has launched a new comprehensive data and analytics plan. This approach places a strong emphasis on utilizing data technology to promote financial innovation, increase financial stability, and improve regulatory compliance.
See: BoE Report: Open Banking Boosts Productivity, Competition
The goal of the Bank's use of big data and sophisticated analytics is to build a financial system that is more reliable, open, and effective.
2. How Will the New Cloud Enterprise Data Platform Be Developed and Implemented?
Developing a new cloud enterprise data platform to enable real-time analytics and decision-making by facilitating seamless data integration and accessibility is a key part of the plan. The implementation will be phased with core infrastructure added first and more sophisticated features being added in the future. This approach ensures a safer, adaptable, and scalable environment for handling enormous volumes of financial data.
3. What Steps Are Being Taken to Improve Regulatory Data Collections?
Improving regulatory data collection is one of the main priorities of The Bank of England. The implementation of powerful technologies that automate data collection aims to improve the timeliness and accuracy of data submissions while lessening the reporting load on financial institutions. Improved risk management and more effective regulatory supervision will also be possible with streamlined procedures and improved data standards in the financial industry.
4. How Will Artificial Intelligence (AI) Be Safely and Effectively Integrated?
AI tools will be combined to evaluate large, complex datasets, forecast trends, and spot possible dangers. Strict governance frameworks and ethical standards are being implemented by the Bank to guarantee safe and efficient use.
See: How GenAI Is Transforming Risk and Compliance in Banking
By addressing issues with bias, transparency, and data protection, these steps will promote responsibility and trust in AI-driven systems.
5. How Will the Bank Manage the Transformation?
To succeed the bank will need to adjust its corporate culture, skill sets, and business procedures to transform the Bank's approach to operate a modernised data innovation program. The bank is investing in training and development of staff to provide the necessary skills to work in a data-centric environment. Also, cultivating a culture of creativity and cooperation is necessary for the new approach to be implemented successfully. This entails interacting with stakeholders from the financial industry as a whole and promoting candid discussions on industry best practices and new developments.
What Outcomes Are Expected?
- More timely and reliable data can be expected by using automated data collection systems and advanced analytics. This lowers errors and improves the accuracy of the financial data available.
- Improved transparency and confidence. Clients can feel secure knowing that their data is managed ethically, reducing the possibility of bias and privacy issues.
- The strategy's focus on effective risk management and regulatory supervision helps to create a more stable financial system. The bank will use AI and machine learning to forecast consumer behaviour, market trends, and possible financial hazards. A safer financial environment lowers the possibility of systemic risks and financial disasters, which benefits consumers.
See: FCA’s Shift to More Transparent Investigations
- The use of automated data collection tools and standardized data formats will minimize data requests and reduce the reporting workload (administrative burden) and costs for both industry and regulators, thus improving regulatory compliance and supervision.
- Stronger data infrastructure will boost collaborative innovation between regulators, fintechs and the Bank of England around financial inclusion, cybersecurity, and other initiatives drawn by insights from shared data, creating an environment that encourages growth.
- Higher quality compliance related data will empower fintechs to make informed data-driven decisions that will improve operational efficiencies and strategic planning, leading to better customer experiences, and ultimately more competitive financial products.
Conclusion
By using the latest technologies to improve data collection/quality and automate regulatory processes while promoting cooperation, regulators and industry may expect better compliance, streamlined reporting requirements, and a smarter and more agile and resilient operating environment.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
Zum Rails’ Major AI-Driven BaaS Initiative and Strategic Hire
Release | Jun 7, 2024
Image: Zūm logo
Zūm Rails hires Miro Pavletic to lead new AI-driven banking project
A scaling Canadian fintech business Zūm Rails has announced the hiring of Miro Pavletic who joins Zūm to manage its large-scale AI-driven Banking-as-a-Service (BaaS) project. This is a key move to expand Zūm Rails' unique financial offerings and solutions.
Miro Pavletic
Fintech expert with a wealth of banking and finance experience, Miro Pavletic joins Zūm Rails as a key player in their newest project. Previously, Pavletic was the Co-founder and CEO of Stack, a digital challenger banking app that was acquired by Credit Sesame in 2020.
See: Züm Rails’ $10.5M Boost for North American Expansion
Pavletic will lead Zūm Rails’ BaaS product roadmap, which will integrate with Zūm Rail’s current payment services and include real-time fraud assessment, identity validation, and transaction settlement capabilities. Pavletic is committed to accelerating the development and implementation of these features on a unified platform, enabling businesses to surpass regulators' open banking deadlines and utilize artificial intelligence to effectively manage risk.
Key Developments and Financing
Since founding in 2019 Zūm Rails self-funded its way to profitability and has become a significant player in the North American payments market. Their 'omni-rail' solution combines instant payments with open banking to create a streamlined transaction process that supports multiple payment methods like Visa Direct, Mastercard, direct bank account linking, and Canada's Interac network.
In February of this year, Zūm Rails was in the spotlight when it successfully completing a $10.5 million CAD Series A fundraising round led by Arthur Ventures. The purpose of this capital infusion was to strengthen their open banking and quick payment capabilities, as well as to increase their market share in the United States. The company intends to launch new BaaS capabilities and a FedNow service in the United States that will allow companies to process FDIC-insured payments in a matter of seconds.
See: Implications of the BaaS Synapse Collapse
Firms like Plaid, Finicity, and established banks that are pursuing open banking are a few of Zūm's core competitors. Zūm Rails stands out in a crowded market thanks to its seamless integration of quick payments and open banking. This is the core of its unique value offer (in a fragmented market).
Closing Outlook
Zūm Rails is in a strong position to grow its market share and accelerate its creative activities, thanks to the smart hiring of Miro Pavletic and recent funding injection. As Zūm continues to innovate, stakeholders can expect a wave of new developments that will enhance the efficiency, security, and scope of financial transactions across North America.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
VoPay Launches TXB Solution for Banks and Credit Unions
VoPay | Release | May 29, 2024
Image: Freepik
VoPay announces TXB, an API-first solution to enhance transaction banking and cash management for banks and credit unions
Canadian fintech, VoPay, just announced the release of its Transaction Banking (TXB) solution, which aims at assisting banks and credit unions to implement API-first transaction banking and cash management systems. The TXB solution offers an API-first architecture, which makes it seamless to integrate with existing systems. With this approach, banks and credit unions can take advantage of automated transaction workflows, which will result in enhanced operational efficiency.
Highlights
- TXB enables North American financial institutions to launch a range of API-first solutions that address virtual accounts, multi-layer ledger management, multi-currency cash management, process automation across various payment rails, and real-time visibility and centralization of cash.
- White-label global payments to send, receive, and manage accounts and payments anywhere in the world, building modern, automated, and API-led experiences with dynamic payment tracking. Receive end-to-end visibility across the chain, from initiation through to beneficiary credit, and information about the movement of the payments, charges, and even the timing of credit.
See: Canadian Fintech VoPay and Mastercard Partner to Move Money
- Smart routing optimization for cost-effective and rapid delivery with better principal protection.
- Initiate API payments and collections on-demand with US ACH, CAD EFT, Push-to-Card, RTP, and more.
Hamed Abbasi, Co-Founder and CEO of VoPay:
"We are thrilled to unveil TXB, the latest evolution of the VoPay platform. This launch is a direct response to the evolving needs of businesses as we continually strive to anticipate and address the next frontier in business solutions, empowering organizations to scale and operate with greater efficiency. I am immensely proud of the innovative spirit exhibited by our team and the unparalleled uniqueness of this product. With unwavering support from our partners and customers, TXB is poised to elevate VoPay to new heights on a global scale."
See: NCFA Congratulates Canadian Fintechs Selected for the UK’s Fintech CTA Program
Why This Matters
VoPay’s TXB technology transforms transaction banking for financial institutions that use API-first structures to improve security, efficiency, and operational performance while enabling banks and credit unions meet growth goals and offer better services to their customers. TBX will become available July 1 to existing customers. Not a customer? Speak with a specialist here.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
| | |
|---|---|---|
| | |
