Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fundraising, Investing, Trading
Perplexity and Getty Multi-year Images Licensing Deal
AI Licensing | Nov 3, 2025
Image: Freepik/rawpixel.com
Perplexity and Getty Images Partner to Bring Licensed Visuals Into AI Search
On October 31 2025, Getty Images and Perplexity announced a global multi-year agreement that gives Perplexity permission to display Getty’s creative and editorial photos within its AI search tools. The partnership uses Getty’s API to bring licensed images directly into Perplexity’s results with clear credits and links to the original source.
See: Perplexity’s $34.5B Chrome Bid Fuels Google Antitrust Heat
It’s one of the first major deals between an AI company and a content rights holder, an example of how licensing can help AI platforms respect creators while improving the quality of what users see.
Jessica Chan, Head of Content and Publisher Partnerships at Perplexity:
“Getty Images shares our belief that the future of AI‑powered discovery requires respecting the creators behind the content. Attribution and accuracy are fundamental to how people should understand the world in an age of AI"
Legitimizing Content Use and Addressing Concerns
Perplexity has faced several plagiarism and scraping allegations during the past year, including incidents involving Getty photos that appeared without license. The new agreement resolves those issues by providing legitimate access under clear terms.
Nick Unsworth, Vice President Strategic Development at Getty Images:
"This agreement paves the way for a productive and collaborative partnership between our companies, where we will work together to improve attribution of our contributors' work and Getty Images’ high‑quality creative and editorial content will enhance Perplexity’s platform.”
Users should note however that the license applies only to Perplexity itself. So while users can view Getty images in search results they can't download, reuse, or share them outside the platform.
Attribution does not grant any rights, and any reuse or commercial application still requires a separate license from Getty Images. There is no indication of sublicensing or user-level permissions in any official material.
Implications
The Perplexity–Getty deal is a win-win where a structured licensing partnership can strengthen trust and reduce copyright exposure while improving the user experience. For Getty, the deal adds a new business stream in AI search.
See: The Necessity of Copyrighting Your Voice in 2024 | 1,000 Artists Protest AI Copyright Plans with Silent Album
For Perplexity, it helps rebuild credibility after a year of public criticism while following through on stronger commitment to transparency and proper credit for creators. This partnership also builds on the company’s earlier initiative to share value with content creators through its 80/20 revenue-sharing program for publishers.
Outlook
Being transparent about where information comes from builds confidence with users and regulators. As Canada develops its own rules for AI and copyright, partnerships like this one show how respecting creators can go hand in hand with innovation.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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CSI Community Bond Nears $6M to Strengthen Ownership
Social Finance | Nov 3, 2025
Image: Freepik
Citizen Investors Back CSI’s Community Bond to Strengthen Its Community-owned Infrastructure and Mission
The Centre for Social Innovation (CSI) confirmed in its August 2025 update that its 2025 Community Bond campaign, targeting $6 million in total investment, was nearly full following strong participation since launch in May. The funds are being raised to transition CSI to 100% community financing, retire remaining bank debt, and strengthen ownership of its 192 Spadina Avenue property, ensuring long-term stability for its social innovation mission.
See: Gander Social Nears $1.5M as Canadians Invest in Canada
CSI’s 2025 Community Bond offering includes three verified bond options as listed on its official campaign page: Series L (4.25% annual simple interest, 3-year term), Series M (5% annual compound interest, 5-year term), and Series N (6% annual compound interest, 5-year term).
Minimum investments range from $1,000 to $25,000. According to CSI’s 2025 Offering Statement, the bonds are secured by registered charges on CSI’s Toronto properties, and the organization states it has “never missed an interest payment” since the first issuance.
Financing Inclusion and Innovation
Community bonds occupy a growing space in Canada’s impact-finance ecosystem. They allow individuals and institutions to earn predictable returns while funding community-owned infrastructure and social enterprises.
For Canada’s fintech and alternative finance community, CSI’s community bond initiative dates back years and provides a verified model of how mission-aligned investors can contribute to measurable social and economic outcomes. It also complements national efforts to broaden retail investor participation through investment crowdfunding and exempt-market modernization.
See: Fintech Fridays EP63: From Angel Investor to Change-Maker: Investing with Impact
Closing Thought
It demonstrates that capital formation and public benefit can work together when accountability, collateral, and investor confidence are clearly defined. As policymakers explore pathways to inclusive capital access, the community-bond structure is a practical example of responsible innovation in finance. Those interested in learning more about the model and its broader impact can visit socialinnovation.ca.
This article is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security. Readers should consult the official issuer documents for full details.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Loon Raises $3M and Acquires CADC Stablecoin
Stablecoins | Nov 3, 2025
Image from Loon press release
Canada’s Stablecoin Activity Increases as Loon Builds Regulated Digital Dollar Ahead of the Federal Budget
On October 27, 2025, Loon announced a CAD $3 million pre-seed round and the acquisition of the CADC stablecoin, led by Version One Ventures with participation from Garage Capital and Canadian angels.
The company acquired CADC, a stablecoin originally launched by Paytrie Inc. in 2021 that has processed more than CAD $200 million in on-chain transactions, according to the announcement.
See: Stablecoin Payments Have Wings – Are You Ready?
Loon aims to develop a Canadian-dollar stablecoin that operates under Canadian regulation and has pre-filed a prospectus with the Alberta Securities Commission as the first step toward full approval. The company says it is working closely with regulators to define clear standards for the stablecoin sector and strengthen accountability across the industry.
Short term priorities for Loon include onboarding distribution partners (exchanges, fintech apps, liquidity providers) and building trust through clear rules, transparent reserves, and reliable operations in a market long dominated by US dollar stablecoins.
Connecting Canadian Banking to Blockchain Rails
CADC allows users and businesses to send and receive Canadian dollars on blockchain networks instantly and at any time. This means a developer in Halifax can receive payment from a client in Vancouver within seconds, or a Toronto-based importer can complete transactions with suppliers abroad without relying on traditional banking hours or payment delays.
The system is designed to provide continuous access, real time settlement, and deeper liquidity, while maintaining wholesale-level foreign exchange efficiency.
See: Canada’s Payments Innovation Push Gains Speed
Kevin Zhang, CEO of Loon:
"Canada is at a crossroads. We can either remain dependent on foreign financial infrastructure or build our own sovereign rails for the digital era. By providing a regulated, trusted digital Canadian dollar, we're unlocking the next generation of innovation, from payments to capital markets."
Stablecoin Activity Increasing Across Canada Ahead of Budget 2025
The timing of Loon’s raise aligns with national policy attention on digital assets. The Bank of Canada urged policymakers to weigh the merits of federal stablecoin regulation in September 2025, showing growing support in Canadian-dollar models. See NCFA’s analysis of Canada’s stablecoin race entering a critical phase, which describes how policy and market interest are converging.
Also see NCFA’s recent coverage of banks and fintechs backing a regulated stablecoin with Tetra Digital Group, expanding interest in compliant Canadian-dollar payment infrastructure. Related initiatives include Stablecorp’s $5M raise to accelerate QCAD adoption, VersaBank’s plan to launch VCAD, the world’s first bank issued deposit based digital currency, and its U.S. pilot of tokenized deposits, activity all contributing to Canada’s development of regulated digital currency infrastructure.
The policy backdrop includes expectations that the upcoming federal budget 2025 will address financial services modernization and digital assets.
Closing Thought
Canada is moving from talk to implementation on regulated digital currency rails. Loon's pre-seed round confirms that a trusted CAD-backed model can attract capital while engaging with regulators. Stablecoins are practical and essential financial infrastructure with potential benefits for payments, cross-border settlement, and market efficiency, all of which align with the need to focus on innovation, access to capital, and national competitiveness.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Competition Bureau Consultation: New Enforcement Guidelines
Competition | Oct 31, 2025
Competition Bureau Launches Consultation to Update Enforcement Guidelines and Strengthen Fair Market Practices
Today, the Competition Bureau of Canada released a new draft of "Anti-Competitive Conduct and Agreements Enforcement Guidelines" for the public and stakeholder consultation to be submitted by January 29, 2026. These guidelines are part of a larger effort to modernize how Canada enforces competition law, which directly affects fintechs, startups, and any business working to scale in today’s digital economy.
Why It Matters for Innovators and Growth Companies
The proposed guidance updates how the Bureau will interpret and enforce sections 75 to 79 and 90.1 (see Competition Act text), including key areas such as:
- Refusals to deal and exclusive arrangements
- Market restrictions and tied selling
- Abuse of dominance
- Civil agreements between competitors that may restrict competition
See: How Competition Powers Canada’s Economic Growth
It also consolidates older enforcement materials, including the now superseded 'Price Maintenance Guidelines' and 'Abuse of Dominance Guidelines' into a single updated document that reflects legislative amendments made between 2022 and 2025.
For fintechs, platform businesses, and other high-growth ventures, this kind of regulatory clarity matters. Whether you are entering a data-sharing agreement, challenging a gatekeeping incumbent, or navigating pricing structures, clearer enforcement guidance reduces ambiguity and legal exposure.
What’s New?
The draft guidelines account for several recent reforms to the Competition Act, including:
- A restructured test for abuse of dominance
- New scrutiny on certain business collaborations (even when parties are not direct competitors)
- An expanded ability for multiple provisions to apply in a single enforcement case
See: Regulating for Growth by Understanding Innovation
According to the Bureau, these updates are designed to reflect how competition issues appear in evolving markets, including digital services and platform ecosystems.
Real Impact from Public Input
In prior consultations, public feedback has directly influenced how the Bureau created its final guidance, whether on wage-fixing, platform conduct, or innovation impacts. Stakeholder input has led to more usable, grounded enforcement tools that reflect market realities.
This consultation is substantive. If your business model depends on partnerships, licensing, data access, or competition with larger players, this consultation is worth your attention.
How to Participate
- Deadline for submissions: January 29, 2026
- Read the draft guidelines
- Submit via email your input: cb.accaconsultation-bc.consultationcaac@cb-bc.gc.ca
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 aa vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Gander Social Nears $1.5M as Canadians Invest in Canada
Equity Crowdfunding | Oct 31, 2025
Image: Gander Social via FrontFundr equity crowdfunding campaign
Gander Social’s Fast Funding Raise Reflects Canadians Investing in National Digital Independence
On October 24, 2025, Gander Social, a Canadian alternative to foreign-owned social platforms, announced that they surpassed $1 million raised from more than 1,595 investors in its initial private community phase, exceeding their target in just over a week. Then on October 30, the company announced in a release that they are opening the campaign up to the public on FrontFundr, inviting Canadians across the country to join its growing base of community owners.
See: CSA Proposes $50K Harmonized Self Certified Investor Exemption
The campaign has now raised almost $1.2 million and is targeting $1.5 million and continues to grow rapidly through organic participation and word-of-mouth sharing, demonstrating the strong appetite for Canadian-built platforms and the expanding role of equity crowdfunding in mobilizing retail investors, especially at a time when early stage venture funding channels are under pressure.
Canadian Platform with Purpose
Led by Ottawa-based longtime creative director turned founder CEO Ben Waldman, Gander Social is built by a small team of Canadian engineers and creators who want to give people a trustworthy alternative to ad-driven social media. The company is structured as a Public Benefit Corporation, showing its commitment to long-term public accountability rather than short-term profit. Waldman described the movement behind Gander as “more like a call to arms,” a push to rebuild online spaces around community ownership and digital sovereignty.
BenWaltman, CEO Gander Social:
“We’re not seeking venture capital, foreign funding, bombarding you with ads, and we’re not going to sell your data. We’re inviting you to become co-owners of Gander with us. The world is screaming for an alternative, so we’re building it with Gander Social right here in Canada.”
Wave of Investment Patriotism
By setting a minimum investment of $255, Gander is making participation accessible to everyday Canadians. The campaign reinforces the growing “keep it in Canada” mindset that prioritizes domestic ownership, ethical innovation, and sustainable platform design. Investors are not just looking for returns but they want to help define the kind of digital economy they want to see in Canada.
See: H1 2025 Global Fintech Funding Slows, Some Sectors Firing
As Canada feels the geopolitical pressures, across the country investors are embracing equity crowdfunding to participate directly in the innovation economy and keep growth capital in Canada. It’s a model that strengthens community engagement while advancing national competitiveness and financial inclusion.
Conclusion
For policymakers and fintech advocates, Gander’s raise demonstrates how equity crowdfunding can mobilize citizens to fund nationally significant ventures. It shows how financial innovation and digital sovereignty can align to strengthen Canada’s independence, resilience, and competitiveness in a global tech landscape increasingly defined by foreign control. Learn more about the Gander Social campaign 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 aa vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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When a Fintech Giant Stumbles Fiserv’s $30 Billion Hit
Fintech | Oct 30, 2025
Image: Fiserv (FI) (Yahoo Finance Chart, Oct 31, 2025)
Fiserv’s Stock Crash Highlights Growing Vendor and Governance Risks for Fintechs and Banks
What triggered Fiserv’s record stock crash?
On October 29 2025, Fiserv Inc.’s stock plunged 44 percent in a single trading day after management sharply cut revenue and earnings forecasts. The Forbes report confirmed that guidance for full year organic revenue dropped to roughly 3.5% to 4.5% (down from 10%), and adjusted earnings per share fell to about $8.50 to $8.60 (previous range near $10.25).
Outlets called it the company's worst trading day on record, while Reuters reported that roughly $30 billion USD in market value was wiped out.
See: TD Partners With Fiserv and Sells Merchant Portfolio
The Financial Times reported that some of Fiserv’s problems came from its business in Argentina. The company had invested heavily there to grow its payments and merchant services, but rising inflation and unstable policies hurt results.
Yahoo Finance verified that quarterly adjusted earnings were $2.04 per share on $4.92 billion in revenue, both falling short of analyst estimates, and that management’s revised guidance signalled weaker growth into 2026.
How did governance failures amplify the fallout?
The speed and scale of the decline caught analysts off guard and the abrupt reversal in management guidance spooked investor confidence more than the revenue miss itself.
The credibility hit reflects a governance gap and not a market anomaly. Canadian financial institutions face a similar risk. When boards and risk teams depend too much on vendors’ optimistic projections, they can be caught off guard when results fall short. Honest forecasts, active oversight, and clear accountability are essential to maintain trust.
Why does vendor dependency threaten fintech and bank resilience?
The slowdown of Fiserv’s merchant processing as noted by Reuters, raised red flags because it showed how much of the global financial ecosystem depends on a handful of vendors for core services.
Canadian credit unions and regional banks operate within similar limits, relying on few providers for payments, fraud monitoring, and digital banking infrastructure. A major vendor’s disruption could ripple through daily operations.
See: Canada’s RBC and BMO Possibly Looking to Sell Moneris
Fintechs should avoid relying on a single provider for critical services. Where possible, they should use multiple vendors or include clear backup and continuity plans in core contracts. A stable vendor network is now part of staying resilient, not just managing costs.
What lessons should Canadian fintechs and FIs take from this?
MarketWatch linked Fiserv’s current struggles to its 2019 First Data merger, which left the company with high debt and overlapping systems.
Many Canadian institutions are undergoing similar digital transformations. The Fiserv experience shows that modernization without aligned governance and risk planning can backfire.
Further with respect to Argentina, expanding into fast growing but unpredictable markets can look appealing, but without strong local plans and risk controls, it can backfire when conditions change.
Banks should aim to strike the balance between innovation, cutting costs, and building long term strength. Fintechs on the other hand need to be realistic and transparent with financial reporting and growth goals. Making promises that can’t be met damages trust faster than any technical problem.
What comes next for Fiserv?
Fiserv is undergoing a strategic reset. In a release, the Fiserv appointed Paul Todd as CFO effective October 31, named Takis Georgakopoulos and Dhivya Suryadevara as co-presidents effective December 1, and refreshed its board under new independent chair Gordon Nixon. Two directors will step down on January 1 2026 as part of a governance overhaul. Whether these measures restore confidence remains uncertain.
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 aa vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Wealthsimple’s $750M Raise Reaches $10B Valuation
Financing | Oct 30, 2025
Image: Freepik/rawpixel.com
Wealthsimple's $750 Million Round Puts Canadian Fintech on the Global Map
On October 27, 2025, Wealthsimple announced it had raised $750 million in new equity funding at a $10 billion post money valuation. The deal includes $550 million in new shares and up to $200 million from secondary sales.
Dragoneer Investment Group and GIC led the round, joined by CPP Investments, Power Corporation of Canada, IGM Financial, ICONIQ Capital, Greylock Partners, and Meritech Capital.
See: Wealthsimple Drops Options Fees and Launches Real Gold
Crossing the $10 billion valuation milestone shows how far Canada’s fintech industry has come. Wealthsimple’s steady rise from startup to profitable platform proves that a Canadian firm can reach global scale while keeping its focus on trust, compliance, and user experience. This new round comes at a time when many fintechs worldwide are struggling to raise growth capital.
Wealthsimple has been profitable since 2024 and now manages over $100 billion in assets for more than three million Canadians.
Michael Katchen, CEO and co-founder, Wealthsimple:
“This raise reflects deep confidence from new and returning investors in our mission and our role as a defining Canadian company. We were intentional in choosing partners committed to the long-term future of Wealthsimple. These are well-respected, global leaders with a proven track record scaling category leaders, and who believe in our vision for the future of financial services.”
Choo Yong Cheen, Chief Investment Officer, Private Equity, GIC:
“We look for companies that will transform industries for decades to come, and Wealthsimple is one of them. Their track record of innovation, from investing to trading to spending, combined with deep trust from Canadians, positions them to build a defining, generational company in Canadian financial services.”
Strengthens Canada’s Fintech Ecosystem
Institutional investors such as CPP Investments and Power Corporation bring more than capital. They bring credibility. Their involvement helps normalize fintech as a core part of the financial system, not a novel experiment. This type of institutional participation encourages other large funds to view Canadian fintechs as viable, well governed opportunities for long term growth. It also shows that responsible innovation can attract serious capital without sacrificing values like inclusion and transparency.
See: Wealthsimple Aims at Banks With New Credit and Loan Tools
Wealthsimple’s record of profitability and compliance gives regulators a real life example that innovation and stability can work together. The company’s consistent performance may help policymakers as they work to finalize the implementation of open banking.
Outlook
Wealthsimple’s growth story and impact goes beyond one company. It's an achievement that reflects how far Canada’s fintech community has evolved, from early crowdfunding to full service digital banking. It gives startups and investors a reason to believe that they can scale globally while keeping their roots in Canada. For NCFA, this success reinforces the importance of a financial ecosystem that rewards innovation, broadens access to capital, and strengthens Canada’s competitiveness on the world stage.
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 aa vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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