Karsten Wenzlaff, Advisor
August 26th, 2025
Mar 25, 2026 | NCFA Fintech Market Activity | Payments And Money Movement

On March 25, 2026, Chexy closed a $14M Series A led by Khosla Ventures. Co-founder and CEO Liza Akhvledziani Carew said the company started by helping renters earn rewards on their biggest monthly expense, then grew into “something much bigger: a new way for money to move in Canada.”
Chexy’s own numbers speak for themselves. The company says it now supports 5,000+ businesses, $1B+ in annual payments, and $20M in rewards value. That's certainly not a narrow rent rewards story and points to a scaling payments company for businesses.
The company has already shown that rent can work as an entry point. In its first year, the company said it processed $30M in rental payments and generated $1M in rewards value. Now Chexy’s business offering has expanded considerably, including supplier payments, commercial rent, payroll, corporate tax, GST and HST remittance, payroll remittance, and property tax. This wider mix of recurring payments gives the company more ways to increase usage and build a deeper payments relationship.
While Chexy is part of the trend where rent and housing payments pull more fintech models into consumer finance, it's broadening it's model built around payments rather than point of sale credit. And the capital gives the fintech more runway to build and grow.
If rent brings users in, which payment flows give Chexy the best chance to become a durable Canadian money product?
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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March 26, 2026

Airbnb was founded by Brian Chesky and Joe Gebbia in 2008. They started their business on a shoestring budget, offering air mattresses on the floor for rent during a conference in San Francisco. The pair placed an advert offering a cheap room or ‘bed space’ with breakfast. As a result, they made a decent profit, which allowed them to pay the rent.
Money was needed to maintain the website offering mattresses for overnight stays. At the time, the election campaign was in full swing. The main frontrunners were Barack Obama and John McCain. The budding entrepreneurs bought cheap cereal and boxes and released limited-edition ready-made breakfasts with a personalised number and a high price tag of $40. The cereal cost just $1 per box. Thanks to media coverage and social media, the Obama boxes sold out in three days. The idea brought in $20–30,000.
It was from such a simple idea that the story of a company began, one that is now familiar to literally everyone.
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Oculus was founded in 2012 by Palmer Luckey, who created the first prototype of a virtual reality headset. By the age of 22, he was already worth $500 million. Out of curiosity, he collected a range of outdated virtual reality devices. One day, Laki managed to buy a headset that had once sold for $97,000 for just $87. To expand his collection, Laki taught himself electronics: he bought broken iPhones, repaired them and sold them on at a higher price. That’s how he made $30,000.
These unsuccessful older models became the basis for new developments. Palmer was simply an enthusiastic teenager who loved video games and science fiction films. It was solely through his enthusiasm and passion that the young man was able to create what experienced engineers had been trying to do before him.
Slack was created in 2013 as a tool for internal company communication. Tiny Speck, a company founded by Stewart Butterfield, developed the game Glitch, which flopped. However, in the process, a communication tool was created that became the foundation for Slack. The messenger with advanced functionality was launched in 2014. The platform quickly gained popularity by solving the problem of fragmented workplace communications.
Key factors in its success were word of mouth, an open platform with an API for integrating apps and bots, and a focus on organisational transformation. Slack works with competitors and offers integrations with various services: Google Calendar, Zoom and Microsoft Teams.
The company considers building an ecosystem to be a successful model for growth and meeting user needs. So it turns out that, by solving its own problems and challenges, the team created a service that many companies need.
The brand’s history began in 1965, when its founder, Fred DeLuca, opened a sandwich shop in Connecticut at the age of 17. This was how the future businessman decided to earn money to pay for his medical studies.
Peter Buck, a friend of his father’s, helped Fred open his first eatery, providing $1,000 to develop the business. Fred and Buck became business partners and were ‘fired up’ by the idea of creating a chain of restaurants across the state. DeLuca put his dream of becoming a doctor on hold and began learning the ropes of running a business. It is worth noting that in the early days, Fred made the sandwiches himself and managed to cope with the large flow of customers.
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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Mar 23, 2026 | NCFA Fintech Market Activity | Venture Funding And Building

Image: Freepik
On March 23, 2026, BKR Capital announced a $20M first close for Black Innovation Fund II, with a final target of $50M. The first close includes backing from RBC, Boann Social Impact Fund, Cap Finance Social Finance Fund, BDC, and EDC.
BKR also said its first fund invested in 15 technology companies and is tracking as a top quartile performer for its vintage.
The release puts a hard number on the market gap. BKR said only 0.15% of venture capital deployed in Canada in 2025 went to Black founders. That is the core fact in this story. A second institutional fund is being raised into a market where founder supply exists, but early capital allocation remains extremely thin. The first close is aligned with a wider government effort to expand access to capital, including Canada’s renewed $189M Black Entrepreneurship Program.
Lissa Bjerkelund, Vice-President and Head of Investments at EDC:
"Supporting Canadian companies as they expand into global markets is critical in today's economic environment, and our investment in this fund speaks to our commitment to helping level the playing field for Black-owned businesses to access the capital they need to fuel their growth."
Isaac Olowolafe, General Partner at BKR Capital said there was “a powerful investment opportunity hiding in plain sight,” while Lise Birikundavyi, Co-Founder and Managing Partner at BKR Capital said “the strong financial performance of our first fund confirms what we have always known.” BKR is not pitching this as a social side pocket. It is arguing that Canada continues to misprice a real venture pipeline.
That raises a more direct capital formation question. If Fund I has already reached 15 companies and BKR says it is tracking as a top quartile performer, what keeps more institutional capital from moving sooner into managers and founder segments that the market still underfunds?
BKR’s first close also includes BDC, which lines up with a broader push toward more inclusive capital formation in Canada, including BDC’s $250M commitment to inclusive entrepreneurship.
If the founder pipeline is there and the performance case is strengthening, what still stops more Canadian institutional capital from moving earlier and at larger scale?
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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