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
KOHO Secures $190M to Move Towards Banking Power
Fintech Capital | Oct 2, 2024
Image: Freepik
KOHO Banks on $190M Boost to Accelerate Towards a Banking License
We're getting closer to the day when a Fintech has grown so large in Canada that it can earn a coveted banking license. To that end, KOHO just announced that it's secured $190 million in fresh capital to grow it's lending business, offer a broader suite of financial products, and progress efforts towards becoming a Schedule 1 bank.
- Leading the $40 million equity portion is PROPELR Growth, with in new investor Rockefeller Capital and returning partners Drive Capital, TTV, and BDC.
- The $150 million debt financing is from new and existing partners and will primarily be used to grow KOHO's credit offerings.
- With this latest round of financing, KOHO will expand its range of financial solutions to empower consumers with their money, consisting of buy-now-pay-later plans, renter insurance, and rent reporting and new services that will be introduced.an emphasis on flexibility and customer empowerment by consistently introducing new services.
- PROPELR Growth originally invested in KOHO in 2022, so for them to lead the equity portion of this latest round highlights their confidence in KOHO's ability to execute their expansion strategy towards a schedule 1 banking license. Sanjiv Samant, Managing Partner of PROPELR Growth, will join KOHO's Board of Directors.
See: KOHO Gives Renters a Boost with Cash Back and Credit Help
Daniel Eberhard, CEO KOHO:
“We’re more excited than ever at KOHO. We had the choice of profitability with our existing capital but this injection allows us to grow faster and expand our lending business, both of which support our bank license application. This is going to let us keep building and scaling wonderful products like rent reporting, tenant insurance, buy-now pay later and more. We remain incredibly humbled by the trust of our team, our investors and most importantly, our users. Onwards.”
Outlook
Since its founding in 2014, KOHO has helped over a million Canadians by offering solutions for money management, credit development, and budgeting. The firm is clearly committed to changing the banking landscape in Canada. Its goal is to provide fully insured and regulated services in direct competition with established banks. With confident backing from investors and $190 million in new funding, Canadian fintech KOHO is ratcheting up its financial services on route to becoming a Schedule 1 bank.
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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California’s AI Safety Bill Veto and Its Impact
AI Regulation | Oct 1, 2024
Image: Freepik AI
California's AI Safety Bill Veto Ignites Debate Over Tech Regulation and Innovation Balance
A major AI safety bill in California called "SB 1047" was recently vetoed by Governor Gavin Newsom igniting discussions on how to reign in and control the usage and controls of large language AI models like ChatGPT. The bill planned to impose strict safety testing measures prior to implementation but several members of Congress and many IT leaders (of course) were in opposition. Govenor Newsom said that the bill would have put too much burden and costs on AI companies (regardless of their risk level).
See: Ilya Sutskever’s AI Startup SSI Secures $1 billion
The proposed framework would require developers to evaluate and certify safety testing to avoid misuse of AI including the development of bioweapons and other threats. Newsom's veto letter implied that the approach was insufficient given the wide range of risks in AI systems. His stance is that California should prioritize ethical AI without impeding on the ability to innovate and benefit economically from the technology. He mentions alternative options for regulating AI in a more targeted manner, such as the collaboration between industry, academics and key stakeholders to build proper guardrails for the use of responsible AI.
Implications
So is the bill dead? Although Newsom's rejection of SB 1047 prevents it from becoming law in its current form, it could be resurfaced with changes as part of a larger or different regulatory initiative. This is important because Newsom indicated that he's willing to work on alternative regulatory measures that strike a better balance between safety and innovation.
This veto is an important barometer of AI regulation in the US given that California is home to many of the world's largest AI firms including Google, Meta, OpenAI, Nvidia, and Salesforce. Their massive presence means that any AI law in the state of California would have far reaching implications for the US and global IT sector.
See: NVIDIA’s Controversial Data Scraping Under Fire
Newsom's decision is also part of a larger discussion with over 120 AI related bills currently active in Congress covering a swath of topics from safety and ethics to education and workforce development. Individual state governments are also working on their own regulations with organizations actively tracking progress like the Brennan Center for Justice and the International Association of Privacy Professionals (IAPP).
For tech giants, it means that they can continue to develop advanced AI models 'guns a blazing' with fewer constraints (at least far fewer than having projects go through a rigorous safety screening progress first). While this is great for tech companies and their investors in California, it raises concerns about AI oversight without state controls.
In addition to SB 1047, California is considering a number of other AI proposals such as addressing disclosures from AI-generated political advertising, safeguarding minors from sexual content produced by AI, automated decision making systems, and transparency/openness of AI training data.
Conclusion
Companies and investors need to stay abreast of AI regulations in Canada and around the globe, as they can have huge influence on company operations and ethical concerns.
See: Will Nuclear Fuel the Data-Driven Future?
Participate in the discussion and push for fair laws that promote creativity and innovation while protecting the public.
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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Will Nuclear Fuel the Data-Driven Future?
AI Energy | Sep 30, 2024
Freepik AI
AI Data Centers' Growing Power Needs and the Rise of Nuclear Energy
According to the International Energy Agency (IEA), data centre workloads climbed by 340% between 2015 and 2022 as giant tech companies like Amazon, Google, and Microsoft doubled their power usage between 2017 and 2021, reaching 72 TWh. Artificial intelligence (AI) is growing at an exponential rate because AI operations require more large and complex data centres, resulting in unprecedented energy demands and a renaissance in nuclear power that can deliver continuous, low-carbon electricity. In Ireland, data centres consumed 18% of all electricity in 2022; if power generating capacity doesn't increase, that percentage might rise to 28% by 2031.
Globally, financial institutions have acknowledged the importance of nuclear power, with 14 major banks agreeing to assist the COP28 climate objective of doubling nuclear energy capacity by 2050.
See: Rising AI Energy Use: A Call for Sustainable Innovation
The Department of Energy (DOE) in the U.S. recently approved a $1.5 billion loan to reactivate the Holtec Palisades nuclear reactor in Michigan. Similarily, Microsoft and Constellation Energy announced that they will be resuming the reactor at Three Mile Island in Pennsylvania by 2028 through a $1.6 billion power purchase deal.
OpenAI proposed building 5 gigawatt data centres throughout the United States with each requiring the power supplied by 5 nuclear power plants. Google is now looking at nuclear power possibilities.
Small Modular Reactors (SMRs)
Startups are innovating too. SMRs are transformative because they provide greater flexibility, scalability, and faster deployment than conventional reactors. As reported by Axios, there are several prominent initiatives on the go:
- TerraPower is building a fast reactor in Wyoming that uses sodium cooling (with Bill Gate's support)
- X-energy plans to use SMRs to power a Texas Dow industrial facility by 2030.
- Oklo is a small nuclear reactor development project backed by OpenAI CEO Sam Altmam with plans for deployment in Idaho.
By supplying data centres and industrial sites with localized electricity, these SMRs can increase productivity and satisfy rising demand.
AI Efficiency and Grid Management
Despite AI consuming tons of energy, it can be used to optimize the energy efficiency of complicated power networks with improved AI forecasting models that balance supply and demand, especially with fluctuating renewable energy sources like solar and wind.
See: AI Leaders and White House Discuss Energy Infrastructure
As an example, Google's neural network model for wind forecasting has increased output accuracy by up to 36 hours ahead of schedule, resulting in a 20% increase in the wind power's financial worth. These kinds of advancements allow energy suppliers to maximize computational loads, sell electricity ahead of time, and encourage more investment in renewable energy sources.
Investor Opportunities
The convergence of AI, data center growth, and nuclear power opens multiple avenues for investors:
- The return of nuclear energy and innovations like SMRs is creating energy infrastructure investment opportunities consistent with Environmental, Social, and Governance (ESG) principles, promoting environmental sustainability and dependable energy supply. However there are regulatory challenges, high starting costs and examples of past project delays (i.e., the Vogtle plant) all pose hazards. Investors must carefully evaluate policy and cost structures.
- Investing in solutions that increase data centre energy efficiency (or AI capabilities) is interesting. Companies that provide AI solutions for energy management, predictive maintenance, and smart grid operations will benefit from the need to improve data centre energy use.
See: How Carbon Pricing Impacts Fintech and Investment Strategies
- Carbon markets and sustainable finance instruments like green bonds and renewable energy certificates are becoming more and more important as the world moves closer to net-zero emissions. These developments are supported by the low carbon footprint of nuclear energy, which presents potential for investments in carbon credits and environmentally friendly financing options.
The Role of Fintech in the Energy Transition
Fintech will play a key role in overhauling the energy landscape by offering innovation solutions for funding, managing, and optimizing clean energy investments.
- By facilitating investments in green finance products, fintech platforms will help institutional and individual investors fund nuclear and renewable energy projects more easily and align capital flows with ESG objectives.
- Blockchain is being evaluated for grid management and transparent energy trading. Peer-to-peer energy trading and real-time renewable tracking is being made possible by fintech solutions which will plug into AI managed data services looking for optimization.
See: Sustainable Business and The Regenerative Future
- Crowdfunding and DeFI platforms are providing sustainable energy finance, for tech like SMRs, democratizing both funding and access to sustainable energy projects and solutions.
Outlook
The intersection of AI, nuclear power, and sustainable finance can help meet the world's rising energy demands while also meeting it's climate and sustainability goals. With AI driving energy efficiency and nuclear delivering constant, clean electricity, investors and fintech can have a key role in transitioning towards a sustainable and lucrative energy future.
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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Binance Hits $100 Trillion as CZ Set for Early Release
Crypto | Sep 27, 2024
Image from Binance website
Binance Founder, Changpeng Zhao, Set for Early Prison Release Today
Changpeng Zhao (CZ) is anticipated to be released from prison today two days ahead of schedule because his original release date of Sept 29, 2024 falls on a weekend. Even while he will not be able to take on a leadership position at Binance for at least three years, his $60 billion fortune is still dependent on the platform's success because he is its biggest shareholder. CZ completed a four-month term including 2 months in a light security jail before being sent to a halfway home. What will CZ do next? While in prison he launched an Educational Platform Giggle Academy
Binance New CEO Announces $100 Trillion Total Trading Volume
When CZ was sent to prison, Richard Teng took over Binance as the new CEO, a former financial regulator who was overseeing compliance and regulatory partnerships. He has made it his mission to keep Binance focused on innovation and development while guiding it toward stricter regulatory compliance since taking the helm. This week, Teng announced that Binance exchange had surpassed a $100 trillion in total trading volume since launching in 2017 and under his leadership the company has now surpassed 230 million users via global expansion to jurisdictions like Indonesia, India, Kazakhstan, Thailand, and Dubai.
IPO on the Horizon?
In a recent interview with Coindesk, Teng made it clear that Binance does not have plans for an Initial Public Offering. Due to it's huge trading volume and rapid user growth, the company is profitably stable as it moves from a founder-led to a board-led sustainable enterprise.
Teng admits the complexities of managing a global crypto exchange with different laws in different countries. With 19 licenses worldwide including recent approvals in emerging regions.
Conclusion
Whether CZ moves into philanthropy, invests, or launches other new ventures, he will be influential in shaping the future of Binance's future path and the overall crypto landscape.
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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Sam Altman Eyes $10B Stake of OpenAI’s For-Profit Shift
AI | Sep 27, 2024
Image: Freepik
Sam Altman could net a $10B Stake As OpenAI Shifts to a For Profit Future
OpenAI is considering giving Altman a 7% equity stake which could potentially be worth $10 billion profit. The news is taking place as OpenAI transforms itself from a non-profit into a for-profit public benefit corporation (known as 'B Corp') combining its nonprofit roots with expanding commercial goals which would help secure new investment.
- OpenAI is looking to raise $6.5 billion at a valuation of $150 billion, making it one of the most valuable startups in the world.
- Altman's net worth would increase by $10 billion if he is able to acquire 7% equity interest.
- The company has doubled its headcount from 770 employees in 2023 to 1,700 staff during rapid expansion.
Bret Taylor, OpenAI Board Chair:
"The board has had discussions about whether it would be beneficial to the company and our mission to have Sam be compensated with equity.”
See: Sam Altman Leaves OpenAI’s Safety Committee
Originally setup as a non-profit in 2015, OpenAI's goal was developing AI that would be safe and helpful for people. Back in 2019, the company launched a for-profit subsidiary to to meet its ambitious AI research fundraising goals, however the latest move to a for profit strategy has drawn both interest and criticism.
Leadership Departures Signals Change
More prominent executives at OpenAI have excited the company causing concern among AI experts including Mira Murati Chief Technology Officer and Bob McGrew and Chief Research Officer. The departures come after Altman was fired and then reinstated as CEO last year, which ignited controversy and company restructuring. As reported in Fortune, Altman has stated that these exits were due to individual career decisions and nothing to do with the for profit restructuring.
Sam Altman, OpenAI CEO:
“This is just about people being ready for new chapters in their lives.”
"Leadership changes are a natural part of companies, especially companies that grow so quickly and are so demanding. I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company."
Why It Matters
The for profit transition of OpenAI is a turning point in the governance, ethics, and development of AI.
See: Apple In Investment Talks With OpenAI $100 Billion Valuation
Government, stakeholders, investors are sure to keep a watchful eye on OpenAI's manoeuvring as it will reshape the direction of a future where artificial intelligence tries to strike the balance between profit, innovation, and responsibility.
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 Extends Deadline for Crypto Platforms’ VRCA Compliance
Crypto Regulation | Sep 26, 2024
CSA Extends Compliance Deadline for Crypto Platforms Trading VRCAs
The Canadian Securities Administrators (CSA) has published an update for crypto asset trading platforms (CTPs) and those with pre-registration undertakings (PRUs) on complying with requirements for value-referenced crypto assets (VRCAs), such as stablecoins. While Canada doesn't have specific stablecoin regulations, the CSA is enforcing existing securities laws to protect investors. The compliance deadline for platforms has been extended to December 31, 2024, giving CTPs more time to meet the requirements or offer alternatives that address investor protection concerns.
Compliance Deadline Extended
CTPs were originally given until April 30, 2024 to stop trading non-compliant stablecoins. But because of compliance difficulties the platforms were having, the deadline was initially extended to October 31, 2024, and then again to December 31, 2024. This extension gives CTPs additional time to comply with CSA regulations or offer substitute solutions to investor protection issues.
While stablecoins (a form of VRCA) are widely traded in Canada, the CSA emphasizes that there is not currently a specific stablecoin regulatory framework. Instead, the CSA is relying on existing securities regulations to ensure any VRCAs provided by CTPs meets the appropriate requirements of investor protection, financial transparency, and disclosure.
See: Regulatory Updates for Crypto Asset Trading Platforms
By December 31, 2024, all CTPs registered or with PRUs must ensure that any VRCAs issued to customers comply with their registration terms or PRUs. Platforms that were previously obligated to stop enabling customers to buy or hold non-compliant VRCAs (except for specific fiat-backed assets) by December 29, 2023, and the deadline extension does not change that.
Open to Exemptions for Specific Use Cases
The CSA is open to exemptions for particular VRCA use cases that do not raise investor protection concerns. CTP and VRCA issuers are urged to contact regulators about viable alternatives or unusual use cases to discuss.
Conclusion
The CSA's extended deadline allows CTPs more time to comply with VRCA-specific securities requirements.
See: CSA’s 2024 Investor Index. What Fintechs Need to Know
Establishing clear standards for the treatment of VRCAs would promote transparency and security for investors who trade in these assets.
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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Meta’s Real-Time Personal Financial Management Smart Glasses
AR Innovation | Sep 26, 2025
Image credit: Meta
Meta's Ray-Ban Smart Glasses Could Bring Real-Time Financial Analysis to Life
The market witnessed the latest innovative announcements at Meta Connect 2024 including updates that could change personal money management with new wearable and AI technologies. One of the most intriguing updates was that real-time, contextually relevant, financial insights are now possible thanks to Meta's glasses' AI and AR integrations. Imagine having your financial assistant there in front of you at all times: analyzing your purchases, suggesting better ways to invest, and even reminding you when payments are due instead of having to open up your banking or email app.
Newly Enhanced Features
Meta's Ray-Ban smart glasses have improved AI capabilities with real-time video streaming and recording, hands free reminders, and QR code scanning capabilities directly from the lenses. With more advanced cameras, microphones, and voice commands these smart glasses can also engage and interact with other connected devices. As smart eyewear continues to gain momentum, similar high-tech models can already be found through leading retailers that offer advanced options like Clearly glasses alongside other premium smart eyewear brands.
See: How PhD-Level AI Agents Will Change Financial Services
Cosmetically, the smart glasses appear similar to the classic Ray-Ban design, and with these kinds of improvements the next big consumer device may not be that far away. That's a big assumption though. The smart glasses must make every day living better or it will have adoption challenges with certain age brackets.
Ray-Ban’s Meta smart glasses will have real-time AI video processing, allowing you to ask questions about what the glasses can see. pic.twitter.com/KO0LlMvT3y
— TechCrunch (@TechCrunch) September 25, 2024
A Day in the Life with Meta’s New Smart Glasses
Meet Sarah, a young professional who uses Meta's smart glasses to help her handle her finances all day long.
As Sarah prepares breakfast in the morning, she takes a little moment to assess her financial situation. She can monitor her account balances and pending payments with a quick glimpse of her smart glasses. AI instantly calculates and organizes the money she spent the day before, pointing out any unusual transactions and recommending any changes to her budget.
See: Meta’s New Open-Source Llama 3.1 and LLM’s for Fintech
As she passes her favourite bakery/coffee shop on her way to work, Sarah's glasses show her how stopping at the shop would affect her entertainment budget for the week and to help her meet her monthly savings target, AI advises her to make coffee at work instead.
At work, the glasses subtly provide an update on her financial portfolio's performance. She uses a voice command to get real time analysis during her break. AI finds a new stock that fits her investment style and provides analysis and expert ratings along with a visual comparison to her current holdings.
Sarah's AI assistant informs her before she leaves for lunch which nearby restaurant would give her the most cashback on her credit card. While doing so, she receives a personalized recommendation to move excess money from her checking account to her investments to optimize her earnings which she can invoke with a visual swipe or voice commend to move funds from one virtual wallet to another.
After work, Sarah needs to buy a gift for a friend. The glasses show her how the purchase would impact her finances after scanning the price tag in real-time. Based on her credit history and rapidly assessing interest rates, the AI assistant suggests the most economical method of payment.
See: Google’s Vision for a Real-Time, Multimodal AI Assistant
Sarah receives a daily summary of her finances via her glasses before she goes to bed. This includes updates on her spending, changes to her investment and savings accounts, and a warning about an impending subscription charge. She can choose to postpone or cancel the subscription right from her glasses, allowing her to remain in control of her budget at all times.
Outlook
Meta's smart glasses are a paradigm shift for consumers, as personal financial management moves from passive to proactive with real-time AI decisioning support. These smart wearables can help people make better financial choices throughout the day, whether it's about budgeting, investing or making daily purchases.
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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