Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Enterprise, Scaleup
Meta to Appeal €798M EU Fine for Antitrust Violations
Competition | Nov 15, 2024
Image AI
Meta to Appeal Record €798M Fine for Anti Competitive Facebook Marketplace Practices
The European Commission announced a whopping €798 million fine against Meta (formerly Facebook) after regulators found that Meta used unfair tactics by automatically linking Facebook Marketplace to its social network giving it an advantage over competitors in the online classified ads market. This is the largest antitrust fine Meta has faced in Europe (although it pales in comparison to its recent $14 billion data privacy settlement in Texas).
The decision reflects a growing scrutiny of big tech's influence in digital markets, and part of a larger EU effort to hold giant tech firms accountable for their market practices. Other firms like Google and Apple have faced similar antitrust actions in the past. Google recently turned over their $1.7 billion EU competition fine.
Key Details
- The European Commission fined Meta €798 million for violating competition laws in the EU.
- Facebook Marketplace was automatically linked to Facebook accounts which gave Meta an advantage over other online advertising services.
See: EU Advocates Against Big Tech’s Market Control
- Regulators argued that their setup unfairly used Meta's power in the market which disrupted fair competition.
- The Commission said these actions harmed smaller businesses and reduced choices for consumers.
Margrethe Vestager, EU Competition Chief:
“Dominance isn’t illegal, but dominant companies must not abuse their power to harm competition.”
Meta's Response
Meta disagreed with the EU’s decision and to fine it €798 million. The company says Facebook Marketplace was designed to make it easier for people to buy and sell, meeting user needs. Meta's post argues that the ruling ignores how strong the competition is in Europe's online marketplaces and unfairly protects older companies from newer ones like Marketplace. They also said there's no proof that its actions harmed consumers or competing businesses, and plans to appeal the decision.
See: The Global Effort to Level the Playing Field with Tech Giants
Closing
The decision highlights the EU’s commitment to protecting consumers and smaller competitors in the digital economy.
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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OpenAI to Launch ‘Operator’ to Redefine Task Automation
AI Innovation | Nov 15, 2024
Image: Freepik
OpenAI is Set to Launch Operator in Early 2025
As reported by Bloomberg, OpenAI is getting ready to introduce its latest big innovation called "Operator", an AI tool designed to change the way people and businesses handle their daily tasks. A research preview is set for January 2025 and while today's AI tools help with simpler tasks, Operator promises greater independence, smarter understanding of context, and the ability to manage multi-step workflows that will boost productivity, saving time and money.
What Makes Operator Different?
You may be thinking can't AI applications already do much of what's promised with an advanced AI task operator? What advancements will set it apart?
1. Handles Multi-Step Tasks on Its Own
Operator will take care of complicated workflows without you having to guide it at every step. For example, if you need to plan a business trip, it will book flights, reserve hotels, arrange transportation, and even handle follow-ups for schedule changes all without extra input.
See: The Agentic Web Begins. Coinbase Launches ‘Base Agent’
Imagine a trusted AI tech assistant that you can simply check in with occasionally to get progress updates or address urgent needs.
2. Connects Information Across Tasks
Operator can link data from different sources to complete a task without missing details or losing context. For example, if you need a presentation for a meeting, it will gather information from your emails, past reports, and market research and integrate data from multiple sources to create a polished draft.
3. Proactively Anticipates Your Needs and Makes Autonomous Decisions
Operator won't wait for you to tell it what to do as it can predict and execute what might help you next. With today's AI tools, they provide assistance but still leave final decisions to users. Operator is capable of making autonomous decisions based on preferences and past behaviours. A simple example of this could be if you're double-booked for meetings, Operator will suggest a reschedule. It will remind you of an upcoming deadline and offer to write the necessary documents in advance.
4. Works at a Business Scale
It’s not just for personal tasks. Operator is being designed to handle complex operations across an organization. So it can automate customer support workflows, analyze company enterprise data, or streamline team project management.
5. Learns What You Like
Operator adapts to your style and preferences, delivering help that feels personalized for you. This includes things like your communication style, and priorities over time so it can provide tailored assistance.
See: AI, Funding Shifts and Regulatory Hurdles in Fintech 2024
Taking corresponding to emails for example. If your style is short and visually engaging emails, then Operator will draft them that way for you over time as it learns.
Innovation and Competition Heats Up
OpenAI's Operator is not the only AI at the dance, of course.
Anthropic has introduced a new featured called 'computer use' that allows the AI agent to interact directly with computer desktop environments. This allows the agent to seamlessly manage files, run applications, and perform tasks that would traditionally be handled by human operators.
Google is also developing its own AI agent with plans for a December 2024 release. Details are limited currently but it signals Google's commitment to being at the forefront of AI technologies and in this case, AI-driven task automation.
Amazon is already using advanced AI automation in its warehouses to improve operational efficiencies. For example, its Sequoia system integrates AI, robotics, and computer vision to optimize inventory management. This level of AI task integration helps Amazon identify and store inventory 75% faster. Amazon also uses Proteus, its first fully autonomous mobile robot designed to navigate the warehouse safely, move large carts, and interact easily with human staff.
OpenAI Calls for U.S. and Allies to Unite on AI Infrastructure
In a policy blueprint revealed on November 13, 2024 at the Center for Strategic and International Studies, OpenAI advocated for the U.S. ad its allies to work together on AI infrastructure to stay ahead of China, which would improve access to talent funding, and supply chains.
See: Tragic Incident Highlights AI Chatbot Risks for Teens
The plan suggested 'AI Economic Zones' to speed up licensing to develop related energy projects including nuclear-powered. OpenAI stressed that its vital for economic growth, security, and to ensure AI reflects democratic values.
Outlook
As the launch of Operator and similar autonomous AI task agents with deep multi-step capabilities are conceived and released into the wild agentic web, there's a deja vu moment with some of the famous scenes right out of the Terminator movie. Yeah, the one where history's defining moments are chronicled that set the world on a new path forever. The origins of skynet.
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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Coinbase Launches COIN50 Index of Top 50 Cryptos
Investing | Nov 14, 2024
Image: Coinbase COIN50 Index
Stay on Top of the Market with COIN50, A New Standard for Monitoring Top Crypto Assets
US-based crypto exchange, Coinbase, has introduced the COIN50 Index that simplifies the analysis and sentiment of crypto markets by providing investors with a clear snapshot of the market at any given time. While COIN50 itself isn’t an investment product, it acts as a benchmark for the top 50 crypto assets on Coinbase, spread across different segments of the crypto economy.
See: The Agentic Web Begins. Coinbase Launches ‘Base Agent’
Why the COIN50 Index Matters
Crypto markets are complex and can be tricky to track as they are volatile and can change in a heart beat. The COIN50 Index changes this by offering a broader look at a diverse selection of the top 50 assets to benefit investors.
- It's another indicator tool for investors interested in quickly tracking the overall sentiment of the crypto market to determine the best times to buy or sell.
- COIN50 covers a diverse range of digital asset types from foundational tokens to DeFi and emerging sectors.
- If COIN50 shows strong performance across the top 50 assets, it might signal a good time to diversify rather than focus on a single coin. So it can be helpful to investors looking to balance their portfolios.
- Uses a structured process to select which assets are included in the index. It chooses tokens based on economic design, blockchain structure, and security. This helps ensure that only high-quality assets are part of the index.
- COIN50 is rebalanced quarterly so it can adapt to changing market conditions as necessary.
See: Coinbase Teams Up with CFL as Crypto Scores Big in Canada
While investors can't invest directly in COIN50, Coinbase has launched COIN50 perpetual futures (COIN50-PERP) for institutional investors in qualifying jurisdictions and is available on both Coinbase International Exchange and Coinbase Advanced.
Conclusion
Similar to traditional indices like the S&P 500, COIN50 is a new benchmarking index and trusted reference point for investors looking to gauge market sentiment and keep up with the fast paced crypto markets. Check out the COIN50 guide or COIN50 whitepaper to learn more.
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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FBI Raids Polymarket CEO’s Home After Election Prediction
Crypto | Nov 14, 2024
Image: Shayne Coplan CEO Polymarket (CNBC)
FBI Searches Prediction Market CEO Shayne Coplan's Home as Crypto Influence Grows
CNBC reported that the FBI raided 26 year old Shayne Coplan's New York apartment on Nov 13, CEO of prediction betting site Polymarket, seizing his phone and other devices. The FBI however did not publicly disclose any details or reasoning behind their investigation and no arrests or charges have been laid to date.
See: Markets React to Trump’s Assassination Attempt
Polymarket is the world's largest crypto prediction market where users can gamble on real world events, such as political outcomes or financial trends. The crowd-sourced platform was thrust into mainstream media for accurately predicting Donald Trump's win over Vice President Kamala Harris in the U.S presidential election, which ran opposite to what most of the mainstream polls were predicting at the time, a Harris win.
Polymarket spokesperson's quote suggests that the raid was politically motivated but no evidence has surfaced to confirm these claims.
"obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election."
Not Polymarket's First Time Catching Regulator's Attention
Polymarket launched in 2022, allowing users to bet on future events in a decentralized model attracting many crypto fans. In the same year, the Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for operating without proper registration, which led to Polymarket restricting U.S. users from using its services.
What This Means for Crypto and DeFi Regulation
The FBIs raid is happening just as attitudes towards crypto regulations in the U.S. seem to be evolving with many expecting regulators to ease up on decentralized finance platforms like Polymarket.
See: Trump Family Launches ‘Defiant Ones’ Crypto Platform
However this latest raid means that even in a pro-crypto climate, some activities in DeFi are still under tight scrutiny (at least until Trump's administration takes over early next year).
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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Neo Financial Raises $360 million CAD Series D
Funding | Nov 12, 2024
Image: Freepik/storyset
Neo Financial’s Series D Raises $360 million CAD with International Investor Interest sparking Optimism and Foreign Ownership Questions
Alberta-based fintech and privately held company, Neo Financial has secured $360 million dollars Series D in its most recent funding round to support its growth in the digital banking sector in Canada.The funding round consisted of $112 million in equity and $250 million in debt. Received support from prominent Canadian tech personalities like Stewart Butterfield from Slack and Tobi Lütke from Shopify as well as a new large and undisclosed investor from China.
*UPDATE: per the Globe and Mail article on Nov 28, the mystery investor has been revealed to be Chinese tech giant, Tencent Holdings Ltd. who led the $112 million CAD ($80 million USD) equity investment at a big discount from its prior funding round.
Chinese technology giant Tencent Holdings Ltd. led a recent US$80-million ($112-million) equity investment in Neo Financial Technologies Inc., valuing the Calgary online financial upstart at a steep discount to its last financing.
See: From Open Banking to Utilities. Deck Raises $6.2M
This investment highlights Neo's attractiveness and ambitious expansion strategies but also raises questions about the implications of foreign ownership in the Canadian fintech industry. Noteworthy that Neo recently took the top spot on Deloitte's Technology Fast 50 of companies to watch with a remarkable growth rate of 81732%
Key Takeaways
- Neo Financial raised a substantial $360 million CAD in its Series D funding ($112 million equity; $250 million debt). At a time when large funding rounds are rare, the company received interest from top investors showing confidence in Neo's growth potential and fintech innovation role in Canada.
- A single new Chinese investor contributed around $69 million CAD, making up about 61.6% of the equity portion. So while it's good news that Canadian financial technology firms are attracting global interest of this size, it brings up questions about foreign ownership as industry grows.
See: How Fintechs Are Tackling Financial Inclusion in Canada
- Foreign investments in sectors that involve sensitive consumer data can raise red flags with regulators. While there is currently no formal investigation here, concerns about national security - see TikTok, data privacy, and economic independence have been on minds to ensure the round aligns with local standards.
- Large (foreign) equity stakes can sometimes alter a company’s strategy, so Neo will need to manage consumer and regulatory expectations carefully to ensure trust in a market that values data privacy, security, and transparency.
Other Recent Canadian Fintech Rounds
KOHO raised $190 million CAD in Oct 2024, comprising $40 million in equity and $150 million in debt, led by PROPELR Growth with participation from Rockefeller Capital, Drive Capital, and TTV.
Legal tech firm Clio raised $900 million in Series F (July 2024) led by NEA, with participation from Goldman Sachs Asset Management and CapitalG, valuing Clio at $3 billion.
Brim Financial closed $85 million in Series C (April 2024) led by EDC Investments, with participation from Vistara Growth and other investors.
Not too long ago, Nesto raised $80 million CAD in Series C (Dec 2022) from IGM Financial, supporting the company’s Mortgage Cloud service expansion.
Why It Matters
Neo’s success speaks to Canadian innovators attraction of foreign capital. Balancing international investment with local priorities will be important for the Canadian fintech industry to remain competitive while maintaining trust and sustainability in the sector.
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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Canada Post Expands into Financial Services with KOHO
Fintech Partnership | Nov 11, 2024
Image courtesy of AI
Canada Post and KOHO Team Up to Bring Banking Services to Underserved Canadians
Canada Post and KOHO, a Canadian fintech company, are teaming up to offer basic banking services across Canada. This aim of the partnership is to bring KOHO's chequing and savings accounts, prepaid Mastercard, mobile app access, and financial tools to more people, especially those in remote or underserved areas. According to recent data, 15% of Canadians are still underserved by traditional financial institutions.
See: KOHO Secures $190M to Move Towards Banking Power
Canada Post can use its network of over 6000 locations coast to coast to improve banking services to those who might struggle to reach a traditional bank. Other countries are seeing similar trends, as postal services look to provide financial options for those who need them most. The United States Postal Service (USPS) began a pilot project in 2021 offering limited check cashing services at some locations to help people who don't have access to a bank account.
Canada Post Looks to Diversify into Financial Services
Canada Post has been under financial pressure in recent years with rising operational costs and declining traditional 'snail mail' volumes because of the onslaught of digitalization. In Canada Post's 2023 annual report, they reported a pre-tax loss of $748 million up from $548 million the previous year. Back in 2021, Canada Post announced 'A Stronger Canada - Delivered' plan which focused on diversifying revenue streams to better serve Canadians which included expanding into financial services.
See: How Fintechs Are Tackling Financial Inclusion in Canada
In 2021, Canada Post partnered with TD to launch a personal loan pilot called 'MyMoney' but it was soon paused due to 'processing times' and then officially closed down with the reason being attributed to 'misuse by consumers' attempting to exploit the new offering.
Why This Partnership Matters
The postal network is trusted and offers a vast network of outlets across the country. For the 15% of Canadians who are underserved by traditional banking options, the KOHO partnership could be a key lifeline with modern financial tools to help them access and manage their money without relying on banking institutions. In a country as big as Canada where many communities are 'underserved' in some capacity, it simply makes great sense to combine financial technology with Canada Post's infrastructure for a win-win.
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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AI, Funding Shifts and Regulatory Hurdles in Fintech 2024
Fintech Report | Nov 11, 2024
Image: Fintech's Vertical Integration Into Banks (SVB 2024 Future of Fintech report)
5 Takeways from Silicon Valley Bank's Future of Fintech 2024 Report
Fintech never sleeps. It's been constantly evolving since NCFA Canada launched over a decade ago. Last month, Silicon Valley Bank dropped a 24 page data filled PDF report with a comprehensive outlook of the latest drivers of change in "Future of Fintech 2024". As regulatory pressure increases combined with a tougher funding environment and game-changer AI on the rise, fintech firms have both new obstacles and also fresh opportunities. This article looks at the top 10 insights that capture how the fintech industry is changing so that fintechs and investors can adapt accordingly.
1. Generative AI is Reshaping Fintech
- The report shows that AI focused fintech companies that raised approx. $3.6 billion in 2020 have now reached a total value of over $9 billion, showing that they've gained a lot of investors and their trust.
- AI is seen as a big shift in finance for a range of sectors, especially for portfolio management and market analysis given that AI tools can churn through real time data and make personalized recommendations or execute logic on behalf of users.
See: Some Exciting Fintech Stats (2023-2025)
- Klarna’s chatbot has massively improved customer support, slashing response times to just 2 minutes down from 11 minutes, replacing work done by hundreds of people.
- Mentions of AI in earnings calls have increased by 400% since 2021.
- AI is now actively being used for compliance, claims handling, and customer support, and is helping lower costs and streamline administrative regulatory tasks.
2. Increasing Regulatory Pressure on Fintech
- The FDIC has started cracking down more, primarily aimed at fintech-bank partnerships.
- Although these partner banks only make up a small part of the U.S. banking ecosystem, they account for over 10% of serious regulatory enforcement actions issued by regulators. Confirming that regulators are in deed keeping an eye on these partnerships and on a short rope.
- September 17, 2024 the FDIC suggested that banks and their fintech partners should keep more detailed records and set stricter standards for compliance.
3. Funding, Valuation Pressures, Increasing Costs, Exits, M&A
- According to the SVB report, VC fintech funding declined 91% since peaking in 2021. Only $5 billion was raised this year as of September 2024. For more insights see CB Insights Q2 global fintech funding report including some data on Canada.
- Series B and C investments are also bottoming out which are near decade lows (and need for more realistic fintech valuations).
- Larger deals above $200 million are becoming rare and now represent only 28% of investments (down from nearly half of all deals in the peak of 2021).
- More challenging now to move from Seed to Series A funding. The report highlights that only a few fintechs that started in 2022 or 2023 have successfully made the transition from seed to Series A funding. That's quite a drop given that only a few years ago about 20% of fintech firms successfully jumped the chasm.
- More startups are going for repeat seed rounds as it's more difficult to secure Series A. The difference in value between seed and Series A rounds is shrinking, making Series A investments appear like a better balance between risk and reward. Series A is seen as a safer option now, with adjusted valuations making it a more attractive funding round in a tough market.
See: European Fintech 2024: Profits Rise, Unicorns Fade
- th the fixed and variable costs involved of acquiring new customers has almost doubled. This adds more burden on companies as interest rates have also increased putting pressure on profits. As rates start to decline (hopefully) it will provide some relief to firms.
- The cash reserves of American tech unicorns shows a median runway of 20 months in 2024. This is a much shorter runway that past years where firms had access to cheaper funding conditions and less pressure on cash flow.
- Strategic partnerships like eBay and Venmo's collaboration are becoming more common as companies look for partnerships that can help reduce high costs of operating on their own.
- The exit rate per 10 late-stage deals has fallen from 3.9 in 2021 to 2.7 in 2024 (read: tougher exit market).
- IPOs and public exits are rare. Only 15% of M&A deals are disclosing terms which means it's a buyer’s market where valuations typically favour the buyers.
4. Growth in Embedded Finance and Payment Innovations
- Payment-tech now represents more than half of the fintech sector's valuation and is a huge part of the fintech unicorn scene.
- Major banks spent about $161 billion in acquisitions since 2020, choosing to buy fintech capabilities instead of building them internally from the ground up.
- Partnerships are growing like Wells Fargo and Bilt Rewards, but profitability is tough due to higher customer acquisition costs.
5. Focus on Efficiency and Reducing Burn Rates
- About 80% of fintechs saw improvements in EBITDA margins over last year. Top companies lowered their burn rates by half since 2022.
- Almost a third of U.S. fintechs have only 6-12 months of runway cash (up from 20% last year), showing the importance of sustainable growth strategies.
- Smaller fintechs with under $10 million in revenue show a median cash runway of just 10 months. They are looking for faster paths to profitability.
Closing Outlook
With tougher funding conditions, heightened regulatory scrutiny, and rising costs, fintech firms are focusing on partnerships and innovation to drive growth.
See: Investing in the Future of AI and Blockchain
AI is already a powerful and widely used tool, helping companies streamline, cut costs and integrate fintech deeper into traditional banking. the current environment calls for a lean approach while aiming for sustainable growth and profitability.
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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