Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Equity Crowdfunding, Alternative Funding
Equity Crowdfunding at Year One, What’s The Impact?
Forbes | Kay Koplovitz | Sep 26, 2014
A total of 534 out of 3,361 companies successfully hit their equity crowdfunding target in year one, thank you Title II of the JOBS Act. According to Crowdnetic, $217.7 million equity capital was raised, which averages $407, 685 per company. Despite the 2, 824 that did not get funded, I see the one-year anniversary of the JOBS Act Title II provisions as a success—perhaps this is because of my rose colored entrepreneurial glasses, but $217.7 million capital raised is an indicator that publicly soliciting funds from accredited investors has created access to a new funding stream.
What Sectors Are Leading the Way?
The Services and Technology Sectors continue to lead in the amount of recorded capital commitments at $107. 4 million and $77.9 million respectively. They are followed by consumer goods, financial products and healthcare. According to Luan Cox, co-founder and CEO of Crowdnetic, investments made through crowdfunding platforms have grown each quarter and will continue to grow exponentially as more specialized platforms come to market. Crowdfunder, Founders Fund, CircleUp and Angel List are among the equity crowdfunding sites that function like Title II conduits to connect entrepreneurs and investors with the open source market.
View
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Canadian Equity Crowdfunding Portals: SVX, Optimize Capital Markets, SeedUps Canada
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NCFA Launches Crowdfunding Standards Initiative
Equity Crowdfunding Results And Trends
Chance Barnett, Founder and CEO of Crowdfunder shared with me what the equity crowdfunding landscape looks like at Crowdfunder. Crowdfunder has seen 31 companies endure funding rounds within the first 9 months of operation. Crowdfunder’s average deal size is $1.6 million, most of them in the Seed and Series A rounds, and the range raised is generally $500,000 to $3 million.
Chance Barnett, also explained that equity crowdfunding is using online engagement as a tool for marketing and constructing a more compelling pitch that delivers a better product or service. Now that one year has passed since Title II implementation, he is noticing that people are no longer thinking about funding as separate from crowdfunding, but that crowdfunding online is becoming an integral part of the overall process of securing funding.
Where is Equity Crowdfunding Taking Place?
Equity crowdfunding is taken place in all 50 states, the District of Columbia and Puerto Rico. This represents a significant democratization of capital sources and is opening the door for investors living in the flyover states that have much less access to deal flow than the coastal states do.
With Silicon Valley at the helm, California continues to lead the way in both the number of companies and the capital raised. Rounding out the top five states in equity crowdfunding are: New York, Florida, Texas, and Illinois.
Enterprise Toronto Small Business Forum Must Attend Event for Entrepreneurs, Oct 23, 2014
As reported by Crowdfunder, there are an estimated 9 million accredited investors in the US, while the vast majority have not yet signed onto an equity funding platform, they are distributed throughout the country. People can now sign on, verify their accreditation, and see deals that others are investing in. Accredited investors can even tag along with well known VC’s for as little as $1,000, something that Chance says was unheard of even 3 years ago and not even possible until Title II of the JOBS Act.
Rewards-Based Crowdfunding and Equity Crowdfunding Are Finding Capital
People have invested hundreds of millions since reward-based crowdfunding sights launched. FundRazr, FuelLocal, Kickstarter and Indiegogo are example of rewards-based crowdfunding platforms that contribute capital to business growth. While not an equity crowdfunding site, Indiegogo is having a major impact for profit firms. I spoke with Indiegogo’s Co-Founder, Danae Ringelmann to gain a better understanding of how entrepreneurs are able to scale a business through reward-based crowdfunding in a way that appears similar to equity crowdfunding.
Continue to the full article --> here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Support Canadian Crowdfunding.
United States: Ten Things You Need To Know Before Engaging In Accredited Crowdfunding
via Mondaq by Day Pitney LLP |Article by Eliza Sporn Fromberg and Norbert Mehl | October 8, 2014
It has been over a year since the Securities and Exchange Commission (SEC) permitted securities issuers to market their capital raises using general solicitation and general advertising while still qualifying for an exemption from public registration. During this time, hundreds of online crowdfunding platforms have launched -- seemingly overnight -- offering investment opportunities in private companies. For a company seeking to raise capital, these "accredited crowdfunding" platforms offer the tantalizing possibility of raising funds with the click of a button. As this new industry grows and develops, it's conceivable certain accredited crowdfunding platforms may become as ubiquitous as traditional broker-dealers. But in this nascent industry, how should a company seeking to raise capital for a new or existing venture go about selecting the most suitable crowdfunding solution? The following are 10 things you should know before engaging in accredited crowdfunding.
1. Who is eligible to raise funds through accredited crowdfunding?
In the United States, securities offerings made pursuant to Rule 506 of Regulation D under the Securities Act of 1933 are not deemed "public" offerings under the securities laws and are therefore exempt from public registration with the SEC. With one exception, any company can make this type of "private" offering of its securities -- and raise an unlimited amount of money from accredited investors -- using general solicitation and general advertising, either on its own or using an intermediary such as an accredited crowdfunding platform. However, an issuer of securities is prohibited from making a private offering in reliance on Rule 506 if the issuer or certain "covered persons" including directors, executive officers, certain shareholders, and placement agents of the issuer have been convicted of securities fraud or other violations within 10 years of the proposed sale of securities (or five years in the case of the issuer). The "bad actor" disqualification rules apply to all Rule 506 offerings, regardless of whether general solicitation or general advertising is used.
Related: Equity Crowdfunding Frequently Asked Questions in Canada
2. Which accredited crowdfunding platform is right for you?
There are hundreds of accredited crowdfunding platforms, and new ones are being launched every day. In order to determine which platform aligns most closely with a particular issuer's or investor's interests, it is vital to understand the regulatory scheme under which the platform operates, the fee structure, the types of issuers and investors the platform attracts, its managerial and financial resources, the amount of qualified website traffic it generates, and its industry vertical expertise. Each of these factors may impact the success of the offering.
Certain accredited crowdfunding platforms pool the capital raised from accredited investors into private investment funds, which in turn make investments in selected companies listed on the platform. Under this "VC fund/private fund adviser" model, the platform typically acts as an investment adviser to the specially created private funds, and its performance-based compensation hinges on the profits (if any) generated by the funds it manages. The platform (or a lead angel investor) may provide strategic advice and connections to the funds' portfolio companies. Although this model may appear to align the platform's and the issuer's interests, a platform (or a lead angel investor) focused on an accelerated return on investment and liquidity may induce a company to seek an earlier exit.
Other accredited crowdfunding platforms are registered broker-dealers, or are owned, operated by or partnered with registered broker-dealers. These platforms facilitate sales of the issuing company's securities directly to accredited investors. The broker-dealer model platforms receive transaction-based compensation, typically consisting of a percentage of the funds raised, generally ranging from 1 to 10 percent, depending on the offering amount and type of deal. A company that completes a successful raise under this model may discover it suddenly has a large number of small individual shareholders.
Subscription-based platforms charge a flat monthly fee to companies for listing their securities offerings on the platform. The amount of the fee depends on the complexity of the offering and the optional services selected by the company, such as access to particular software or business plan assistance. Subscription model platforms are typically not registered as broker-dealers or investment advisers. Accredited investors and companies seeking funding connect through the platform but negotiate the terms of the investment without the platform's assistance. Companies using a subscription model platform must be prepared to spend significant time and effort courting and negotiating with potential investors.
3. Why not DIY?
Some companies may find it appealing to raise money directly by making their own general solicitation offering via their company website. Putting aside the obvious challenge of raising a large amount of capital without the aid of an intermediary, placement agent or finder, a company conducting its own general solicitation will need to undertake certain steps to reasonably verify that all purchasers of the offering are accredited investors. Simply having the investors "check a box" indicating they meet the accreditation standard is not sufficient. The fact-intensive and time-consuming accredited investor verification process can be outsourced to a third-party provider, provided the issuer has a reasonable basis to rely on the third party's verification.
View:
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Entrepreneurial Lawyer and Crowdfunding Expert, Wires Law
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Securities and Equities, M&A, Dealer Registration, Venture Law Corp
For any capital raise made through a general solicitation, but particularly for one conducted without an intermediary, the best practice is to have a robust offering document, drafted with the assistance of counsel, that describes the terms of the investment. Written disclosure of the risks of the investment will help protect the issuer in the event of a fraud claim.
4. What's the company's ideal "cap table"?
In selecting a crowdfunding platform, it's important to consider the number and types of shareholders that would be most beneficial to the company. Having a single shareholder on the "cap table," as is typically the case under the "VC fund/private fund adviser" model, where the shareholder is the platform-advised fund, may relieve the issuer of logistical headaches, allowing it to focus primarily on its business operations. However, this approach may require the company to relinquish greater management control.
5. Who will handle the due diligence process?
Aside from pitching a business plan and its viability to potential investors, issuing companies must be prepared to be subjected to a thorough due diligence investigation of the company; its founders, management team and operations; and the proposed use of proceeds. Before choosing a platform, issuers should consider the extent of due diligence conducted and who is conducting the due diligence. Accredited crowdfunding platforms that are registered broker-dealers are required to conduct a reasonable investigation of the issuer and the securities when recommending securities sold in offerings made pursuant to Regulation D. In contrast, subscription-based crowdfunding platforms generally are not responsible for due diligence, which must be conducted by each investor independently. With regard to the VC fund/private fund adviser platforms, if an experienced and reputable lead angel commits to making a large investment at the outset of a fundraising campaign, it would be reasonable to assume the lead angel would have conducted some basic due diligence and vetting of the issuer and the proposed venture's likelihood of success.
Related: Inline Reference Check - Investment Crowdfunding Background and Due Diligence Services
Some investors prefer to use accredited crowdfunding platforms that curate or vet the offerings listed. Other investors, mindful of the high risk of failure of most startups, may prefer to do their own vetting and due diligence.
6. Who will handle investor relations?
Before launching an accredited crowdfunding campaign, a prospective issuer would be wise to consider who will handle the company's investor relations (IR) and how it plans to communicate with its shareholders after the closing of the offering. Investor relations consists of the management of ongoing relations and communications of vital corporate and financial information between a company and its shareholders. The primary purpose of IR is to maximize a company's market value in the eyes and minds of the investment community. In a small or growing startup, IR is typically handled by the company's chief financial officer or treasurer, with the assistance of an inside public relations (PR) team or an outside PR or IR agency.
7. What's the purpose of a transfer agent?
Although raising capital can be exciting, the less glamorous intricacies of the form in which the company will issue shares should not be neglected. Before launching a fundraising campaign, the company should decide whether it will issue paper certificates or the securities will be held in electronic book-entry form. To keep track of its shareholders, the number of shares owned and how the stocks are held, securities issuers typically engage independent transfer agents that issue and cancel stock certificates to reflect changes in ownership. A company may maintain its own share register and act as its own transfer agent, but attempting to do so may be impractical or unreliable if the company is small and has numerous shareholders.
Continue to the full article --> here
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Support Canadian Crowdfunding.
Regulatory Committee
About NCFA Canada's Regulatory and Policy Committee
NCFA Canada's Regulatory and Policy committee draws on the expertise of lawyers, accountants, entrepreneurs, regulators, anti-fraud investigators, licensed dealer-brokers, bankers, payment processors and investors to discuss regulatory issues, policy and publish recommendations and guidelines for the benefit of a stronger fintech and funding industry in Canada
Mission and Objectives
Initial regulatory standards encompass the following core principles and objectives:
- Transparent Investment Opportunities
- Early Fraud and Mismanagement Detection
- Affordability for Issuers
- Efficiency by Leveraging Technology
- Effective Dispute Resolution
- Job Creation and Business Growth
- Director and Management Accountability
- Meaningful Ongoing Disclosure
- Professionalism
- Fairness and Equality
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Nov 7, 2026 | Last Updated Nov 13, 2026 | NCFA Fintech Whisperer | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Competition And Market Structure, Cross Border Payments And FX, Cybersecurity Fraud And Financial Crime, Digital Assets Blockchain And Tokenization, Digital Banking And BaaS, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Payments Infrastructure And Money Movement, Regulation And Policy, Risk Compliance And Regtech, SME Finance And Business Banking, Sustainable Finance ESG And Financial Inclusion, Treasury Liquidity And Cash Management, Wealthtech Investing And Trading NCFA Fintech Whisperer is a live weekly market intelligence page tracking financial technology and financial innovation developments that change how markets operate. Coverage spans NCFA's full financial innovation taxonomy, with Canada first and global developments included when they materially affect rules, market access, competition, capital, technology adoption, distribution, risk or execution. We focus on changes that founders, investors, financial institutions, regulators and operators may need to act on, not simply what's making headlines. This page is updated throughout the week as material developments emerge, then closed and archived before the next weekly window begins. Missed a prior week's Fintech Whisperer? Browse December 6 to 12, ...
About NCFA Canada | Craig Asano | November 13, 2026 Featured Guest: ROB EIJGENRAAM, Founder, TokenMinds (LinkedIn) Rob Eijgenraam is the Founder of TokenMinds and Creator of TMX, a suite of blockchain and AI technology products. Based in Singapore, Rob helps established businesses outside the crypto industry develop token launches, fundraising strategies and Web3 products, with each project designed around a clear return on investment. An experienced entrepreneur with a background spanning Europe and Asia, Rob founded TokenMinds in 2017 during the early ICO boom. Over nearly a decade, he has navigated major crypto market cycles while expanding the company's capabilities in tokenization, blockchain development and AI-powered financial applications. Rob combines deep entrepreneurial experience with hands-on blockchain and AI execution. Working closely with CEOs, business owners and their advisors, he focuses on finding practical solutions that fit each company's commercial objectives and growth opportunities. About TokenMinds TokenMinds is an award-winning blockchain and AI firm that helps established businesses raise growth capital through token launches without giving up equity. Founded in 2017, TokenMinds has worked with more than 200 companies worldwide, supporting end-to-end solutions for token fundraising through innovative Web3 and AI strategies. Its services span tokenomics, fundraising strategy, investor outreach, blockchain development, token launches ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
Lending Club’s IPO and the Next Phase of Crowdfunding
Equities.com by Steven Cinelli | October 6, 2014
The crowdfunding industry has entered a new, and possibly more legitimate space, in the framework of financial services. I refer to the recent S-1 filing of Lending Club (LC), which elevates the profile of both the company as also the distributed finance industry overall. Lending Club’s claim to an expected $5 billion market capitalization can be viewed as a major success in terms of value creation, market opportunity and the growth of new shadow banking methodologies. We have seen crowd platforms, whether in peer-to-peer lending (P2P) (Prosper and LC), real estate crowdfunding (Fundrise, Realty Mogul), SME loan funding (Funding Circle), raise growth capital at phenomenal valuations, as the marriage of capital formation and technology seems to have delivered a piece de resistance.
Related: Google Leads a $125 Million Investment in Lending Club
But as a banker, who greatly appreciates the application of technology in financial services in terms of creating better efficiencies, improved data and analytics, and overall accessibility, I wonder as to what is the appropriate and responsible assessment of value for these platforms. Technology is simply an enabler. The root business is one of finance. Providing risk capital for a price. Does technology improve the risk assessment, possibly with reams of historical data where actuarial analysis can be applied? But that too is fundamental risk assessment done more swiftly.
Lending Club's IPO Pricing Will Set Precedent for Crowdfunding
LC is being valued as a technology company, not as a financial services company. Let’s think about it. The platform intermediates providers of capital with users of capital, like a bank, possibly more efficiently, but then again maybe not. Simply, LC is providing consumer loans as an alternative to credit cards, with better pricing and structured on an amortized basis rather than as a revolving line of credit. The P2P space has targeted the top 10% tier of the $900 billion credit card user space, hoping to offer lower interest rates than the proverbial mid-teen-plus rates of bank cards. Might a challenge to them be a Chase (JPM) coming out with a 3% bank card? But allow us to go a bit further. Should LC be valued like a LinkedIn (LNKD) or a Facebook (FB) or other social media darlings, or as a fundamental financial intermediary, like a Wells Fargo (WFC) or a Visa (V)?
Wells enjoys the highest market capitalization of banks in the US and the world at approximately $270 billion. For metric purposes, this is about 10% of asset levels, 13 times earnings of $21 billion, and about 1.7 times equity book value. As the margins in the banking business are small, leveraging the balance sheet creates an attractive ROE, but an analyst recognizes the risk of the leverage, all of which enters the assessment. Visa, one of the companies that is a target for the P2P players, carries a market cap of $135 billion, generating $11 billion of annual revenue and $7 billion of operating income, and a book value multiple of under six times. Its model is different, a bit more risk averse, and carries solid margins. These seem to be thriving financial services companies that have certainly engaged in applied technology and are playing in the same space, catering to the same customer, offering a variant of the same product as our crowd platforms.
See also:
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13 Experts and 13 Trends That Will Dominate Crowdfunding in 2014
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Bank economists warn of disruptive threat from mobile and crowdfunding
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Crowdfunding websites trying to cash in on crowded field
At a $5 billion valuation, LC is being valued at 200% of asset levels, which are largely loans that it doesn’t own, compared to 10% with Wells, and a book value multiple of 40 times versus Wells at 1.7 times. When contrasted with Visa, which enjoys a book value of $27 billion and an earnings level to support its market cap, one might question the logic of a financial intermediary with projected revenues of $140 million and generating a loss, with footings of $2 billion to achieve the acclaimed value. The rationale can only be a technology spin, as the fundamental business of lending money remains constant. If we were to value LC on the basis of financial services compatriots, maybe placing a two times multiple on its book value of $135 million, or a footings multiple of 10% on $2 billion, we would arrive at a value that may not approach 10% of what the underwriters are placing upon it.
Disruptive Technology for an Age-Old Industry
So in the grander view, what creates value? And in particular, within these platforms? Are these highly scalable technology franchises, with incredible margins, earnings capabilities, and fundamentally unique methodologies? Do they own a proprietary clientele, magic sauce risk algorithm, or offering a product heretofore not available? Or are they simply dressed up financing businesses, where industry metrics do not/should not/(or why not) apply, typical of the analysts that valued Groupon (GRPN) or Facebook in their respective S-1s with non-GAAP measures of financial performance?
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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Crowdfunding | Support NCFA.
WAFU Inc. Launches First Ever Simultaneous Cross-Border Equity Crowdfunding offering in Canada and the United States
WAFU Inc. RushPRNews | October 6, 2014
Montreal, QC (RPRN) 10/06/14 — The popular CBC Dragons’ Den alumnae and manufacturer of the popular WAFU dressings and mayos has launched the first ever simultaneous cross-border accredited investor equity crowdfunding round through CircleUp in the United States and Optimize Capital Markets in Canada.
WAFU Inc. is pleased to announce that it has launched the first ever simultaneous cross-border (Canada-US) accredited investor equity crowdfunding offering by a Canadian company. The cross-border raise will be offered online via Optimize Capital Markets in Canada and CircleUp in the United States, allowing Canadian and US accredited investors the opportunity to purchase shares of WAFU through registered online equity crowdfunding platforms in each of their respective countries.
Related: WAFU Inc. Closes First Ever Equity Crowdfunding round by a Canadian Company in the United States
“We have launched this groundbreaking cross-border equity crowdfunding offering in order to allow our loyal consumers in the United States and Canada to be able to participate economically in the continued success of the WAFU products that they love,” said WAFU CEO Gil Michel-Garcia. WAFU Inc. is looking to place $1,000,000 Series A-3 Preferred Shares with “accredited investors” as defined under applicable securities laws in the US and Canada.
Related: Gil Michel-Garcia, CEO WAFU Inc., Joins NCFA’s Ambassador Program
Related: Equity Crowdfunding and Transparency Go Hand in Hand
“Given the ongoing success of our WAFU products and the recent listings of our products at Walmart Canada, Sobeys Ontario, Loblaw’s Ontario and Western Canada and Federated Co-Op in Western Canada, we thought that the time was right to raise additional capital in order to fully take advantage of these growth opportunities. Assuming that we raise the capital that we need, we expect that these new listings will allow us to deliver top line growth of more than 50% next fiscal year,” indicated Mr. Michel-Garcia.
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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Crowdfunding | Support NCFA.
Chinese Internet Firms Turn To Crowd-funding
Forbes by Trefis Team (Contributor) | October 2, 2014
Chinese Internet company Renren recently invested in the Washington based startup, Fundrise. This was part of the $31 million financing that Fundrise raised. Fundrise is into crowd-funding real estate development.
Crowd-funding helps retail investors make small investments in projects of their choice, such as real-estate development and movie making. These are pooled together to actually fund the venture. Thus, small-time investors get exposure to investment opportunities that would otherwise be available only to large investment funds or high-net-worth individuals. Crowd-funding has recently caught the fancy of other Chinese Internet companies as well. In this article we take stock of their experiments with this business model.
Related: Move Over, Kickstarter: Real Estate Equity Crowdfunding Is Catching On With Investors
How Fundrise Raised Funds From Renren
Renren had earlier invested in Social Finance(SoFi), a venture that seeks to eliminate banks and other intermediaries from student loans. SoFi connects students in need of loans with individuals wiling to lend to them, such as alumni of the same university. Pooling of funds occurs with respect to each school/university. So this is considered peer-to-peer financing as there is virtually no intermediary involved. Renren founder and CEO Joseph Chen was enthused about investing in ventures that extend similar models to other sectors. One such sector with considerable intermediary presence is real-estate.
Fundrise is the pioneer in crowd-funding real estate projects in the U.S. Since its founding three years ago, this sector has seen many such companies start-up. The investment in Fundrise gives the Renren founder and CEO a seat on its board. Fundrise claims it is also benefiting from Renren’s expertise in online marketing, social networking and programming.
Related: Crowdfunding in China could be $50 billion business by 2025
With this support, Fundrise is looking to expand its operations in the top 10 metros of the U.S., which they claim represents 80% of the large real estate project market. The capital raised from retail investors will be channeled to two types of construction projects. On the one hand there will be well-established developers with a proven track record. On the other hand will be developers at the other end of the spectrum, who are relatively new and involved in smaller projects (less than $10 million).
Alibaba Looks To Crowd-fund Movies
In March, Alibaba announced that it would crowd-fund movies in China. It launched a company called Yu Le Bao, Chinese for Entertainment Treasure. It helps retail investors make investments in a movie of their choice for as small a sum as $16. The company said it would take feedback from investors regarding the plot and casting of these movies as well. Investors have been told by the company to expect returns as high as 7% from such investments.
See Also: Google Hangout with Documentary Filmmakers on Startups and Crowdfunding
Alibaba is seeking to raise ~$12 million for a first batch of four projects. The money will, however, initially be invested in the wealth management products offered by Shanghai based Guohua Life Insurance. They will later be channeled into the intended ventures. Unlike crowd-funding in the west, this particular scheme will not reward investors with goods or services associated with the projects. This is said to be on account of Government Regulations discouraging such features in China.
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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Crowdfunding | Support NCFA.
French Crowdfunding Laws Now in Force
Crowdfund Insider by JD Alois | October 2, 2014
As of October 1st, new regulations and guidelines managing “financement participatif” or crowdfunding are now in force. The ordinance was initially filed this past May and a consolidated version was published yesterday.
France jumped forward earlier in 2014 led by a government Minister Fleur Pellerin. A noted rising star in the French political scene, Pellerin became a well known advocate for investment crowdfunding seeing the potential to benefit a struggling French economy. She published an interesting article on entrepreneurism titled, ”Innovation: The French Way”, promoting economic innovation. In the document Pellerin stated,
“Innovation is the engine that drives competitiveness, growth and employment in the fastest-growing economies all over the world. Making innovation a priority has become a must for France and for Europe.”
Pellerin’s portfolio has since changed as she is now the Ministère des Affaires étrangères et du Développement international.
Related: French Startups Can Now Raise Up To $1.4 Million In Crowdfunding And Syndicates In France
The updated framework that simplifies the process for crowdfunding platforms to operate is expected to receive additional changes by authorities going forward.
While some industry commenters had hoped the amount allowed under French crowdfunding laws would by increased to Euro 5 million, campaigns may raise up to Euro 1 million. Still this amount is greater than the current retail crowdfunding statute in the United States – a contrast that was highlighted in France.
Related: France to support private 'crowdfunding'
The French regulations addresses equity, debt and donations based crowdfunding. Investment portals or intermediaries have been divided into three categories. For loans, either interest free or generating interest, this asset class falls under the category of ”intermediaire en financement participatif (IFP). For securities including equity, these intermediaries would come under the “conseiller en investissement participatif (CIP). There is also the prestataire en services d’investissement (PSI) that may offer securities as well. A PSI may give advice and must be approved by the ACPR. All three types of securities platforms must be registered with ORIAS. A PSI is a more involved involved crowdfunding platform that also has certain minimum capital requirements. The CIP may not offer services in other EEA countries and has other limitations.
All investment platforms must register with the authorities and are compelled to comply with certain requirements and skills. Portal managers are expected to have a background in banking or finance and must not be bad actors.
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Crowdfund Insider also published the infographic below, which was created by Financement Participatif France, a relatively new association in France that advocates for crowdfunding.
According to their data:
- For the first half of 2014 Euro 37.4 Million was generated via loans.
- This amount is almost double during the same period of 2013
- Donations based crowdfunding registered Euro 19.2 million
- This amount is almost double during same period of 2013
- Loan based crowdfunding posted a 98% success rate
- Since 2008 a cumulative total of 1 million individuals have funded campaigns
[Click on infographic to enlarge]
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada crowdfunding hub providing education, advocacy and networking opportunities in the rapidly evolving crowdfunding industry. NCFA Canada is a community-based, membership-driven entity that was formed at the grass roots level to fill a national need in the market place. Join our growing network of industry stakeholders, fundraisers and investors. Learn more About Us | Crowdfunding | Support NCFA.
