Paul Schulte, Advisor, Banking and Financial Services
August 22nd, 2019
Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore. Paul's roles[...]
Category Archives: Equity Crowdfunding
Securities Exchange Commission’s Advocate for Small Business Capital Formation – Annual Report 2019
SEC | Martha Millar | Jan 8, 2020
Annual 2019 Report to Congress
The Office prepares an annual report to Congress summarizing its activities in supporting small businesses and their investors during the immediately preceding fiscal year. The report provides statistical information and analyses of the issues on which the Office has worked, information on steps that the Office has taken to improve small business services, and a summary of the most serious issues encountered by small businesses and their investors, including any unique issues encountered by minority-owned small businesses, women-owned small businesses, and small businesses affected by natural disasters. The FY2019 annual report was delivered on December 19, 2019.
Download the 72 page PDF report --> Now
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, 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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The disruption of Canada’s private capital markets
The Globe and Mail | Peter-Paul Van Hoeken | Dec 16, 2019
Peter-Paul Van Hoeken is founder and CEO of Silver Maple Ventures Inc.
The public markets have traditionally been the venue for high-growth companies to raise capital, and for Canadians to find suitable investments to help grow their wealth and save for retirement. Many wonder if this remains true today. Last year, North American companies received twice as much investment from private sources as from public-equity and debt markets. And these private investors were rewarded. Studies show the private markets have significantly outperformed the S&P in recent decades, with 3 per cent to 4 per cent greater average returns.
Private financing deals are where today’s most exciting capital raises are happening. And refreshingly, private companies are not moved by bull or bear markets. Rather, they are like trees growing in the forest. However, under the guise of investor protection, Canada’s fragmented securities regulatory environment has erected barriers to private capital and fostered the perception that everyday investors cannot participate.
Private capital is perceived as high-risk, given the uncertainty of survival for early-stage companies, longer-term horizons, and the lack of immediate liquidity to buy and sell. Investor-protection barriers have isolated private capital in the hands of a small group, leaving only the public markets open to retail investors. Regulation-promoting short-termism places the overall market in an unfortunate conundrum.
See: FrontFundr Further Expands Investor Access to Private Investment Deals
Companies of all sizes that are eager to raise private capital, but stay on side with investor-protection rules, most often seek shelter in the accredited investor exemption. This private placement mechanism doesn’t require a company to provide significant disclosure or financial details. In 2017, more than 85 per cent of private placement financings were through accredited investors, representing a small sub-set of the investment community. It is estimated that the majority of individual investors do not qualify for accredited investor status.
Some provinces have been trying to tackle this issue, and are moving in the right direction. In 2016, Ontario followed other provinces and adopted the offering memorandum (OM) rule, which allows companies to raise private capital from any investor using a detailed disclosure document. But this method has significant associated costs, and different provinces have different limits for single investors. The cost of capital goes way up, deterring early-stage-growth companies.
Several provinces then introduced equity crowdfunding rules – designed to help startups – that allow $250,000 capital raises. Any investor can contribute $1,500 to $5,000. Again, in true Canadian form, each province is different.
With 2020 approaching, it’s time we get this right. I see three catalysts of change on the horizon that will help shed light on our forest: regulatory harmonization; digitization disruption; and a categoric shift toward long-term investing.
See: How I Raised $1 Million in 30 Days with Equity Crowdfunding
Regulatory harmonization remains a lofty goal, but progress is being made. As part of efforts to tackle the regulatory burden and deliver on the provincial government’s commitment to cut red tape, the Ontario Securities Commission is warming to crowdfunding rules for startups that seven other provinces already have. In 2018, a measly $2-million was raised in Canada using equity crowdfunding rules. With harmonization rolling out in 2020, we are hopeful we can leapfrog past incremental growth and catch up to our peers in capital markets, where startups and growth-stage companies can access capital easily from the larger community with concise, nationwide rules. In Britain, 40 per cent of early-stage financing uses equity crowdfunding platforms. British companies raised about $474-million through equity crowdfunding in 2018. In the United States, US$194-million was raised. Canada has a long way to go.
As investor interest in private markets grows and we strive to reach even 10 per cent of these figures, we have to make sure participation is easy. No matter the avenue to raise capital, private placements have been transacted with archaic technology. Most investment advisers in Canada do not offer private placements because of incredibly burdensome compliance and inefficient transaction processes. Onerous and inefficient. Sounds like every traditional market yet to be uberized.
Continue to the full article --> here
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, 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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Raising money for Ontario based businesses just got a lot easier
FrontFundr | Will Tang and Victoria Bennett | Dec 13, 2019
VANCOUVER, British Columbia, Dec. 13, 2019 (GLOBE NEWSWIRE) -- On November 27, 2019, FrontFundr obtained discretionary approval to use start-up crowdfunding rules already available in other provinces. Working with the Ontario Securities Commission (OSC), Canada's largest investment crowdfunding platform now offers its clients a simplified process to crowdfund in Ontario – providing opportunity for both companies and investors.
What does this mean for Canadian private companies?
Inefficient crowdfunding regulations that previously inhibited companies from raising capital from the public in Ontario have been removed. FrontFundr is now in a position to help its start-up clients based in Ontario and in any other jurisdictions in Canada to raise money from retail investors in Ontario. And conversely, Ontario investors now have an opportunity to invest in start-up companies from across the country.
“Access to capital can make or break a company,” said Peter-Paul Van Hoeken, Founder and CEO of FrontFundr. “We see our role as democratizing the private markets. We have successfully helped 42 companies raise capital; we are pleased the largest province in Canada now provides better access to crowdfunding in line with the rest of the country.”
At FrontFundr, we are all about democratizing capital – providing companies access to capital is in our DNA. We have been change-makers since we launched our platform in 2015 – successfully funding companies and transforming the Canadian private markets landscape by creating new opportunities for all Canadians.
What more info? View FrontFundr podcast
View the original release --> here
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, 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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Navigating the Great Reset: Fintech in Canada in 2020
Remillard Consulting Group | Richard Remillard | Dec 11, 2019
At this time of year, predictions for 2020 are starting to rain down with as much frequency as occurs in Vancouver in the winter months. At the risk of waterlogging readers and, hopefully, with slightly more accuracy than weather forecasters in the era of climate change here are some fearless predictions for what might stay the same and what might change next year – and what to do about it.
The Big Picture: The Great Reset
We are decidedly in the midst of several upheavals in the relations between nations, between corporations and between individuals. Relations between the US and China, between the European Union and Great Britain, between Russia and Ukraine are shifting tectonically, with uncertain outcomes on all fronts.
Nevertheless, it looks like President Trump will survive impeachment by the Democrats and get re-elected. The US economy remains very strong, there have been no new messy foreign entanglements, stock markets are up, and there’s bipartisan consensus on getting tough with China. And, he can chalk up a USMCA in the win column.
Similarly in Canada, the governing Liberal party will still be in power in twelve months’ time, buttressed by the NDP and the BQ while the Conservative party will remain internally divided, whether Mr. Scheer survives or not.
See: The 5 Debates That Will Shape Fintech In The 2020s
Financial Services: Turmoil
Canada’s largest financial institutions will have a difficult year ahead. They are shedding staff who could be scooped up by challenger institutions(fintechs), are facing higher regulator-imposed capital buffers and an increasing number and diversity of attacks on their business model – witness Schwab’s move to zero commission trading accounts and its impact on TD Ameritrade. Their capital markets revenues will continue to be under pressure, particularly as public listings (via IPOs) continue to be few and far between.
The outlook for public markets remains cloudy and so more and more capital will continue to flow into private capital markets which will continue to be ‘frothy’, thereby setting the stage for the ‘overheated’ phase of the business cycle – which could occur as early as 2021- 2022.
Specialty funds will continue to be assembled, be they in financial services or clean tech or in the social impact areas. In fact, fintechs that can reach out to disadvantaged groups in our society so that they are included in the financial world more than at present are likely to find traction from a variety of places, including the $755 mm Social Impact Fund that was announced at the end of last year by the federal Minister of Finance.
See: ESG ratings are confounding. For CSOs, that’s good news
And, can anyone step up to replace the payday lenders? For financial services, insurtech will likely begin to catch up to other fintech areas such as payments, remittances and wealth management. Canada has several fintechs that are approaching unicorn status and 2020 will see at least one of them reach that lofty valuation realm.
The giant tech firms – Facebook, Amazon, Google, Microsoft, Alibaba,Tencent,etc. are likely to shy away from assaulting the Canadian financial services market directly in 2020 as it is too small for their ambitions and capital and the larger Canadian financial institutions remain too well-entrenched. This could change were Open Banking to occur in Canada in 2020 - but, this is very unlikely with a minority government, even one backed to all intents and purposes by left-leaning parties.
In addition, the Great Re-set continues with the various experiments into blockchain and crypto-currency. This interim period will likely last until 2022- 2023 by which time the weaker players in what has been a Wild West will evaporate as these new technologies enter their own consolidation phase – much as had happened in the automobile industry in 1914 versus 1944.
On the regulatory front, ‘plus ça change’, but there are rays of hope.
Canada’s financial services industry continues to be overregulated at all levels, even extending to the self-regulatory associations representing financial planners. On a positive note, securities regulators have announced their intention to proceed with the harmonization of crowdfunding exemptions in the Spring of 2020 – and there are even initial signs of Ontario moving forward in advance of that time-frame.
On the other hand, the Canadian Cooperative Markets Regulator has disappeared down the rabbit hole of bureaucracy never to be heard from again. All in all, growth opportunities for regtech firms will remain strongly positive.
See: Three Big Things: The Most Important Forces Shaping the World
What to do?
Capital raising for fintechs in Canada will continue to improve across all stages of company development in 2020 as dedicated funds and corporate strategics pile into this space. This may not still be the case in 2021, if the music stops. Better to grab the cash sooner, rather than later. As well, and despite the looming threats of trade barriers, the worldwide competition to disrupt traditional financial services business models means that there is great receptivity to Canadian fintechs abroad, particularly in Asia, given the strength of the Canada and Canadian financial services brands globally.
Retail investors, with a domestic market and yield focus, will continue to be receptive to financial products that can deliver CPI plus 4 – 6 percent returns and will look for ways to access private capital markets. These pressures may push regulators to revisit the definition of accredited investors, extend the concept of flow-through shares to broader swathes of the economy and permit pooled investment vehicles to increase their portfolio allocation to private equity and credit.
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, 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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FrontFundr Further Expands Investor Access to Private Investment Deals
FrontFundr Release | Dec 10, 2019
Canada’s largest equity crowdfunding platform connects to DealSquare, a centralized platform for private placements
TORONTO, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Silver Maple Ventures Inc. is pleased to announce new synergies between its two fintech platforms designed to enable robust investor access to private market deals and further simplify the transaction process. FrontFundr, Canada’s leading equity crowdfunding platform and exempt market dealer, has officially become a participating dealer on DealSquare, Canada’s first centralized dealer platform for private placements. The team at Silver Maple Ventures is excited to be first movers in providing widespread investor access to private market deals, digitally connecting capital-raisers to all investors, investment dealers and their advisory networks.
“In recent years, the private markets have been growing twice as fast and producing 3-4% higher returns than the public markets, but the average retail investor hoping to diversify their portfolios have traditionally been locked out and unable to participate. With FrontFundr, all investors can get in on the private market action,” says Peter-Paul Van Hoeken, Founder and CEO of Silver Maple Ventures Inc.
“The synergies work both ways. On the one hand, FrontFundr can now make its private placements available to other dealers and advisors by connecting to DealSquare. On the other hand, FrontFundr can make private placements listed on DealSquare available to its community of equity crowdfunding investors, truly democratizing access to the private markets.”
Launched in October 2019, DealSquare simplifies the current private placement process for dealers, advisors and capital raisers. The platform is a fintech solution to the traditionally fragmented private markets developed in partnership with NEO, where private placement deals are most often marketed through word-of-mouth and transacted using archaic technology. Through DealSquare, investment opportunities are marketed online, subscriptions processed electronically and transactions are closed using NEO Connect, seamlessly integrating a client’s exempt securities into their portfolio account.
See: Early-stage Investing – The Public gets a Seat at the Table
However, companies completing private placements still rely on friends, family, business relationships and accredited investors inefficiently raising money from a very small group of investors. With the onboarding of FrontFundr to DealSquare, accredited and non-accredited investors now have the opportunity to participate in private placements posted on DealSquare.
FrontFundr has pioneered investment crowdfunding in Canada. As of today, FrontFundr’s community of 15,000 accredited and non-accredited (retail) investors can search, find, review and complete an investment in private placements, all within one session and on one digital platform. Since launch in June 2015, over $20 million has been raised on the FrontFundr platform, with $5 million raised in 2019 alone, and nearly $15 million anticipated to be raised through the platform in 2020. With offerings for a range of investor types, the average FrontFundr investment is approximately $5,000, with a median investment of approximately $2,000 per investment.
FrontFundr continues to lead the democratization of the private markets in Canada. On November 27, 2019 the company obtained approval from the Ontario Securities Commission to use start-up crowdfunding rules in Ontario that were already available in other provinces. FrontFundr can now offer previous and future issuer clients the opportunity to raise up to $250,000 twice per year and any Ontarian can invest up to $5,000 with each offering where suitable.
In order to provide important investor protections as the retail community enters the private markets space, FrontFundr developed a Suitability Assessment Manager (SAM) and secured discretionary approval from the Canadian securities regulators earlier this year. This online tool is fully integrated into the FrontFundr platform and performs an electronic suitability assessment automatically, enabling an investor to complete a security purchase from start to finish in one online session. SAM is a significant step forward in democratizing access to the private markets, making it easy and efficient for everyone.
About Silver Maple Ventures Inc.
Silver Maple Ventures Inc. (“SMV”) is an exempt market dealer and holding company of FrontFundr Financial Services Inc. (“FrontFundr”) and DealSquare Technologies Inc. (“DealSquare”). With offices in Toronto and Vancouver, the SMV team are national leaders in the private capital markets, developing and operating two fintech platforms to provide access to private markets in Canada and simplify the transaction process. Launched in 2015, FrontFundr is Canada’s leading online marketplace that allows all investors, accredited and non-accredited, to participate in curated private placements through equity crowdfunding. DealSquare launched in October 2019 as Canada’s first centralized dealer platform for private placements, digitally connecting capital-raisers to investment dealers and their advisory networks.
Source: FF Release
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, 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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How I Raised $1 Million in 30 Days with Equity Crowdfunding
Entrepreneur | Murray Newlands | Dec 3, 2019
You can raise a million, too. Here's how to be successful with equity crowdfunding.
There's an art to raising money for a startup. I recently joined Commerce AI as Chief Strategy Officer, and my role has two main functions: fundraising and marketing. My goal in the first 30 days was to raise a million dollars from crowdfunding. This can be a viable goal for your company as well. Here’s how.
Equity crowdfunding
Under the Jumpstart Our Business Startups (JOBS) act, there are a number of routes to crowdfunding. The starting point is a Form C round, which in essence means you can raise $1.07 million per year -- yes per year -- from non-accredited investors. This means anyone can invest over $250 at a time. This time we worked with accredited investors only but most people will start with a Form C round.
Architecting a New World: Investment Crowdfunding and Digital Assets
This model is like Kickstarter, but you give backers equity rather than a product. The equity can be a convertible note, a safe note or a fixed price round. If your goal is to raise more than $107,000, an independent CPA must review your company's financials for the past two fiscal years, or since incorporation.
Aligning the stars makes millions
You need to make sure that your startup is ready for fundraising. Smart investors on crowdfunding platforms look for a few key factors, and we had some of those.
It is all about the story. Investors want to invest in a company that is going to be a billion-dollar company. Do you have a credible path to becoming a billion-dollar company? For example, our CEO and founder had a successful previous exit. People like to back winners.
A strong team is also important. Ours is comprised of Stanford and MIT PhDs who have been working on AI technology to solve really hard problems.
Initial product/market fit is another thing investors want to see. We already had substantial revenue from major brand name customers like Unilever, Walmart, Rakuten, USPS, Chanel, Midea, Netgear, Cisco, and Coca Cola.
A sales process that’s growing that list of customers is also a big plus. We were nearly at break-even last quarter, which assured our investors that their money is safe with us.
No company can have all the boxes checked. But the more positive signals you have for investors, the better. Investors want as close to a sure thing as possible.
When fintech met crowdfunding
Creating a winning campaign
Several good equity crowdfunding platforms are available, such as StartEngine and Republic. We chose to use SeedInvest.
It’s important to create a convincing writeup and video explaining what you do and why people should invest. You should think of this as a landing that advertises your product, only you’re selling to investors rather than customers.
We focused on selling the opportunity and potential of the company, not the product. You might have an ingenious widget, but will your business become a billion-dollar company? It’s a big market out there, and investors need to be convinced that you’re going to be the winning business.
Pre-seeding the campaign
Because investors like to follow other investors, we pre-seeded a winning funding campaign. How? We had some investors with larger checks lined up to invest in the campaign. This enabled us to show strong initial traction when we launched. It also helps that crowdfunding platforms highlight companies that are gaining traction. This leads to attracting even more investors.
Getting In Early: SEC Sees Growth In Equity Crowdfunding
Always improving
Your campaign is never “done.” We kept working hard on improving our story. As a startup seeking investment, your goal is to sell your company’s potential for future growth. Getting that story absolutely right is very important. You should be practicing, thinking and brainstorming your story with as many people as possible. It should be something you’re always trying to improve.
Continue to the full article --> here
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, 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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Shifting from Institutions to Retail Clients — NYSE direct listings
Future of Finance | Lex Sokolin | Dec 2, 2019
A core thesis I've held for a decade now is that personal finance -- what many in the industry call "end clients" -- is the tail wagging the dog. If you are a multi-billion dollar portfolio manager at KKR, or a multi-million dollar trader at Morgan Stanley, this might not be super obvious yet. The machinations of the high finance factory, with its blinking lights and massive bonuses, still feel like the primary activity in the industry. Once upon a time, so did the whirring of a newspaper printing press. But the examples keep piling up, and there is a way to draw a line that ends in an arrow, which points the way.
Take for example, the offering of shares to investors. The New York Stock Exchange is working on making direct listings more easily available to companies that want to go public. In short, more venture backed companies have been staying private longer, the average IPO size and cost of issuance have been going up, and the public/private market off-ramp is broken. Traditionally, investment banks intermediate private companies going public by building "liquidity" in the form of a willing book of public investors. Investor types include mutual funds, hedge funds, other banks and asset managers, and ultra high net worth investors. Maybe even some single-digit millionaires, grudgingly for the bankers of course.
See:
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IPOs are a racket. But try finding something better
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Early-stage Investing – The Public gets a Seat at the Table
It's a type of permitted market manipulation, where investment bankers often price the IPO at a discount, and the IPO purchasers often get to experience a "pop" in the price. Often -- but increasingly not at all. The breakdown of this carrot is causing private companies to re-think how they go to market. And by private companies, I mean venture investors at the top of the equity captable, like SoftBank. The failures of WeWork and Uber in the public market are key data points for this mental model.
Anyway, the large stock exchanges including NYSE and NASDAQ are exploring direct listings, which both Spotify and Slack recently used. What's a direct listing? To quote the Bloomberg article -- "Under a direct listing, a company makes its shares available for trading on a stock exchange without the formalities of a traditional IPO. That means no road show, no underwriter and no offering price". This implies that there is such built-in brand-demand that the stock starts trading without needing the guarantee of an underwriter. Popular companies are willing to take the jump and freefall into the market.
Remember Initial Coin Offerings, or its 2019 cousin Initial Exchange Offerings? Put aside your presumptions about regulation and desireability of the underlying asset. A direct listing is an Initial Exchange Offering. Or perhaps, an Initial Exchange Offering is a direct listing. You package up the investment asset, find an exchange with the largest network effect (in the crypto case, most certainly Binance; in the STO case, maybe CoinList or ConsenSys Digital Securities/Codefi), and lob it over into the ecosystem. Investors should be careful not to confuse the method of offering with the quality of the underlying investment. If all the good IPOs suddenly decided to list directly, direct listings would garner premier status. If all the good IPOs decided to tokenize and list on Coinbase (properly regulated), tokenized securities would garner premier status. This lemons problem is solvable, and direct listings are potentially the first step.
Continue to the full article --> here
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, 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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