August 12, 2026 | NCFA Market Activity | Artificial Intelligence And Data, Capital Markets And Market Infrastructure, Competition And Market Structure
Toronto Chip Design Brings A More Specialized Inference Option
On August 6, 2026, AMD agreed to acquire Taalas, a Toronto AI chip company that designs specialized chips to run individual AI models more efficiently. The price wasn't disclosed and the transaction hasn't closed yet, as it's subject to customary closing conditions and regulatory approvals.
AMD plans to bring Taalas technology into its accelerator portfolio alongside Instinct GPUs. That's a useful clue to the strategy. GPUs remain valuable because they can handle many models and workloads. Taalas gives AMD another option for cases where a model is used often enough that more specialized hardware could lower the cost of running it.
Taalas Reduces The Work Between Memory And Compute
Running an AI model requires processors to work through huge numbers of stored parameters. On conventional accelerators, much of that data has to travel between memory and compute hardware. The transfers take time, consume power and make high bandwidth memory an expensive part of an AI system. Taalas brings more storage and computation onto the same silicon and tailors the hardware to the model being run. The design can reduce the external memory, advanced packaging and data movement required by conventional accelerator systems.
Ljubisa Bajic, Founder and CEO, Taalas:
“The production of optimal silicon for each individual model.”
Its first HC1 demonstrator runs Meta's Llama 3.1 8B model on a TSMC 6nm chip with 53 billion transistors. Taalas packages the system in a 2.5 kW server and currently provides access through a beta inference service and API.
The trade-off is straightforward. A GPU can be reprogrammed for many models. HC1 is largely built around one. It supports different context lengths and LoRA fine tuning, but a substantially different model requires another hardware implementation.
Taalas says it can turn a new model into silicon in about two months. If that process works economically at larger scale, AMD could use specialized chips for mature, heavily used models while keeping programmable accelerators for workloads that change more often.
17,000 Token Benchmark
Taalas says HC1 can generate about 17,000 output tokens per second per user on Llama 3.1 8B using a 1K input and 1K output sequence.
That's a company benchmark. Taalas ran its own HC1 result and measured the Nvidia B200 comparison itself, while several other comparison figures came from Artificial Analysis. It shows what the architecture can do on this model and configuration. It doesn't establish that Taalas hardware is faster than Nvidia or other accelerators across AI inference.
HC1 also uses a custom format combining 3-bit and 6-bit parameters. Taalas acknowledges some loss in model quality compared with GPU benchmarks and says its next generation will use standard 4-bit floating point formats.
The company also reports large advantages in power use and system cost in its comparison. Those claims haven't been independently demonstrated across a wide range of models or production environments. It makes the acquisition a calculated bet. AI companies are spending enormous amounts to train models, but every model that reaches widespread use can create an equally serious inference problem: how to serve millions of requests quickly enough and cheaply enough.
Taalas was founded in Toronto in 2023 by Ljubisa Bajic, Drago Ignjatovic and Lejla Bajic. The team brought processor experience from AMD, Nvidia and Tenstorrent, which Ljubisa Bajic previously founded.
The company raised US$50 million before emerging from stealth in 2024 and another US$169 million in February 2026, bringing reported funding to about US$219 million. Investors included Quiet Capital, Fidelity and semiconductor investor Pierre Lamond.
Taalas says 24 people developed HC1, which shows how concentrated the engineering effort behind the first chip was.
The deal adds another company to Canada's growing AI hardware record. Toronto and Waterloo based Astrus is working on automated chip design, while Tenstorrent has built a much larger processor business from Toronto.
It also follows another major Canadian semiconductor transaction. U.S.-based Qualcomm agreed in 2025 to acquire Toronto-founded Alphawave Semi for US$2.4 billion, putting another Canadian-founded chip company under foreign ownership.
AMD will control Taalas if this acquisition closes, but it has also said it plans to retain and grow Canadian talent. There is no disclosed commitment to a specific Toronto headcount or to keeping Taalas as a separate company.
That makes the Canadian issue less about whether foreign capital is inherently good or bad and more about how much ownership, intellectual property and future economic value Canada retains as its AI companies scale. Canada's own AI strategy debate has put sovereign capital and domestic IP retention directly on the table.
Talking Point
Taalas raised more than US$200 million, built working silicon and attracted a strategic buyer in about three years. Canada can clearly produce teams and technology that global semiconductor companies want. The difficult question is whether enough domestic capital, procurement and infrastructure exist for more of those companies to scale further before selling.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 11, 2026 | NCFA Market Activity | Wealth Investing And Trading, Digital Assets, Competition And Market Structure
A 3% Bitcoin Allocation Built Into Portfolio Growth
On August 10, 2026, the RBC iShares alliance launched IBQT, a Toronto Stock Exchange ETF combining global equities with a targeted 3% allocation to bitcoin.
BlackRock introduced its Canadian IBIT in January 2025 as a standalone bitcoin investment product. IBQT currently obtains its bitcoin exposure through IBIT, putting that exposure inside the portfolio construction process. Investors own units of IBQT rather than bitcoin itself.
Portfolio ETFs Create Another Source Of Bitcoin Demand
IBQT changes how the bitcoin allocation is made. An investor doesn't have to choose a separate crypto fund or decide independently how much bitcoin to hold. The allocation is built into the portfolio.
That creates a demand channel tied to assets entering the fund. If IBQT grew to C$100 million while maintaining a 3% bitcoin target, about C$3 million of the portfolio would represent bitcoin exposure. At C$1 billion, the same target would represent about C$30 million.
Rebalancing can create another source of allocation demand when bitcoin's portfolio weight falls below target. BlackRock has not disclosed enough detail to establish a fixed rebalancing schedule or tolerance range, so IBQT should not be treated as a predictable bitcoin buying program.
The structure is still relevant to bitcoin's long term demand base.
Capital can reach bitcoin exposure because an investor bought a diversified portfolio rather than because that investor separately decided to buy a crypto fund.
Fidelity Has Already Tested The Model In Canada
BlackRock isn't first with the idea. Fidelity's All-in-One Equity ETF, FEQT, targets approximately 97% equities and 3% cryptocurrencies and currently obtains its crypto exposure through the Fidelity Advantage Bitcoin ETF.
Fidelity also incorporates smaller crypto allocations into other all-in-one portfolios as their equity exposure declines. Its work integrating bitcoin into conventional investment infrastructure has been developing for years, including efforts to bring bitcoin into portfolio platforms rather than leave crypto entirely outside traditional wealth management.
FEQT alone had about C$5.5 billion in net assets in late July, providing evidence that a portfolio containing a small crypto sleeve can reach substantial scale in Canada.
IBQT adds BlackRock and the RBC iShares distribution platform to that competition. RBC Global Asset Management and BlackRock Canada retain separate fund management responsibilities within the alliance, which now spans more than 240 ETFs and over C$240 billion in assets.
There is also a pricing angle. IBQT launches with a 0.22% management fee inclusive of underlying iShares ETF fees. FEQT reported a 0.43% MER as of March 2026.
Bitcoin Market Check
IBQT is arriving during a much weaker bitcoin market than the environment surrounding the first wave of North American spot bitcoin ETFs.
Bitcoin was trading around US$65,000 on August 10 after a substantial decline earlier in 2026. BlackRock Canada's IBIT had grown to roughly C$390 million in net assets, giving IBQT an established Canadian bitcoin fund through which to obtain its current exposure.
Recent ETF inflows also show that investor demand can return even while bitcoin remains well below earlier highs. The growth of spot bitcoin investment products has already shown how regulated fund structures can draw both retail and institutional capital. U.S. spot bitcoin and ether ETFs attracted roughly US$1.1 billion in combined net inflows during the week leading into the IBQT launch.
Investors buying IBQT are taking on a small bitcoin allocation during a weaker market, not just after bitcoin has rallied. Portfolio inflows over the next several quarters will provide a better indication of whether this structure can attract capital across different bitcoin market conditions.
Bitcoin Price | 12-Month Market View
BTC/USD market context around the August 10, 2026 launch of BlackRock Canada's IBQT.
Chart: BTC/USD. IBQT began trading on the TSX on August 10, 2026.
Bitcoin risk remains intact. IBQT simplifies access, allocation and custody for the investor. It does not make bitcoin itself less volatile.
Talking Point
IBQT gives bitcoin access to capital that starts with a portfolio decision rather than a separate crypto purchase. Fidelity has already shown the model can reach scale in Canada. BlackRock's entry adds another channel through which growth in conventional investment products can create bitcoin exposure.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Malhotra urged Indian banks to inventory the AI models they use and establish board approved AI governance policies, while arguing that banks cannot afford to avoid the technology because of its risks. The BRICS discussion is less advanced, but it has progressed beyond India's proposal earlier this year.
AI Governance Is Becoming A Bank Operating Responsibility
The RBI has been working toward this point for some time. India's FREE-AI framework was developed around responsible AI use in finance, including governance, explainability, privacy, fairness and risk controls. The central bank has also been expanding its model risk work beyond credit models into other operating areas.
Malhotra's August remarks make the institutional responsibility clearer. A bank cannot govern AI well if it cannot identify which models are running, where they are used or who owns the decisions around them. An inventory creates the starting record. Board approved governance then establishes responsibility above individual technology teams.
That becomes more important as AI spreads beyond analysis into customer service, credit, fraud detection, risk management and other live banking functions. Cybersecurity and operational risk also grow with the number of systems, vendors and data connections involved.
Canada is dealing with more or less the same operating problem. OSFI and GRI's financial AI work found that regulated deployment depends on practical controls around identity, cyber risk, financial crime, third party providers and customer outcomes. More than 170 participants contributed to that work, with 72% reporting AI use at work in financial services.
Financial regulators are asking institutions to prove control over AI that is already being used. For banks, model inventories, ownership, monitoring and escalation are becoming part of normal operating discipline.
BRICS Payment Links Advance From Proposal To Discussion
The payments comments are at an earlier stage.
In January, India proposed that BRICS members consider linking their official digital currencies for cross border trade and tourism payments. NCFA captured that proposal in its January BRICS payments evidence.
Malhotra now says BRICS members are discussing potential links between both fast payment systems and CBDCs. The objective is lower cost cross border payments, but he was equally clear that the work is still at the discussion stage.
There is no shared BRICS CBDC network, agreed settlement architecture or implementation timetable. There is also no basis for treating the discussions as evidence that a common BRICS currency is being created. Official BRICS material has instead focused on reducing the cost of trade and financial transactions and improving payment links between member countries.
The addition of fast payment systems is also important. CBDCs are only one possible route. Connecting existing national payment rails may offer another way to improve cross border transfers without waiting for every participating country to deploy a mature digital currency.
More Capability Means More Governance At Every Layer
Malhotra did not present AI governance and BRICS payment connectivity as a single program, however combined they do expose a common operating issue. Inside a bank, more capable AI requires clearer ownership, controls and auditability. Between countries, more connected payment systems require agreements around access, standards, settlement, legal responsibility and risk.
Interoperability is useful only when participants know who is accountable when something fails. The same is true for AI performing more important financial work.
For Canadian readers, the comparison is timely. Canada's financial infrastructure is becoming more open through new payment system access, PSP supervision and the Real Time Rail, while banks are also deploying more AI. Different technologies are involved, but both require stronger operating controls as access and automation expand.
Talking Point
Financial infrastructure gets harder to govern as it becomes more capable and connected. The RBI's AI expectations and the BRICS payment discussions show that control, accountability and interoperability are becoming operating questions, not side issues for innovation teams.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
After a long day, does the idea of going back out feel more exhausting than the day itself? Most people arrive home carrying the full weight of their schedule: deadlines met, commutes survived, energy reserves somewhere near zero. The instinct to collapse and scroll is understandable.
A few small, deliberate choices, though, can turn that empty stretch of evening into something worth having. From quiet hobbies like reading to a fun casual session of online games, a night in has far more range than most people bother to find out. Here are eight low-effort ways to make yours count.
1. Start with a Recipe You Know by Heart
Comfort food does not need to be impressive. The whole point is familiarity: champorado, a pot of arroz caldo, or even just garlic fried rice with whatever leftovers are in the fridge. The repetitive, sensory work of chopping and stirring keeps your hands occupied and your thoughts in the room rather than still back at the office. What comes out of it is almost secondary. The smell alone tends to make the whole place feel more settled.
2. Give Your Watch Queue a Proper Chance
This one small step saves more energy than you might believe. Browsing streaming menus for 20 minutes while already tired is its own kind of exhaustion; choosing before you get comfortable, on the other hand, means the evening actually starts when you sit down. Go for something familiar, something a friend has been pushing for months, or a genre you rarely try. Dim the lights, put your phone face down, and settle in to fully focus on your chosen TV show or movie.
3. Wind Down with a Game or Two
Light interactive entertainment is good at pulling attention away from lingering work stress; there's a low-grade mental engagement to it that gives the brain something neutral to hold. This covers a lot of ground: mobile puzzle apps, a low-stakes strategy game, or a relaxed session of featured slot games on your phone or laptop. Modern online platforms have gotten genuinely good at replicating the social energy of table games and slots without having to get dressed. Keep it easy and set a limit on time for a balance of cozy fun and thrill.
4. Go Screen-Free for an Hour or Two
A jigsaw puzzle, a sketchpad, an adult coloring book: none of these asks much of you and that is exactly the point. Holding something physical, such as a pencil or a puzzle piece, and focusing on a small, concrete task quietly clears mental clutter in a way that passive screen time rarely does. No skill required. No finished product expected. The benefit is in the doing, not the result.
5. Have Warm Bath or Shower Before You Settle In for the Night
Some people treat this aspect of relaxation as a chore to get through, but it does not have to be. Add Epsom salts to the tub then light a candle and place it nearby. If you don’t have a tub but have a diffuser, run it with a few drops of your favorite essential oil while you shower. Take the extra fifteen minutes.
Warm water relieves physical tension in ways that nothing else quite replicates at the end of a long day; treated as a deliberate transition rather than a quick tick on the to-do list, it becomes one of the most effective wind-down tools most people already own and consistently rush past.
6. Let Someone Else Tell the Story
After a full day at a screen, more screen time might be the last thing that actually helps. Audio entertainment solves this: a gripping podcast, a comedy series, or a well-narrated audiobook holds attention just as well as television while giving your eyes a complete break. It is also genuinely good for people who fall asleep to background noise—engaging enough to quiet a restless mind, but without the stimulating light of another glowing rectangle pointed at your face.
7. Loosen Up Before You Hit the Hay
Desk work puts tension in the neck, shoulders, and lower back. Just 10 to 15 minutes of slow floor stretches or basic yoga before bed releases most of it. No equipment, no space requirements: just a comfortable surface, slow breathing, and a little patience. After a few nights, you’ll notice sleep tends to improve. It is one of those habits that sounds smaller than it is.
8. Make the Last Hours of the Day Feel Intentional
Harsh overhead lighting mimics daylight and keeps the body alert longer than necessary. Swapping it for a warm lamp, a string of fairy lights, or a couple of candles shifts the whole atmosphere of a room. Add a soft playlist in the background and you’re all set. Neither of these things takes more than two minutes to do. Together, they draw a clear line between the day that just ended and the evening you actually want.
A good night at home does not require much planning. It mostly requires stopping the accidental ones: the evenings that disappear into mindless scrolling and end with a vague sense that the time was not really yours. The small choices you make, such as what to cook, when to put the phone away, and how to light a room, shift the balance. At the end of the day, the home is already everything you need to relax.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Market Activity | Payments Infrastructure And Money Movement, Competition And Market Structure, Capital Markets And Market Infrastructure
RBC And BMO Sell Moneris But Keep Merchant Distribution
On August 10, 2026, RBC and BMO agreed to sell Moneris to U.S. technology investor Francisco Partners for approximately C$2 billion in cash. The banks own Moneris equally and are expected to receive half of the proceeds each.
The ownership change does not end their commercial relationship with the payments company. RBC and BMO will retain long term referral agreements with Moneris, preserving a route for business banking customers into its merchant services after the sale. RBC expects the transaction to close in the first quarter of its 2027 fiscal year. Until closing, Moneris remains owned by the two banks.
The Banks Are Selling Ownership, Not Merchant Access
RBC and BMO can monetize an asset they created in 2000 without giving up the distribution value tied to their business banking franchises. Moneris continues to receive merchant referrals, while the banks no longer have to own the processor that supports those customers.
The relationship already has commercial depth. BMO clients using Moneris can receive next day deposits into eligible BMO business accounts and access offers tied to the bank relationship. Moneris says the BMO partnership has operated for more than 25 years.
The sale therefore separates two economics that have traditionally aligned together. That's owning the payments platform and controlling access to merchant customers.
TD took a different route last year when it transferred part of its merchant business to Fiserv. That agreement covered roughly 3,400 merchant relationships across 30,000 Canadian locations while TD continued offering merchant services through its banking relationship.
Both structures reduce direct bank ownership or operation of merchant processing while preserving access to business customers. They also show why counterparties are important. Fiserv is now under pressure after cutting its 2026 outlook again, extending the difficulties NCFA tracked after Fiserv's sharp market value decline. Selling infrastructure to a specialist does not remove execution risk. It changes who carries it.
Francisco Partners Is Buying A Large Canadian Payments Platform
Moneris gives Francisco Partners immediate scale in Canadian payments. The company says it supports more than 325,000 points of commerce across Canada and processes roughly one in three Canadian transactions. Its products span in store payments, ecommerce, point of sale software, integrated commerce tools, data and merchant services.
The ownership change impacts Canadian control. One of the country's largest merchant payments platforms is passing from two Canadian banks to a U.S. technology investor. Francisco Partners will control decisions around capital, product investment and growth, even as Moneris remains headquartered and operated in Canada.
After closing, Moneris will be foreign owned but remain Canadian operated. Francisco Partners will control the company, while Moneris is expected to retain its Canadian headquarters and technology infrastructure. That separates ownership of a major Canadian payments platform from where the business and infrastructure are based.
Moneris has also been adding newer payment capabilities. In June, it expanded Konek pay by bank access across Moneris Checkout and its API, allowing merchants to accept eligible bank payments alongside cards.
Francisco Partners already knows payments. Its portfolio includes Verifone, Paysafe and payments enablement provider NMI. The firm also closed $21 billion in new funds in July.
None of that guarantees more investment at Moneris or faster product development. Francisco Partners and Moneris will still have to decide where capital goes, which products deserve priority and how aggressively the company competes with global platforms.
Merchant Acquiring Is Becoming A Specialist Technology Business
Moneris will still face a crowded market after the ownership change. Stripe and Adyen compete heavily around online payments and developer tools. Fiserv uses Clover to combine acquiring with point of sale software and merchant services. Global Payments,Square and other platforms compete across different merchant segments, while Canadian firms such as Nuvei and Paystone add domestic pressure.
Moneris enters that contest with assets competitors cannot quickly reproduce, such as national merchant scale, deep Canadian distribution and long established bank relationships. Its BMO relationship alone includes integrated payment and banking services such as next day settlement.
The challenge is keeping those advantages relevant as payment acceptance becomes more closely tied to software, data and new payment methods. Moneris already partners with outside technology providers across ecommerce, point of sale and integrated payments, while products such as Konek add direct bank payment options alongside card acceptance.
Private ownership could give Moneris more room to invest across those areas. It could also increase pressure to produce stronger returns from a mature payments platform. Neither outcome should be assumed before Francisco Partners takes control and sets its priorities.
The referral agreements reduce one important risk. Moneris is entering private ownership while retaining the bank channels that helped build its merchant base. For RBC and BMO, that may be the strongest part of the transaction. They receive cash for the asset while retaining a commercial connection to the merchants that use it.
Talking Point
RBC and BMO are selling the processor while keeping merchant distribution. Francisco Partners gets the payments platform and the investment risk. The banks get C$2 billion and keep a route to business customers. Which side of that relationship will create more value in the future?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
You want a better credit score, and an online company says it can help. The website looks promising, and the testimonials sound warm. The price also feels fair, so you pay, but nothing you were promised ever shows up on your credit report.
This happens far more often than most people expect, and the reason is simple. Almost anyone can put up a credit-building website in an afternoon. There is no lobby to walk into, no license number to look up, and no easy way to tell a careful operator from someone who will take your money and vanish. Here are some red flags to consider before selecting any credit-building company.
No Independent Review Trail
A company that has really been in business for years leaves footprints. Search its name, and you should find write-ups from people who don’t work there: customers, forum posters, review sites that tested the service themselves. When the only positive words about a business live in that business’s own home, treat that silence as information.
For instance, some of these companies sell tradelines. A tradeline is simply one account as it appears on your credit report, and the idea is that being added to someone else’s long-standing account may help yours. However, you can’t trust just any company. That’s when you must look for this superior tradelines review to learn more about:
How many accounts a company genuinely holds
What the real highest credit limit is
Whether the payment options are as flexible as advertised
Whether anyone actually replies on a Saturday
A good review site covers all these details and puts you in a better position to decide. Remember, the gap between the claim and the finding is the whole point. You should be looking for a company whose own description of itself survives contact with someone who checked.
No Information About What You Are Buying
Ask any credit-building company what you get for your money and the answer should be boring and specific, including:
How old is the account?
What is the credit limit?
Which bank reports it?
How long do you stay on it?
What happens if it never reports at all?
Honest sellers answer all of that in writing before you pay because those numbers are the product. If you get vague answers, take it as a red flag. Walk away from anyone who talks about outcomes but will not describe the process itself.
A Promise They Just Can’t Keep
Nobody can guarantee your credit score will rise by a set number of points. Nobody can guarantee a lender will approve your personal or business loan. Credit scoring models weigh dozens of factors, and the models have changed over the years to reduce how much a single added account moves the needle.
When a website advertises a guaranteed jump or promises something too good to be true, it tells you something important about itself. Real companies describe what they supply and what typically happens. On the other hand, sales pitches only describe a result they do not control. Be sure to analyze a company from this perspective before you send any money. It costs you an hour, and it saves the people who skip it a great deal more.
Endnote
You don’t require special knowledge to perform these checks. Simply look for outside reviews, ask for the exact details in writing, and walk away from anyone promising a number they can’t control. A company that passes all three might still not be the right one for you, but at least you are dealing with a real business.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Companies On The Move | Digital Banking And BaaS, Competition And Market Structure
French Banking Licence Extends Revolut’s Global Bank Expansion
On August 10, 2026, Revolut secured a French banking licence from the ACPR and European Central Bank. France will become Revolut's second EU banking base alongside Lithuania, with Germany, Ireland, Italy, Portugal and Spain expected to follow.
Revolut enters this phase with more than 75 million customers and $6 billion of 2025 revenue. It is also building licensed banks in several major markets, which changes the competitive significance of its renewed interest in Canada.
Revolut Now Has Bank-Scale Economics
Revolut's 2025 results show a business well beyond its original foreign-exchange and card proposition. Revenue rose 46% to $6.0 billion, profit before tax reached $2.3 billion and net profit was $1.7 billion. Customer balances reached $67.5 billion.
Eleven product lines generated more than £100 million each. Card payments produced $1.3 billion of revenue, wealth $876 million and foreign exchange $800 million. Revolut Business accounted for 16% of group income.
Credit is becoming substantial enough to change the risk profile. The loan book grew 120% to $2.9 billion across personal loans, credit cards and an early mortgage portfolio, while commercial real estate lending has extended the company into more specialized credit.
Private-market pricing has climbed with the operating results. Revolut completed a secondary transaction at a US$75 billion valuation in November 2025. A new secondary sale confirmed in July 2026 is reportedly pricing the company at US$115 billion. The current sale has not been announced as completed.
Revolut Is Adding Local Banking Operations In Major Markets
The French licence divides Revolut's European banking structure more deliberately. Lithuania remains the banking base for much of the European Economic Area, while the French entity will take responsibility for six Western European markets with roughly 30 million Revolut customers.
Revolut completed the next stage of its UK banking licence in March, launching the bank for a domestic customer base of 13 million after receiving the licence in 2024 and completing its mobilisation period.
Owning more of the banking infrastructure gives Revolut greater control over deposits, credit, payments and pricing. It also requires more local capital, compliance and operating capacity. In Western Europe, Revolut has committed more than €1 billion to the new regional structure and plans to build its headquarters in Paris.
Canada Is A Different Proposition Than It Was In 2019
Revolut's renewed Canada strategy follows an earlier attempt built around prepaid cards and foreign exchange. The company entered a limited Canadian beta in 2019 and withdrew in 2021 without establishing a domestic banking presence.
Jan Pilbauer was appointed to lead Revolut Canada in 2025 after senior roles at Payments Canada and the Bank of Canada. Revolut has described Canada as attractive but remains early in its evaluation. It hasn't announced a launch date, and there is no public evidence of a Canadian bank licence application.
The regulatory setting has changed too. OSFI's Streamlined Approvals Framework creates a clearer federal route for eligible innovative banking models, while consumer-driven banking could reduce data-access barriers once regulated sharing is operating.
Revolut would also be operating a different business. A payments and FX app would add another fintech option. A Canadian operation spanning deposits, credit, wealth and business banking would compete for much more of the customer relationship.
Local Licences Put More Responsibility On Revolut
Italy offers a recent reminder that localization cuts both ways. In April, the country's competition authority fined Revolut entities more than €11 million over investment disclosures, account restrictions and information concerning Italian IBAN availability.
The Italian action touched the same customer-treatment and localization issues Revolut has to manage as more markets gain their own banking entities. Revolut disagreed with the findings and said it would appeal.
Revolut now has the customers, earnings and product breadth to compete much more directly with established banks. Its French licence shows how much regulatory infrastructure that ambition requires. A Canadian return would reveal whether Revolut is prepared to build the same depth here.
NCFA Company Intelligence Snapshot
Revolut
Global payments, banking, credit, wealth and business finance platform
Last updated Aug 10, 2026
Company At A Glance
Founded 2015 by Nik Storonsky and Vlad Yatsenko
Headquarters London, United Kingdom
Status Private financial technology and banking group
Customers 75M+ globally
Markets More than 40
2025 Revenue US$6.0B
2025 Net Profit US$1.7B
Customer Balances US$67.5B at Dec 31, 2025
Loan Book US$2.9B at Dec 31, 2025
Valuation US$75B completed valuation; July 2026 secondary sale reportedly at US$115B
Products Payments, cards, deposits, FX, lending, wealth, investing and business finance; availability varies by market
Revenue Model Payments, subscriptions, FX, wealth, lending, interest income and business services
Milestones
Select a milestone to follow Revolut from international payments into locally regulated banking
1 Payments Launch 2015
2 EU Bank Licence 2018
3 Canada Trial 2019–2021
4 US$800M Series E 2021
5 Profitable Scale 2025
6 Local Bank Buildout Jan–Jul 2026
7 French Bank Hub Aug 2026
Milestone 1
Revolut Starts With International Spending (2015)
Nik Storonsky and Vlad Yatsenko launched Revolut in London around spending, transfers and foreign exchange.
Company
Revolut Mobile financial technology company
Stage
Launch Initial consumer product
Capital
Early Venture Outside funding follows early adoption
Markets
UK First International spending and transfers
Customers
Consumers Customers seeking cheaper international money use
Competition
Banks And FX Digital alternative to bank foreign-exchange pricing
Additional Company Data
London launch
Mobile-first onboarding
Initial focus on spending and transfers abroad
Why This Milestone Matters
A narrow international-spending problem gave Revolut an entry point before it asked customers to use the app for more of their finances.
Milestone 2
Lithuanian Licence Adds Banking Capability (2018)
The Bank of Lithuania granted Revolut a banking licence in 2018, the regulatory base later used to provide banking services across the European Economic Area.
Company
Revolut Bank Payments business adding banking capability
Stage
Regulated Expansion Banking joins the product base
Capital
US$250M Series C raised in 2018
Markets
European Union Lithuanian regulatory base
Customers
Retail Payments customers gain access to more financial products
Competition
Digital Banking Revolut starts competing beyond payments
Additional Company Data
US$250M Series C valued Revolut at US$1.7B
Revolut Business had launched in 2017
Metal launched in the EEA in 2018
Why This Milestone Matters
The licence gave Revolut a regulated base for deposits and banking services instead of limiting the customer relationship to payments.
Milestone 3
Canada Gets A Limited Version Of Revolut (2019–2021)
Revolut entered Canada with a beta centred on prepaid cards and foreign exchange and withdrew in 2021 without establishing a Canadian bank.
Company
Revolut Canada Beta Partial version of the global product
Stage
Market Trial Entry ends before full banking launch
Capital
Group Funded No Canadian financing disclosed
Markets
Canada Cards and foreign exchange
Customers
Beta Users Narrower product access than in core markets
Competition
Limited Product No full domestic banking proposition
Additional Company Data
Beta began in 2019
No Canadian bank was established
Revolut exited in 2021
Why This Milestone Matters
Canada exposed the difficulty of competing with only part of Revolut's product set.
Milestone 4
US$800 Million Series E Funds A Larger Platform (2021)
SoftBank Vision Fund 2 and Tiger Global backed an US$800 million Series E that valued Revolut at US$33 billion.
Company
Revolut Platform Consumer and business financial services
Stage
Global Scale Product and geographic expansion
Capital
US$800M US$33B Series E valuation
Markets
International Europe with expansion outside the region
Customers
16M+ Customers worldwide at the financing
Competition
Financial Platform More products compete for more customer activity
Additional Company Data
SoftBank Vision Fund 2 and Tiger Global joined as investors
Capital supported U.S., India and other international expansion
Savings, insurance, wealth and trading were part of the product build
Why This Milestone Matters
The Series E financed expansion well beyond the original payments proposition and put Revolut among the world's highest-valued private fintechs.
Milestone 5
Revenue And Profit Catch Up With Customer Growth (2025)
Revolut closed 2025 with 68.3 million retail customers, US$6.0 billion in revenue and US$1.7 billion in net profit. A November secondary transaction valued it at US$75 billion.
Company
Global Financial Platform Retail and business products at large scale
Stage
Profitable Scale Fifth consecutive year of net profitability
Capital
US$75B November secondary valuation
Markets
40+ Markets worldwide
Customers
68.3M Retail 767,000 business customers at year-end
Competition
Primary Banking More customers use Revolut for everyday finances
Additional Company Data
US$67.5B in customer balances
US$2.9B loan portfolio
Eleven product lines above £100M of annual revenue
Jan Pilbauer appointed to lead Revolut Canada
Why This Milestone Matters
Profit and customer balances gave Revolut more capacity to fund lending, licences and local banking operations from a much stronger financial base.
Milestone 6
UK, Mexico And Australia Add Local Banking Operations (Jan–Jul 2026)
Revolut launched full banking in Mexico, exited UK mobilisation and received an unrestricted Australian banking licence. Its U.S. national bank charter remains under review.
Company
Multi-Market Bank Local banks operate within the global platform
Stage
Banking Expansion More markets gain local regulated entities
Capital
Local Balance Sheets Deposits and lending require local capital
Markets
UK, Mexico, Australia U.S. charter application remains pending
Customers
Local Bank Users 13M UK customers and 1M+ Australian retail customers at launch
Competition
Full-Service Banks Deposits and credit deepen competitive overlap
Additional Company Data
UK bank launched in March 2026
Mexico passed 500,000 retail customers
Australia became Revolut's first licensed bank in APAC
U.S. banking still depends on charter approval
Why This Milestone Matters
Local banks let Revolut own more of the deposit, credit and payment relationship instead of depending as heavily on partner institutions.
Milestone 7
France Becomes Revolut's Second EU Banking Base (Aug 2026)
Revolut's French banking licence creates a regional base for France and, progressively, Germany, Ireland, Italy, Portugal and Spain.
Company
Revolut Banking Group Regional banks inside a global platform
Stage
Regional Scale Second EU banking base
Capital
€1B+ Western Europe investment commitment
Markets
Six Countries France, Germany, Ireland, Italy, Portugal and Spain
Customers
~30M Across the intended Western European hub
Competition
Local Banking Depth More direct competition with domestic banks
Additional Company Data
Paris will house the Western Europe headquarters
The regional operation adds local risk, compliance and product capacity
Lithuania remains Revolut's other EU banking base
The July secondary share sale is reportedly pricing Revolut at US$115B
Why This Milestone Matters
Revolut is placing more banking responsibility inside the European markets where many of its customers actually live.
Frequently Asked Questions About Revolut
What is Revolut?
Revolut is a London-headquartered financial technology and banking group founded in 2015 by Nik Storonsky and Vlad Yatsenko. It offers payments, cards, deposits, foreign exchange, lending, wealth, investing and business financial services, with availability varying by market.
Is Revolut a bank?
Revolut operates licensed banks in several jurisdictions, including the European Economic Area, UK, Mexico and Australia. Its legal entity and customer protections vary by market.
How many customers does Revolut have?
Revolut reports more than 75 million retail customers globally. It ended 2025 with 68.3 million retail customers and 767,000 business customers.
How does Revolut make money?
Revenue comes from card payments, subscriptions, foreign exchange, wealth products, lending and interest income, and Revolut Business. Eleven product lines each generated more than £100 million in 2025.
Is Revolut profitable?
Yes. Revolut reported US$2.3 billion in profit before tax and US$1.7 billion in net profit for 2025.
What is Revolut worth?
A completed November 2025 secondary transaction valued Revolut at US$75 billion. A secondary sale underway in July 2026 is reportedly pricing the company at US$115 billion, but Revolut has not announced that sale as completed.
Is Revolut coming back to Canada?
Revolut has renewed its Canadian effort and appointed Jan Pilbauer to lead the local business. Canada remains under evaluation, with no announced launch date or public evidence of a Canadian bank licence application as of August 10, 2026.
Why did Revolut leave Canada?
Revolut entered Canada in 2019 with a limited beta centred on prepaid cards and foreign exchange and withdrew in 2021 without establishing a Canadian banking presence or the wider product set available in its larger markets.
Who competes with Revolut?
Competitors vary by product and country. Revolut overlaps with traditional banks, digital banks and specialist fintechs across payments, deposits, credit, foreign exchange, investing and business finance.
Information notice: Private-company estimates are identified and attributed. Information may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 
