Karsten Wenzlaff, Advisor
August 26th, 2025
Mar 4, 2026 | NCFA Fintech Market Activity | Regtech And Financial Crime Compliance

AI image robot analyzing financial data in office
On March 4 2026, UK based Vivox AI raised £1.3 million to scale AI agents built for AML, KYB, and KYC workflows inside regulated financial institutions.
Vivox AI ties the raise to current deployment claims across enterprise customers operating in more than 100 countries, including the UK, Europe, the United States, and Singapore. The release says complex compliance case processing time falls from about six hours to about 30 minutes, false positive screening alerts fall by up to 86%, and straight through processing reaches up to 50% for selected onboarding and due diligence workflows.
AML, KYC, and KYB work is repetitive, document heavy, and costly. Time per case, alert volume, and exception handling drive staffing levels and backlog risk. The goal is to target those exact cost drivers. Less time per case reduces analyst hours. Lower false positive rates reduce review load. Higher clean through processing reduces manual touch rates.
The product is described as separate task agents rather than one general AI layer. That design fits regulated workflows more closely because onboarding, due diligence, screening, and case handling can be controlled, tested, monitored, and audited as separate processes. In practice, compliance teams need faster file handling, cleaner audit trails, and fewer manual reviews that do not add risk insight.
Canada recently updated its Canada anti fraud policy and continues to raise expectations on prevention, detection, and reporting. That pushes more pressure through AML, KYC, and KYB operations while boosting financial crime compliance innovation.
Vivox AI is entering a category where established Canadian and Canada connected firms already cover adjacent parts of the stack. Trulioo identity verification supports global KYC and KYB onboarding. iComply compliance automation covers modular AML, KYC, KYB, and KYT workflows. Nasdaq Verafin financial crime controls serves financial institutions with AML, fraud, and investigation tools. Vivox AI’s stated position is narrower and more execution focused: task specific agents inside case work, screening, and due diligence workflows.
For operators key metrics such as time saved per case, false positive rates, exception rates, audit evidence quality, and post approval error rates will determine whether automation lowers cost or adds a second layer of review.
If compliance automation cuts a six hour case to 30 minutes and reduces false positives by up to 86%, does workflow design replace compliance team size as the main scaling lever?
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 3, 2026 | NCFA Fintech Market Insight | Small Business Performance And Payments

Image: Small Business Sales, Canada (Xero Small Business Insights, Canada Oct Dec 2025)
On February 26 2026, Xero released its Small Business Insights Canada Update for October to December 2025, based on aggregated and anonymized small business accounting data from its small business accounting platform, not survey responses. The dataset reflects real invoicing and payment activity captured within the Xero system. The December quarter closed with a clear revenue reversal while payment discipline strengthened. The numbers provide an operating baseline for fintech lenders, payments firms, and financial institutions serving the small business segment, as we move deeper into 2026.
Quarterly Sales Growth 2025
Q1: +5.0%
Q2: +2.8%
Q3: +2.0%
Q4: −4.1%
Q4 Monthly Breakdown
October: −1.6%
November: −5.6%
December: −5.1%
A nine percentage point swing from Q1 to Q4, with the December quarter decline the largest since September 2020. The Q4 reversal showed how fast small business demand can change. Sales moved from solid growth early in the year to a sharp contraction by December.
That kind of swing compresses reaction time. For lenders and platform providers, continuous revenue monitoring is more important than backward looking ratios. Fintechs that track live invoicing flows and cash inflows gain earlier warning signals. Banks that still rely on periodic reporting will be reactive. The risk is no longer just default, it's also speed.
During periods of weaker revenue, founders focus on cash flow and credit, but they also need to review commercial insurance coverage options as risk exposure increases.
Full Year 2025 Average: +1.4%
Long Term Average: +4.5%
A sustained three percentage point gap versus historical norms. Not a single weak month but a structural softness across the year. When growth slows, small businesses focus on managing timing. They want certainty around receivables, payables, and liquidity buffers. Expansion plans move to the background. This changes product priorities. Tools that shorten receivable cycles, automate reconciliation, and provide flexible liquidity become core operating infrastructure. Working capital solutions that assume growth acceleration may miss the mark. Fintechs that help stabilize cash flow, and not amplify growth, may align better in this cycle.
Late Payment Days
June Quarter: 11.3 days
September Quarter: 9.8 days
December Quarter: 9.7 days
Long Term Average: 11.7 days
Time To Be Paid
June Quarter: 27.7 days
September Quarter: 26.3 days
December Quarter: 26.8 days
Revenue slowed, but businesses tightened receivables management. Payment behaviour improved into year end. Settlement timing held steady despite volatility in topline growth. This means payment behaviour data may now offer stronger forward insight than topline growth alone. If a business collects faster, even during a slowdown, that tells you something about discipline, customer quality, and internal controls. Fintech lenders that weight verified payment performance can price risk more precisely.
Q4 Sales Growth By Province
British Columbia: −8.2%
Alberta: −4.0%
Ontario: −1.7%
Q4 Time To Be Paid
Ontario: 28.4 days
British Columbia: 27.5 days
Alberta: 26.6 days
Regional sales outcomes and liquidity conditions diverged materially. National averages masked local differences. The December quarter showed wide variation across provinces. Some regions contracted far more than others. That gap changes the risk profile of a portfolio. National averages smooth out reality. A lender with concentrated exposure in a weaker province carries different forward risk than one diversified across stronger regions. Regional segmentation should move from a reporting exercise to a pricing and limit setting discipline. Portfolio steering needs to reflect local operating conditions, not national headlines.
Q4 2025 showed a structural split: weaker sales, stronger collections, and widening regional differences. For fintech leaders, the opportunity is not just reacting to the decline. It's in building systems that continuously read revenue direction, payment velocity, and geographic exposure at a granular level. Firms that can master these variables in real time will support small businesses more effectively in lower growth environments.
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 2, 2026 | NCFA Fintech Market Activity | Funding Access And Market Structure

On March 2 2026, FrontFundr and Swoop launched a funding partnership that brings equity, debt, and specialized financing into one coordinated path for Canadian startups.
FrontFundr enters the partnership with more than 69,000 investors, more than $336 million in processed investments, more than 35,000 transactions, and more than 285 successful raises.
Peter-Paul Van Hoeken, Founder & CEO of FrontFundr:
“Raising capital is rarely straightforward, and founders shouldn’t have to navigate fragmented options alone. By partnering with Swoop, we’re giving startups a single, coordinated path to financing, so they can focus on building their business instead of managing complexity.”
Swoop Finance, launched in the UK in 2018, adds a broader financing reach with more than $2.5 billion in completed funding for more than 282,000 global customers. Together, that combines community based equity access with a wider range of debt and structured funding options.
Daire Burke, Head of Swoop North America
“Canadian startups need access to both capital and guidance to grow efficiently. Working together with FrontFundr allows us to combine our expertise in loans, grants, and financing solutions with FrontFundr’s equity crowdfunding platform, creating a seamless funding experience for founders.”
Founders rarely use one funding tool from start to scale. Equity can fund product development and early traction. Loans, lines of credit, grants, asset-backed financing, acquisition finance, and other structured products can support working capital, expansion, and specific transactions. A combined and simplified path can reduce friction at a time when founders still lose time moving between separate funding providers.
For Canada, this points to a more connected funding stack at a time when Canadian venture funding pressure continues to make capital access one of the hardest constraints on startup growth. The stronger platforms offer more than one product, and help founders match the right capital to the right stage with less delay and less administrative drag.
For founders and investors, access to capital is becoming a workflow issue as much as a supply issue. Platforms that combine investor reach, financing options, and execution support can become more valuable than standalone marketplaces.
As startup funding gets harder to piece together, does long term value move to platforms that control more of the capital journey, not just one part of it?
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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February 26, 2026

Image: Freepik/wavebreakmedia micro
In recent years, the business environment in Quebec has been evolving rapidly due to technological innovation, the growth of strong SMEs, and increasing global trade.
Firms in this region, including Montreal startups and Quebec City multinationals, are increasingly inclined to engage consulting firms to address growth, digital transformation, and strategic issues.
With so many advisory firms competing for attention, which ones truly stand out? This article discusses the top ten consulting firms in Quebec and guides on selecting the right consultant to meet your business needs.
The correct consulting firm can prove to be a transformational asset. It may also become a competitive advantage that your Quebec-based organization requires. The following ten business consulting companies, based on their highest ratings and industry reputation in Quebec, are listed below.
Montreal-based consulting firm specializing in HR Advisory and Business Profitability, with 17+ years of expertise serving firms across Quebec. ACM Canada delivers structured solutions, including Marketing and Strategic Planning, to guide businesses through expansion or restructuring, backed by a 2-for-1 ROI guarantee.
Alithya is a significant technology and digital strategy consultant that originated in Quebec. They are experts in business intelligence, ERP/CRM implementation, data analytics, and cloud transformation. Their advantage lies in integrating business advice with the latest technological solutions.
RCGT is one of the largest advisory and accounting firms in Quebec, offering a comprehensive range of services that includes business consulting, risk management, restructuring, and M&A advisory. Their excellent financial consulting qualifications and extensive geographical reach in Quebec would ensure that they are a suitable partner for both corporate and middle-income firms.
Although it is primarily an engineering and environmental consultancy, WSP Global (which also has a large office in Montreal) provides advice to companies on infrastructure development strategy, sustainability, and project development, all areas where Quebec is striving to develop green and built-environment industries.
This firm is listed on Clutch as a consulting provider, offering a two-fold advantage in accounting and advisory services. They are typically contracted to provide strategic financial planning, cost management, and performance enhancement services.
ProMerit is a combination of management consulting and a local presence in Quebec. They are designed to optimize business processes, facilitate change management, and enhance operational efficiency, offering flexible engagement models for evolving companies.
This company, based in Quebec, provides consulting services in accounting, with a focus on serving nonprofit organizations and the public sector. They are advised to be strong in financial planning, governance, and compliance.
Lemieux Nolet, based in Lévis, Quebec, draws on substantial financial experience to provide strategic advice, particularly to family businesses and SMEs. Their services usually encompass succession planning, economic restructuring, and growth strategy.
This is a multifaceted consultancy company located in Quebec City. Although they offer conventional business advisory services, they are also recognized for their effectiveness in ERP consulting, systems integration, and IT-related transformation, helping firms modernize their businesses and align their business objectives.
Interestingly, Deloitte has its roots in the consulting industry a long time ago. Furthermore, they are among the largest Canadian-owned consulting and services firms in Quebec and Canada at large. You should consider using their services based on Deloitte’s track record.
The selection of the consultant is as significant as the selection of the strategy. The six important criteria to consider potential partners are below:
Find consultants with actual, applicable experience in your business or size. When companies such as Proaction International and Alithya are involved, they have decades of field experience, meaning that they are aware of what your market is like.
A good consultant not only provides recommendations but also listens. Empathy refers to seeing beyond your financial objectives and knowing your business culture, emotional distress, and aspirations. Larger boutiques, such as Pyonnier Developpement, are usually competent in this aspect due to their personalized service.
Openness in charges, output, and reporting fosters confidence. Established companies, such as Raymond Chabot Grant Thornton, are typically very articulate about their engagement models. Request that potential consultants provide a clear breakdown of costs and milestones before signing any agreement.
Not only should you find solutions to your problems, but your consulting friend must also develop action plans. Find companies with a roadmap that has distinct stages, quantifiable KPIs, and a roadmap time. Alithya, as an example, tends to combine strategy and implementation in a single plan.
Versatility implies that a company will be able to deal with various forms of challenges, whether it is digital transformation, financial restructuring, or market expansion. Companies such as WSP Global or Genius Solutions can counsel on a variety of strategic questions due to their multidisciplinary staff.
Strategic acumen is key. An excellent consultant must be able to understand both macro trends (such as sustainability or digital disruption) and micro-level issues (including cash flow and operations). This two-fold approach provides a balanced perspective on advice, as it is both visionary and practical.
Quebec has a highly varied business consulting talent pool. You are a local company that needs to grow. You are a startup company that needs to digitalize. You are a larger company that needs to focus on governance and restructuring. Ideal consulting companies are right for the task. Finally, look for a consulting firm that has a business diagnostic service.
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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February 20, 2026 | NCFA Market Activity | Policy and Regulation

On February 20 2026, the U.S. Supreme Court tariff ruling found President Trump overstepped authority when invoking emergency powers to impose tariffs, delivering a 6 to 3 decision that impacts trade policy expectations across North America.
The ruling removes one of the most aggressive tariff pathways by confirming that emergency powers cannot serve as a broad trade policy tool. However, other legal authorities remain available, meaning tariff risk does not disappear. Policymakers in Ottawa have already begun reviewing the decision’s implications as cross border supply chains remain exposed to policy shifts.
Canada has already experienced tariff volatility during earlier policy cycles. April 2025 tariff impacts on Canadian businesses highlights how sudden trade actions disrupted pricing, inventory planning, and SME financing decisions. Separate analysis of Canada’s tariff trade tensions and economic spillovers shows how cross border friction affects supply chains and investment confidence even when exemptions exist.
The latest ruling may remove one legal foundation for tariffs, but uncertainty remains as governments retain alternative tools. For Canadian exporters and importers, planning risk continues to dominate strategic decision making.
Recent trade data reflects tariff driven disruption across the Canada United States corridor. Statistics Canada indicators show softening export volumes and declining imports during escalation periods, spotlighting how policy uncertainty can translate into pricing pressure, inventory swings, and capital allocation challenges for businesses operating internationally.
If tariff policy remains unpredictable despite judicial limits, will exporters accelerate adoption of embedded treasury, automated FX, and digital trade finance tools as core resilience infrastructure?
Tariffs apply to goods, yet financial effects surface across payments, FX settlement, and liquidity management. Companies facing trade uncertainty typically increase hedging activity, rely more heavily on short term working capital, and demand faster reconciliation to manage cash exposure.
The Supreme Court decision restores an important legal boundary but doesn't end tariff uncertainty. Political pressure around industrial policy and trade protection remains elevated, suggesting continued volatility in cross border commerce.
For Canada’s fintech ecosystem, the news may strengthens the role of fintech platforms focused on cross border payments, FX automation, trade finance digitization, and SME liquidity tools. Firms that help businesses forecast cash flow, manage currency risk, and access capital faster become operational buffers against geopolitical volatility.
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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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