Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Research
GPR 2025 Shows Rise of Wallets BNPL and Real-Time Payments
Payments Data | March 18, 2025
Worldpay's GPR 2025 Breaks Down the Past, Present, and Future of Consumer Payments
Image: GPR 2025 (worldpay report cover)
Worldpay has dropped their annual 10th Global Payments Report 2025 (83 page PDF report), which always contains reams of great data research and insights on how more and more people are using digital payments around the world, while cash becomes less common. The future of payments is towards real-time, mobile transactions combined with innovative fintech-driven solutions. Global payments are evolving worldwide.
Five Quick Hits
1. The reality is digital payments are taking over. In 2014, just 34% of e-commerce payments were digital but by 2024 that number almost doubled to 66%. By 2030, the report forecasts nearly 80% of all online transactions will be digital, driven by mobile wallets, account-to-account transfers, and buy now, pay later (BNPL) service transactions. In physical store locations, the same trend is happening where digital transactions have gone from just 3% in 2014 to 38% today (2024) and are expected to reach 53% by 2030.
See: The Diverging Paths of CBDCs, Privacy, and Global Payments
2. Cash is quickly disappearing but it’s not gone yet. 10 years ago, cash purchases represented 44% of in-store payments worldwide. Today, it's dropped to just 15%, and by 2030, it will likely shrink to 11%. Having said that, cash is stickier in some countries, such as parts of Latin America, Africa, and Asia where consumers still rely on cash for everyday purchases. Meanwhile cash has already almost disappeared entirely in countries like Sweden and Norway.
3. Real time payments and account-to-account transfers are changing the way people transfer money. For example, government backed national payment systems like UPI, Pix, and BLIK in countries like India, Brazil, and Poland respectively are expected to reach $3.8 trillion globally by 2030, making them a key trend in digital payments.
4. BNPL is still growing fast, as the opportunity to split payments into installments without a credit card is catching on across industries. BNPL transactions have grown from just $2.3 billion in 2014 to $342 billion today and are expected to reach $580 billion by 2030, a huge volume especially in retail and e-commerce.
5. Even though digital wallets are growing fast, credit cards are still holding strong at 45% of global transactions today. Banks and payment networks are introducing new features like Click to Pay and Visa Flexible Credential to keep credit cards relevant in an increasingly digital world. By 2030, credit card transactions are expected to remain relevant at 56% of global payments.
Global Payment Trends
The table below shows how key payment metrics have evolved and where they are headed in the coming years. Download the full worldpay GPR 2025 report for regional and country by country payment metrics here.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
| Metric | 2014 (Past) | 2024 (Present) | 2030 (Future Projection) |
| Global Digital Payments Share (E-com) | 34% | 66% | 79% |
| Global Digital Payments Share (POS) | 3% | 38% | 53% |
| Mobile Share of E-commerce Transactions | 19% | 57% | 64% |
| Global E-commerce Value | $1.2 trillion | $6.8 trillion | $10.8 trillion |
| BNPL Global E-commerce Value | $2.3 billion | $342 billion | $580 billion |
| Global POS Transaction $ Value of Cash | $16.1 trillion | $5.6 trillion | $5 trillion |
| Cash Share of Global POS Payments | 44% | 15% | 11% |
| Credit Cards Share of Global Transactions | 56% | 45% | 56% |
| Global Smartphone Users | 1.2 billion | 4.2 billion | 6.1 billion |
Why It Matters
While cash usage continues to decline, fintech innovations in payments such as digital wallets, real time payments, BNPL services, and government-backed national payment infrastructure are driving the future of how consumers will pay and transfer funds.
See: Loop & EQ Bank Launch Multi-Currency Card for Canadian SMEs
Digital is most certainly taking over, by 2030 most transactions whether online or in store will be digital. These changes are happening to meet the needs of evolving societies and changing economies prioritizing inclusion, convenience, and speed. Just follow the money and you'll see.
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
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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Resources for Canadian Resiliency and Competitiveness
NCFA | March 4, 2025
Image: Freepik
Resources for Canadian SME Businesses to Improve Resiliency and Competitiveness
In the face of economic uncertainty and the challenges posed by tariffs and trade tensions, Canadian businesses must adapt, innovate, and strengthen their resilience. The National Crowdfunding & Fintech Association (NCFA) is committed to equipping entrepreneurs, small businesses, industry leaders and individuals with the tools, strategies, and insights to build and improve resiliency and competitiveness.
See: Fintech reports and research
This resource hub provides access to expert guides, financial strategies, actionable frameworks and insights to help you stay competitive and sustainable. Whether you need support in managing cash flow, re-evaluating supply chains, or understanding new trade regulations, our curated growing list of select resources to keep you informed and prepared.
1. A Guide for Canadian Businesses on Tariffs and Trade Challenges - Weathering the Storm
This guide is packed with practical steps to help small and medium-sized businesses in Canada deal with the impact of tariffs and trade uncertainty. It covers ways to manage cash flow, adjust pricing, strengthen supply chains, and improve operations to stay competitive. The strategies are designed to be easy to apply and cost-effective, helping businesses adapt and thrive in a changing trade environment.
🔷Source: TRBOT World Trade Centre
📖 Length: 32 pages
🔗Download Here: Weathering the Storm Guide (32 pages)
2. A Blueprint for Canada’s Economic Future – Complacency to Competitiveness
This report looks at the challenges holding back Canada’s economy and lays out steps to boost competitiveness. It focuses on improving tax policies, expanding trade beyond the U.S., and making smart investments in infrastructure and talent. The goal is to help businesses and policymakers create a stronger, more resilient economy for the future.
🔷Source: Toronto Region Board of Trade
📖 Length: 12 pages
🔗Download Here: Complacency to Competitiveness Report
3. How Businesses Can Handle Tariffs and Trade Policies
This guide explains four key ways businesses can deal with tariffs and trade restrictions. It walks through how to figure out where your company might be affected, how to adjust your pricing, and how to change your supply chain if needed. It also looks at the bigger picture, including how tariffs could impact your suppliers and what to do to stay ahead of competitors who might be facing the same issues.
🔷 Source: Oliver Wyman
📖 Length: 5-minute read
🔗 Read Here: Four Ways to Navigate Tariffs and Trade Policies
4. Fintech Companies That Are Changing How Businesses Handle Trade
Many businesses struggle with the high costs and complex processes of international trade. This article introduces six fintech companies that are creating digital solutions to make trade easier. These companies help businesses track payments, manage their cash flow, and reduce paperwork when trading across borders. Some of them are also working with banks to make financing more accessible for small and medium-sized businesses that need better payment options for global trade.
🔷 Source: Trade Finance Global
📖 Length: 7-minute read
🔗 Read Here: 6 Interesting Trade Finance Fintechs and What They Are Doing
5. Business Resources on Trade and Tariffs
This resource center is designed for businesses that need current information on tariffs and trade policies. It includes reports, analysis, and guides on how businesses can adjust their pricing, find new suppliers, and reduce risks from tariffs. It also provides insights into how different industries are being affected by changing trade rules, so businesses can prepare for what’s ahead.
🔷 Source: PwC
📖 Length: Various articles available
🔗 Explore Here: Tariffs and Trade Policy Resource Centre
6. Export Resources for Canadian Fintech Companies
Fintech businesses looking to expand into international markets can access a range of helpful tools and guides. FintechCanada.io resource hub provides information on how to successfully enter new markets, navigate regulations, and grow a business beyond Canada. It includes insights from experts, case studies from companies that have expanded globally, and the latest news on international fintech trends. The platform also offers detailed overviews of key global fintech markets, such as the United Kingdom, helping businesses understand where and how to expand.
🔷 Source: FintechCanada.io
📖 Length: Multiple articles and reports
🔗 Explore Here: Export Resources for Canadian Fintechs
7. Exporting Resources for Canadian Businesses
Businesses looking to expand into international markets can access a range of tools and guides to help them navigate the exporting process. BDC's export resource hub includes step-by-step guides, financing options, and tools to calculate costs and manage risks. It covers key topics like how to create an export plan, understand trade regulations, and find new opportunities in global markets. Businesses can also access tools like the Canada Tariff Finder to estimate costs and a checklist to ensure they are ready to start exporting.
🔷 Source: Business Development Bank of Canada (BDC)
📖 Length: Multiple guides and tools
🔗 Explore Here: BDC Exporting Resources
8. Toolkit: Trading Internationally and Winning with Fintech
This toolkit helps businesses understand how financial technology (fintech) can make international trade easier. It explains how fintech solutions can simplify processes like finding new markets, checking overseas partners, calculating import taxes, and reducing risks in global trade. The toolkit offers resources and fintech options tailored to different stages of a business's export journey. It also discusses new trends in global trade finance and what they mean for businesses aiming to grow internationally.
🔷 Source: Confederation of British Industry (CBI)
📖 Length: Approximately 2-minute read
🔗 Access Here: Toolkit: Trading Internationally and Winning with Fintech
9. Supporting Canadian Exporters Through U.S. Tariff Challenges
The Trade Commissioner Service (TCS) offers assistance to Canadian businesses dealing with recent U.S. tariffs, which include a 10% duty on energy products and a 25% duty on other goods from Canada. The TCS provides support in understanding the impact of these tariffs, identifying new markets, and connecting with relevant contacts to address challenges. Additionally, they offer resources for export diversification and self-serve tools to help businesses navigate these disruptions. The Government of Canada has also implemented a remission framework to support affected businesses and workers.
🔷 Source: Trade Commissioner Service (TCS)
📖 Length: Approximately 5-minute read
🔗 Access Here: Supporting Canadian Exporters Through U.S. Tariff Challenges
10. Tariff-Proofing Canadian Businesses with Intellectual Property
This article explains why Canadian businesses should protect their ideas, brands, and inventions, especially with possible U.S. tariffs. It recommends that companies review their intellectual property (IP) to see what needs protection and secure patents not just in Canada, but also in the U.S. and other countries. Doing this helps businesses stay competitive even when trade rules change. It also covers the benefits of registering trademarks internationally through systems like the Madrid Protocol, which makes it easier to protect brands in multiple countries.
🔷 Source: Gowling WLG
📖 Length: Approximately 5-minute read
🔗 Access Here: Tariff-Proofing Canadian Business: The Role of Intellectual Property
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This is a growing list. Be sure to check again in the future if looking for helpful resources!
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
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How Canadian Institutional Investors Voted on Climate 2024
Climate Report | Feb 27, 2025
Image: 2024 Canadian Climate Voting Record (Investors for Paris Compliance)
Institutional Investors in Canada Show Mixed Climate Commitments
The organization Investors for Paris Compliance recently published their 2024 Canadian Climate Voting Record (14 page PDF report), which tracks how Canadian institutional investors voted on climate-related shareholder proposals. While Canadian investor support for climate resolutions increased to nearly 65% in 2024, there's a global pullback on ESG reporting, making Canada's voting record stand out.
Global Pullback on ESG/Climate Reporting
Canadian investors have shown more support for climate resolutions but globally opinions on ESG investing are becoming more divided.
In the U.S., some states and asset managers are pulling back from ESG commitments due to political and regulatory pressure. According to Business Insider, BlackRock has softened its stance on ESG by removing diversity, equity, and inclusion (DEI) language from key documents, in response to growing criticism from certain investors, however they continue to emphasize sustainability.
In Europe, regulators are also adjusting their approach by proposing to ease sustainability reporting rules to reduce burdens on businesses and improve their global competitiveness. Despite this, many European institutional investors remain committed to net-zero goals.
What Types of Votes Are Taking Place?
The 2024 Canadian Climate Voting Record analyzed how institutional investors voted on climate-related shareholder proposals such as:
- Requiring companies to disclose how climate risks impact their business
- Encouraging companies to set clear, transparent, and scientifically based goals for reducing emissions
- Pushing for measurable actions to reduce carbon emissions and transition to cleaner energy
See: Planetary Health Check 2024 and Canadian Climate Tech
While only 4 climate resolutions were voted on at Canadian companies, Canadian investors voted on many resolutions at U.S. and global firms where they hold shares.
Who and How They Voted?
Some Canadian institutional investors are leading the charge, while others remain cautious.
Image: Summary of 2024 Climate Votes (Investors for Paris Compliance)
The top investors in support of climate shareholder proposals:
- All voted 100% in favour of climate resolutions: AGF Investments, NB Investments, Canada Post Pension Plan, IMCO, University Pension Plan, and NEI Investments
- Strong support: BCI (88.2%) and CDPQ (90%)
Many of Canada’s largest financial institutions had weaker records:
- Moderate support: TD Asset Management (70.6%), Ontario Teachers’ Pension Plan (75%), and CIBC (64.7%)
- Laggards: Manulife (41.2%), AIMCO (41.2%), and BMO GAM (47.1%)
- Least supportive of climate related resolutions: Canada Pension Plan (29.4%), RBC GAM (11.8%), and Scotia GAM (0%)
Select Takeaways
- While only 4 climate resolutions were voted on at Canadian companies, Canadian investors voted on many resolutions at global firms
- One issue that the report highlights is the lack of a unified policy on climate issues resulting in split votes among large asset managers like RBC GAM, Manulife, and Scotia GAM, where different portfolio managers voted inconsistently on the same resolutions
See: Canada’s Shift to Enhanced Climate Disclosures
- Canadian investors were more likely to support climate proposals at U.S. companies (65.8%) than at Canadian firms (55.5%), raising concerns about domestic engagement
Conclusion
With the 2025 AGM season approaching, will Canadian investors push for stronger climate commitments or continue their cautious approach?
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
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Canadian Fintech Booms with $9.5B Despite Global Slump
Fintech Report | Feb 21, 2025
Despite a Global Fintech Downturn, Canadian Fintech Broke Records with $9.5B USD Investment
KPMG recently published their annual Pulse of Fintech report for H2'24, providing a global analysis of fintech funding (58 page PDF report). Globally, fintech investment in 2024 was $95.6 billion across 4,639 deals, which was the lowest level of funding in the last seven years. The combination of rising interest rates, geopolitical and economic uncertainty caused a significant decline in mergers and acquisitions (M&A) and private equity (PE) investments. Having said that, venture capital (VC) investment was pretty steady, and M&A starting showing signs of recovery by year end. One country however, stood amongst the global crowd. Yes, Canada's fintech sector recorded its strongest funding year ever, reaching a record-breaking $9.5 billion USD in total investment, particularly in private equity and payments technology.
Canada’s 2024 Fintech Surge
Even without these two massive deals, Canada’s fintech sector still posted $2.2 billion in total investment, almost 2X its 2023 total. Venture capital opened their wallets deploying $1.09 billion across 90 deals in 2024, up from $737.8 million across 103 deals in 2023. Worth noting that VC dollars spiked in the second half of the year with $744.9 million across 33 deals, more than double the year prior the amount deployed in H1.
Notable VC deals include Neo Financial ($260 million backed by prominent tech entrepreneurs), Blockstream ($210 million led by Fulgur Ventures), and Koho ($140 million backed by PROPELR Growth, Rockefeller Capital, and BDC) attracted significant funding rounds, underscoring strong investor interest in financial services and blockchain technology. Private equity played a big role in Canada's fintech boom, highlighting a shift towards later stage investments rather than early stage startup funding. See KPMG release on Canadian fintech in 2024
See: How Fintechs Are Tackling Financial Inclusion in Canada
Dubie Cunningham, Partner, Banking and Capital Markets, KPMG in Canada:
"Canada is punching above it’s weight in terms of fintech. From early stage all the way to the exit stage, the pipeline of startups is strong. The key lies in presenting solutions that address significant challenges faced by banks. If you possess a viable business model that demonstrates potential — regardless of current profit margins — there is a wealth of investment opportunities and a clear path to exit."
Slow Year for Global Fintech, But Signs of Recovery
Outside of Canada who bucked the trend, fintech investment declined across all major regions.
See: Tariff Trade War Hits Canada – What’s Happening
- The Americas led with $31 billion but this was still a large drop compared to $43 billion in 2023
- Europe, the Middle East, and Africa recorded $7.3 billion, the lowest since 2017
- Asia-Pacific fintech investment fell to $5.5 billion
Certain sectors remained strong despite the headwinds. Payments continued to dominate fintech investment, attracting $31 billion globally. Regulatory technology (regtech) enjoyed further growth, with $7.4 billion in funding. Digital assets, blockchain and cryptocurrency companies raised $9.1 billion. Investors prioritized strong revenue models with a clear path to profitability, particularly in AI driven financial services and cybersecurity.
Q4 M&A deal values almost doubled from Q3, suggesting that investors may be regaining confidence after a rather cautious 2024, such that 2025 could see an acceleration of acquisitions.
2025 Outlook
Cautiously optimistic. Interest rates have been coming down in major economies potentially unlocking fresh capital. AI financial services, cybersecurity, and digital identity solutions stand to benefit as financial institutions continue to integrate automation and fraud prevention tools into their ecosystem.
See: How AI is Shaping the Future of Financial Services in Canada
For Canada, in addition to automation and digital banking expansion, open banking regulations are moving closer to implementation, so expect new fintech startups to emerge driving another wave of investment.
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
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The Top Trends from Forbes’ 2025 Fintech 50 List
Fintech Ranking | Feb 20, 2025
Image: 2025 Forbes Fintech 50 (Illustration by Óscar Raña for Forbes)
What We Can Learn from the Forbes Fintech 50 in 2025
Every year, Forbes publishes their annual ranking of the top Fintech companies. Checkout the Forbes Fintech 50 in 2025, showing fintech companies that continue to grow despite pressure on company valuations and a slowdown in investment in the sector. According to the judges who select and rank the top 50 at Forbes, this year there's been a rise of business-t0-business fintechs, as well as the increasing importance of fraud prevention and financial security companies.
| Category | Total Funding ($M) | # Companies |
| Payments | 4482 | 11 |
| Personal Finance | 3812 | 8 |
| Business to Business Banking | 3794 | 11 |
| Wall Street and Enterprise | 1892 | 9 |
| Insurance | 1742 | 4 |
| Blockchain and Cryptocurrencies | 1670 | 3 |
| Real Estate | 508 | 2 |
| Investing | 265 | 2 |
1. B2B Fintechs Strong Showing
More than half of the companies on the list provide fintech services to other businesses rather than consumers. Categories like Payments and B2B Banking are seeing strong growth as businesses turn to fintechs to automate and improve their operations, reduce costs and streamline regulatory challenges. Fintech goes well beyond innovative consumer digital banking, it's morphing into improving financial systems at scale. Wall Street & Enterprise fintechs are also playing an outsized role in modernizing financial infrastructure at the institutional level.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
The chart below illustrates the number of fintech companies in each category, emphasizing the dominance of business-focused fintechs:
Image: Total # of Fintech Companies by Category (Forbes Fintech 50, 2025)
The chart below shows the total funding received by fintech category, showing which categories are bucking the trend despite the downturn.
Total Funding by Fintech Category Forbes Fintech 50, 2025
Payments fintechs still lead the pack with over $4.4 billion in total funding. This aligns with their critical role in powering e-commerce and digital transactions worldwide.
2. Focus on Profitability Amidst a Funding Slump
In the early 2020s, fintech companies focused on rapid growth but times have changed and they are now after profitability and sustained growth. This year, 13 companies on the list reported official profits (up from just eight last year). Investors and businesses alike are prioritizing financial health over unchecked expansion.
See: CIX 2025 Fintech and AI Startup Award Winners
Even though global fintech funding fell from $144 billion in 2021 to $34 billion in 2024, most companies on this year’s Forbes Fintech 50 have shown resilience. Major players like Stripe and Ramp have adapted by pivoting, reducing costs while focusing on efficiency.
3. Fraud Prevention and Security Are More Important Than Ever
As digital transactions increase so do fraud risks. Security based fintechs are gaining traction as businesses need stronger protections against cyber threats and fraud. DataVisor, a company that uses advanced machine learning to detect fraudulent transactions experienced a 67% increase in revenue in 2024, reaching $50 million.
4. Lending Fintechs Comeback
Companies like Arc, Aven, and Imprint have made their way onto this year’s list, showing that the lending market is regaining investor confidence. Nova Credit, for example, previously fell off the list but re-emerged this year with a renewed focus on cash flow underwriting and a fresh approach to risk assessment.
5. One Canadian Contender, Relay
While much can be argued about the methodology of actually being selected for the Forbes Fintech 50 list. To be honest there are several significant Canadian fintechs that should be on the list but aren't for whatever reason, such as Wealthsimple. But Relay made it so something to cheer about.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
They are a Toronto-based digital banking platform for small businesses and provide financial management tools that integrate with accounting software, making it easier for businesses to manage their money. In 2024, they raised $32.2 million in a Series B funding round, strengthening their market position and offerings.
Top Fintech Companies by Category
Here’s a closer look at a couple of standout fintech firms within each category:
Payments
- Stripe – A global online payments leader providing seamless transaction infrastructure for businesses
- DailyPay – Helps employees access earned wages before payday, improving financial flexibility for millions
Business-to-Business (B2B) Banking
- Relay – Canada’s only fintech on the list offering digital banking for small businesses
- Parafin – Uses marketplace data to underwrite loans, achieved 100% revenue growth in 2024
Wall Street & Enterprise
- DataVisor – Specializes in AI powered fraud detection, growing revenues by 67% in the past year
- Alloy – Provides identity verification solutions for financial institutions, automating compliance and security processes
Personal Finance
- True Link – Offers financial services for vulnerable populations including the elderly and those with disabilities
- Chime – A digital bank providing fee-free accounts and early direct deposits
Insurance
- Ethos – Makes life insurance more accessible with a fast, tech-driven application process
- At-Bay – A cyber insurance company that proactively monitors digital risks for clients
Blockchain & Cryptocurrencies
- Figure – Uses blockchain to offer home equity lines of credit and mortgage refinancing
- Fireblocks – Provides secure infrastructure for handling digital assets
Real Estate
- Aven – Introduces innovative financing solutions to make real estate investments more accessible
- Valon – A mortgage service provider making home loan management simpler and more transparent
Why This Matters
The 2025 Forbes Fintech 50 shows the race for scale is now about profitability with payments, security, infrastructure, and B2B services leading the way. For Canada, Relay’s presence on the list is promising but begs the question, why aren’t more Canadian fintechs on the list?
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
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CCA Report: State of Investment Crowdfunding 2025
Report | Feb 20, 2025
Investment Crowdfunding in 2025 - Trends, Insights, and Market Analysis
Every year, Crowdfund Capital Advisors led by Sherwood Neiss, publish their annual report based on investment crowdfunding data captured and analyzed. Their report represents one of the most comprehensive views of crowdfunding markets in the U.S. and includes deal activity, trends, insights and analysis. This article shares a few highlights. Download the free 209 page PDF report for a full review of the 2025 State of Investment Crowdfunding.
See: State of UK Equity Crowdfunding Entering 2025
Investment or Equity crowdfunding continues to demonstrate that it's a powerful capital raising tool for startups and scale-ups, helping businesses access capital and driving innovation across the country. Over the past decade, it has enabled thousands of companies to raise capital outside traditional financing channels, offering companies choice.
Investment Crowdfunding's Impact Since 2016
As of the end of 2024, investment crowdfunding platforms collectively raised over $2.8 billion since inception, funding 7,894 issuers across 2,234 cities. This movement is not just about raising capital—it has created 437,000+ jobs and injected $9.5 billion annually into local economies. Since the launch of equity crowdfunding in 2016, the numbers clearly demonstrate impact and growth, with more upside to come:
- Issuers: 7,894
- Offerings: 9,376
- Cities across the United States: 2,234
- Funded capital: $2.8 billion+
- Investors: 2.1 million+
- Jobs supported: 437,000+
- Economic Stimulus: $27.1 billion injected into the economy
- Enterprise value: just under $100 billion of potential liquidity.
2024 Changing Investment Landscape
The industry has seen rapid growth, maintaining a compounded annual growth rate (CAGR) of 32.5%. It took five years to reach the first billion dollars in investments but the second billion was raised in just 23 months.
See: Public Market Challenges and Equity Crowdfunding Capital
- Total investment raised was $545.6 million, setting a new record (surpassing the previous high in 2021)
- Average amount raised per campaign was $616,000. A 29.4% increase from 2023, showing that companies are securing more funding per round
- Campaign success rates have declined from 72.7% in 2023 to 63.7% in 2024. This signals increased investor scrutiny, with funding shifting toward companies that demonstrate strong revenue potential.
- More investors are writing bigger checks with average check sizes increasing in 2024, showing a stronger interest in post-revenue businesses that have a proven track record.
- Preference for revenue-generating businesses was 64% of successful campaigns in 2024 were for companies that already had revenue, demonstrating that investors favour more established businesses over early-stage startups
Top Platforms in 2024. Who’s Leading the Market?
Investment crowdfunding markets are still competitive but a few platforms continue to lead in total capital raised (see ranking in table below)
| Rank | Platform | Offerings | Capital Raised | Investors |
|---|---|---|---|---|
| 1 | Wefunder | 276 | $268.5M | 106.4K |
| 2 | StartEngine | 169 | $83.8M | 50.8K |
| 3 | Dealmaker | 56 | $43.2M | 30.2K |
| 4 | Republic | 50 | $25.0M | 21.0K |
| 5 | Honeycomb | 138 | $9.5M | 8.6K |
Three Key Trends
1. Investor Behaviour and Market Shifts
Recently, more capital is flowing into companies with proven revenue models. In 2024, 63% of successfully funded companies were post-revenue. This is a departure from the earlier years when riskier, pre-revenue startups dominated investment crowdfunding markets.
See: How Fintechs Are Unlocking Value in Private Markets 2024
Investors are becoming more selective, resulting in larger check sizes but fewer deals being funded. This trend reflects a maturing market where investor confidence hinges on financial performance and strategic growth opportunities.
2. The Rise of AI and Fintech in Crowdfunding
Technology startups in artificial intelligence, machine learning, and fintech are attracting the highest levels of investor interest. AI firms raised $312 million in 2024 alone with fintech companies following closely behind. This aligns with broader market trends where digital transformation and automation are leading investor priorities. Also, crowdfunding platforms themselves are integrating AI tools to improve decision-making and potentially increase transparency while reducing risk.
3. Policy and Regulatory Changes
Regulation remains a hot topic as policymakers consider raising the Regulation Crowdfunding (RegCF) cap from $5M to $20M. This change could unlock larger capital raises, making equity crowdfunding a more viable option for high-growth companies. Further, discussions around tokenized securities and blockchain integration could introduce new levels of liquidity and investor participation which would further bridge the gap between private and public markets.
Key Takeaways
- Investment crowdfunding is growing fast with more than $2.8 billion raised and 7,894 issuers funded, making it a major force in startup financing.
- Investors are contributing larger amounts but being more selective, focusing on businesses that already generate revenue.
- AI and fintech startups attracted the most funding, with AI companies raising $312 million in 2024.
- Regulatory changes could expand the market, such as increasing the RegCF cap from $5M to $20M and expanding the use of tokenized securities.
- Leading platforms continue to dominate, with Wefunder, StartEngine, and Republic holding strong positions, while Dealmaker is growing in specialized markets.
The Road Ahead
Investment crowdfunding has proven its ability to democratize access to capital, stimulate job creation, and fuel economic growth. With institutional investors showing increased interest and platforms refining their strategies, the next decade will likely see even greater adoption and innovation in the space.
See: Revolut’s Crowdfunding Success from Start-up to $45 Billion
2025 is expected to bring further growth, with the number of deals projected to rise to 1,600-1,700 offerings. Artificial intelligence investment tools and tokenized securities could provide more liquidity for investors.
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
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CSA Seeks Industry Input on Data Portability Consultation
Data Portability | Feb 19, 2025
Image: Freepik
CSA's Launches the Collaboratory and First Testing Initiative on Data Portability
Investor data is suck in silos and the Canadian Securities Administrators (CSA) is looking to gain more insight with a newly launched data portability testing consultation (CSA Multilateral Discussion Paper 11-406) to explore the ability for investors to move their financial information seamlessly between firms. Right now, switching investment providers often means filling out mountains of paperwork. If data portability moves forward, that could change.
This consultation is the inaugural testing initiative from the CSA's "Collaboratory" and is asking industry participants such as investment firms, fintechs, and investor groups to weigh in on how data portability could work, what risks it brings, and how regulations may need to evolve.
See: Primer on Quebec’s New Data Portability Law
Interestingly, participating provincial regulators in this initiative include Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia and Saskatchewan. It doesn't appear that Ontario (OSC) is participating, raising questions about whether the country can move forward with a unified approach to financial data sharing given that Ontario represents the largest capital markets in Canada.
What’s This All About?
Simply put, data portability means that investors could request that their personal financial data be transferred from one firm to a different firm, securely, accurately, and in a standard format. It’s similar to what’s happening in open banking (consumer driven finance), where customers can connect their bank accounts to budgeting apps or loan providers. However, today in Canada's investment world data portability doesn't really exist. If you move from one firm to another, you typically have to fill out everything from scratch. The CSA wants to see if an electronic Know-Your-Client solution (e-KYC) could help investors and firms move toward a more seamless and efficient system.
If done right, data portability could make investing easier, faster, and more flexible. Instead of repeating KYC processes with every new investment firm, investors could authorize their data to move with them.
See: Major Data Breach @Finastra and Canadian Banks?
For investment firms, fintechs, and every day citizens, data portability would open up new business models and streamline operations. Imagine a world where firms compete on products, service and returns, rather than who can collect and horde your data the best.
- But it’s not that simple. There are risks and the CSA is looking to tackle these questions before jumping into a full rollout.
- Privacy is a major concern. Who owns the data? How do you prevent unauthorized access?
- Regulatory challenges. Securities laws require firms to conduct their own KYC checks. How would data portability change that?
If data is more portable, does it increase security risks? Is it more vulnerable to breaches and fraud?
Is Ontario Sitting Out a Red Flag?
Given that Ontario isn't participating in this consultation is a red flag because Ontario represents Canada's largest capital market(s) in the country. We've seen it before where not all provincial regulators agree and decide to forge their own path which can cause regulatory friction and increased costs to operators who must comply with varied provincial regulatory requirements. Think back to when Canada rolled out equity crowdfunding regulations with 3 different sets of rules. The result? It confused markets and increased costs to the point where it hurt equity crowdfunding markets before they even had a chance to get off the ground.
The Ontario Securities Commission and the CSA should be forth coming with why they aren't participating. Is Ontario in fact taking a different approach to fintech regulation? Or do they have different priorities than concerns about data portability privacy, fraud risks, or other regulatory conflicts? Given that Open Banking is set to launch in 2026, these data portability consultations and potential tests would surely inform final rule making and implementation requirements. Maybe Ontario is waiting to see how open banking rules land and align with those.
One things for sure, industry certainly cannot afford increased friction at a time when interprovincial barriers are already costing Canada the equivalent to a 21% trade tariff.
What Happens Next?
There are 3 phases rolling out:
- Consultations are taking place now until May 19, 2025. Feedback will be gathered.
- Industry roundtables and discussions with market participants on the risks, benefits, and solutions.
- Live testing (possibly) - assuming there's enough interest, a pilot program may be run to test real world applications of data portability in practice.
See: Open Banking: Revolutionizing Financial Data Sharing
Of course, there may be required changes to current regulations to support a robust and secure system underpinning open banking, if required.
Closing thought
This is an important initiative that investors, fintechs, and established financial firms should care about and participate in as it will give investors and every day people more control over their financial data while making switching providers easier. For fintechs and financial firms it will mean opportunities for new products and services including those around investment, digital banking, digital identity, e-KYC and similar compliance tech. It will also mean new challenges as regulations are finalized. Read the 15 page PDF discussion paper on data portability here. If your business has a stake in financial data, now’s the time to get involved.
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
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