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
California AI Law and U.S. Visa Fees Open Doors For Canada
Regulation | Sep 30, 2025
New U.S. Policies Could Redirect AI Growth and Skilled Workers to Canada
On September 29, 2025, California Governor Gavin Newsom signed the Transparency in Frontier Artificial Intelligence Act into law (Senate Bill 53), the first binding U.S. law directed at frontier AI developers.
Overview
The law requires companies with the largest models to:
- Publish safety frameworks and update them within 30 days of any change
- Issue transparency reports before deploying new or substantially updated systems
- Report incidents including crimes committed without human oversight or deceptive model behaviour to California’s Office of Emergency Services within 15 days, or within 24 hours if there is an imminent threat
- Whistleblower protections and civil penalties of up to $1 million are also part of the framework, enforceable by the Attorney General’s office
See: What Toronto Can Learn from Tel Aviv’s Start-Up Scene
Unlike last year’s failed SB 1047, the new law does not require third-party audits or shutdown mechanisms. Instead, it focuses on transparency. Starting in 2027, anonymized summaries of incidents will be published annually to inform the public.
Who's in Scope?
Developers that cross the extreme compute threshold of 10^26 FLOPs (computer system that can process a hundred trillion trillion mathematical operations) OR exceed $500 million in annual revenue.
How Companies and Countries Are Responding
The response has been mixed. Anthropic backed the compromise version after negotiations, while Meta set up a state-level PAC and OpenAI pushed for federal or international alternatives.
Critics warn that duplicative state rules could fragment compliance.
See: CMA Lessons on Competition and Growth for Canada
But still, California has a history of rules spreading nationally, from privacy to environmental standards. OpenAI, Anthropic, Meta, and Google DeepMind are among the large AI labs likely affected by SB 53. Three of which are based in California with DeepMind is headquartered in the UK but parent company Alphabet is in Cali.
Globally, the EU AI Act regulatory framework is already in force and more comprehensive, applying risk-based obligations across industries. Canada’s Artificial Intelligence and Data Act stalled earlier this year, leaving the country with a voluntary code of AI ethics. Other U.S. states may also look to California’s model as a template for their own AI laws.
For AI finance fintechs, it's pretty clear to see that California has drawn a line in the sand to publish safety processes, disclose updates, and prepare reporting systems. Canadian startups and scale-ups serving California clients will need to align to ensure compliance, and these same steps could form the basis of a future Canadian law if Ottawa revives its AI plans. NCFA has published numerous articles on how AI is reshaping fintech to highlight opportunities and risks.
Rules and Visas Could Impact North America’s Talent Flows
California’s new AI law shows how U.S. states are moving ahead with governance while Washington is moving in the opposite direction on immigration. The two policies together are forcing companies to rethink where they build and hire.
On September 21, 2025, USCIS raised H-1B visa fees for the first time in nearly two decades. The registration fee jumps from $10 to $215, the petition filing fee increases to $780, and employers must also pay a $600 asylum surcharge on each petition. In addition, a $100,000 payment applies to every new H-1B petition filed after September 21, 2025.
See: Cohere Adds $100M as Ottawa Launches AI Sprint
For large technology firms submitting thousands of registrations, lottery costs alone now reach six figures (i.e. registration, petition and asylum fees), and with the $100,000 payment layered on top, sponsoring one skilled worker requires an unprecedented financial amount before salaries are even considered.At the same time, Senate Bill 53 requires large AI developers in California to comply with the AI transparency and safety law. For startups and scale-ups already facing higher labour costs from the visa changes, the compliance load makes expansion in California more expensive than some alternatives.
For Canada, this combination creates an opening. The federal government has kept immigration channels and recently launched Canada's first ever tech talent strategy in 2023, while luckily leaving it's own AI governance as a voluntary code of conduct instead of a binding law. Companies that find U.S. rules and visa costs too heavy can find both talent and policy breathing room north of the border. WELCOME TO CANADA!
Canada’s Startup Visa Faces Long Delays
As a caveat to the message that Canada welcomes top entrepreneurs, the reality is that Canada’s Start-up Visa (SUV) program which was created to bring global founders into the country is currently plagued with a backlog of more than 42,000 applications as of July 2025 with wait times longer than four years as reported by Betakit. As a result, the government added a three year open work permit so entrepreneurs can start working while waiting for permanent residency, but the backlog itself remains a major barrier. Ottawa also introduced a cap of 2,000 SUV applications in 2025 and plans to reduce it further to 1,000 in 2026. By comparison, Canada’s Innovation Stream under the Tech Talent Strategy remains far more flexible and designed with urgency in mind; it's LMIA (Labour Market Assessment Impact) exempt and can be processed in weeks.
Instead of blunt national cuts, Ottawa could manage qualifying organizations application caps that grow or shrink depending on their results. Incubators, angel groups, and venture funds with stronger records of scaling companies, creating jobs, and raising capital could endorse more entrepreneurs, while newer or weaker ones would be limited until they prove outcomes. This approach would raise quality of applicants while keeping the door open to founders from diverse regions. Coupled with the open work permit, it could restore SUV as a credible and inclusive option for entrepreneurs choosing where to build.
Outlook
Canada now has a limited window to attract both talent and innovation by pairing flexible immigration with a pragmatic approach to AI governance. Ottawa's next steps will determine how long that window stays open.
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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CSA Proposes $50K Harmonized Self Certified Investor Exemption
Consultation | Sep 30, 2025
Image: Freepik/prostooleh
Canadian Regulators Open Consultation On Self-Certified Investor Rule
On September 25, 2025 the Canadian Securities Administrators (CSA) released for comment a proposal to harmonized Self-Certified Investor Prospectus Exemption (See: Notice and Request for Comment on Multilateral Instrument 45-111) that aims to replace a patchwork of provincial exemptions with a framework that makes it easier for more Canadians to participate in private markets and businesses to raise capital.
The comment period runs until January 5, 2026, giving NCFA members and stakeholders the opportunity contribute to one of the most important reforms for retail investor access in years.
What the Proposal Changes
The new rule would harmonize exemptions across multiple provinces and territories, replacing existing orders that had created pilot programs in each province. It sets an across the board investment cap of $50,000 per calendar year that can be spread across multiple issuers.
See: U.S. ACCESS Act Advances to Ease Crowdfunding Rules
By consolidating exemptions into a single instrument, the CSA hopes to reduce legal and compliance duplication that has added cost and complexity for issuers.
This proposal builds on a broader modernization trend in Canada’s markets, including reforms such as the expansion of the Listed Issuer Financing Exemption (LIFE), which NCFA has reported as a material change for retail access to public capital raising.
Requirements for Self-Certified Investors
Ontario has been one of the provinces piloting the model through Ontario Instrument 45-507 Self-Certified Investor Prospectus Exemption. The criteria in that order provide a clear picture of who could qualify:
- An individual may be eligible if they hold designations such as Chartered Financial Analyst (CFA), Chartered Business Valuator (CBV), Chartered Professional Accountant (CPA), or Chartered Investment Manager (CIM)
- Others may qualify by holding a law degree with a practice focused on corporate finance, mergers, or acquisitions, or by completing advanced education such as an MBA with a concentration in finance or a commerce degree specializing in finance or investment
- Passing key financial industry exams like the Canadian Securities Course or the Exempt Market Products Exam can also qualify an individual.
See: Wealth Management Insights for Fintechs and Investors
- Relevant work experience is another pathway. Ontario recognizes at least five years in related areas such as venture capital, private equity, investment management, or corporate finance, as well as senior roles in industries that give the investor the ability to assess business risk.
- Under the CSA proposal, qualifying pathways would expand to include individuals who, within the last five years, have been employees of a venture capital or private equity fund or a business that invests in or finances small or medium-sized issuers and who have participated in those investment activities for at least one year
- Founders or directors of early stage businesses with annual revenues of at least $500,000
To participate, an investor must complete both a Confirmation of Qualifying Criteria and an Acknowledgement of Risks form, certifying they understand the nature of exempt market securities and the absence of prospectus protections.
Notably, the Ontario pilot set the limit at $30,000 annually across issuers, while the new CSA proposal raises this cap to $50,000 across multiple jurisdictions. For the full consultation record, see the CSA Multilateral Notice for MI 45-111.
Who Could Qualify Under the Exemption
The combined effect of the newly harmonized rule would open up private markets to knowledgeable professionals who may not meet accredited investor wealth thresholds.
See: Report Insights: DIY Investors in Canada on the Rise
This includes financial analysts, accountants, valuators, and lawyers with corporate finance experience, as well as entrepreneurs and senior executives who have led companies in sectors where their industry knowledge helps them evaluate business risk. By broadening access, the exemption is intended to channel new pools of informed capital into early stage and growth businesses.
Potential Impact on Capital Formation
The CSA consultation does not provide any projections on the number of new investors or volume of new capital inflows that may result from these changes, and Ontario’s pilot program didn't publish any participation data. However, harmonization is expected to expand the eligible investor base and reduce administrative burdens on issuers.
For startups and small businesses, this can lower the cost of fundraising and increase the number of investors able to participate.
See: The Real Story of Access to Capital
For investors, the proposed exemption enables participation based on knowledge and experience rather than wealth, while maintaining safeguards such as certification requirements and annual limits.
The proposed change is part of a wider trend of policy changes aimed at growing early stage financing in Canada, including Ontario's interim class orders that support early stage capital formation. More transparent reporting on participation and capital raised will be important for assessing outcomes and balancing investor protections over time.
Your Voice Counts!
Canada has long faced criticism for fragmented securities rules that make capital raising inefficient. By harmonizing exemptions across multiple provinces and territories, the CSA is addressing structural barriers that have limited access to early stage funding. If adopted, Multilateral Instrument 45-111 would give more Canadians the ability to participate in investment growth opportunities while providing businesses with a clearer path to attract more capital.
The comment period deadline is January 5, 2025. NCFA encourages its community to participate in this consultation by reviewing the CSA consultation materials, consider operational and investor protection details that should be refined, and submit data-driven and/or evidence-based feedback to regulators.
For background on Ontario’s pilot approach, see NCFA’s coverage of the OSC pilot self-certified investor exemption which provides additional context on the origins and mechanics of the model in Ontario. Also for further context, see the CSA consultation news 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 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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How Small Businesses Enter the Casino Fintech Space
Sep 30, 2025
The casino fintech space offers small businesses a unique entry point into a rapidly expanding digital economy. By leveraging technology and niche market insights, entrepreneurs can tap into a sector projected to exceed $127 billion by 2027. Many are finding success through specialised payment solutions, compliance tools, or customer engagement platforms. For those exploring gaming integration, a seamless experience like online roulette at Zoome highlights the importance of smooth transactional and interactive design. This article explores practical pathways for small enterprises aiming to participate in this high-growth industry.
Market Insights and Growth Indicators
The convergence of financial technology and casino operations creates fertile ground for agile small businesses. Global digital payment volumes in gaming surged by over 40% in 2023 alone. Regulatory shifts and technological advancements continue to lower entry barriers. Small enterprises that identify underserved niches often achieve rapid scalability. Consider these compelling statistics shaping the sector today.
- Over 72% of digital gaming transactions now use alternative payment methods
- The Asia-Pacific region accounted for $48.2 billion in gaming fintech revenue in 2024
- Small fintech startups captured 31% of the payment processing market share in 2023
- Blockchain-based casino transactions grew by 215% between 2022 and 2024
- Customer acquisition costs for gaming fintech products dropped by 28% since 2021
Why Niche Solutions Outperform Generic Platforms
Small businesses thrive by addressing specific pain points larger corporations overlook. Specialised payment gateways for AU online casino operators demonstrate this perfectly. These platforms handle currency conversion, regulatory compliance, and rapid withdrawals seamlessly. They integrate easily with existing casino software through API connections. This focused approach builds loyalty among operators who prefer tailored solutions over one-size-fits-all systems. Trusted online casinos particularly value partners who understand their unique operational challenges and compliance requirements.
Customer Engagement and Retention Technologies
Player retention separates successful casinos from struggling ones. Small fintech firms develop engagement tools that boost player loyalty significantly. These include personalised bonus engines, predictive analytics for player behaviour, and automated loyalty programs. Integration with popular Aussie online pokies platforms makes these tools particularly valuable. They help operators identify at-risk players before they churn and create targeted retention campaigns. The best solutions combine artificial intelligence with deep industry knowledge to deliver measurable improvements in player lifetime value.
Payment Innovation and Security Solutions
Payment processing remains the backbone of casino fintech. Small enterprises innovate by developing faster, safer transaction methods. These include digital wallets with enhanced security protocols and cryptocurrency integration services. Multi-currency support proves essential for platforms serving international players. Robust fraud detection systems tailored for gaming patterns also see high demand.
See: Wealth Management Insights for Fintechs and Investors
Small businesses entering the casino fintech space must focus on specificity, compliance, and technological elegance. The most successful identify clear problems and deliver streamlined solutions that larger companies cannot match. By specialising in regulatory technology, payment processing, or customer engagement, entrepreneurs build sustainable ventures within this dynamic industry.
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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Swift Launches Blockchain Ledger Prototype With RBC and TD
Blockchain | Sep 29, 2025
RBC and TD Join 30 Global Banks For Swift's Cross-border Payments Test
On September 29, 2025, Swift announced its blockchain-based ledger at Sibos 2025. The initiative brings together more than 30 financial institutions worldwide, including Royal Bank of Canada and TD Bank, to design and test a prototype with Consensys. The project is aimed at enabling real time, 24/7 cross-border payments to more than 200 countries and territories.
Javier Pérez-Tasso, Swift CEO:
“We provide powerful and effective rails today and are moving at a rapid pace with our community to create the infrastructure stack of the future. Through this initial ledger concept we are paving the way for financial institutions to take the payments experience to the next level with Swift’s proven and trusted platform at the centre of the industry’s digital transformation.”
Swift's Multiple Blockchain Tracks
Swift’s prototype will provide a secure log of transactions between banks that is updated in real time. The ledger will validate and sequence payments while using smart contracts to enforce agreed rules automatically. Unlike a public blockchain, this shared ledger is a permissioned infrastructure operated by Swift and its member banks. While it's blockchain-based in design, drawing on distributed ledger technology for resilience and transparency, it's not an onchain network like Ethereum.
See: Citi and BofA Plan Stablecoins as Regulation Advances
Rather than creating new tokens itself, Swift’s role will be to provide the infrastructure for financial institutions and central banks to settle regulated tokenised value. By focusing on interoperability, Swift is designing the ledger so that it can operate alongside both traditional rails and emerging blockchain networks to reduce fragmentation and help financial institutions transition smoothly.
Also as a separate blockchain track, Swift is also experimenting with onchain migration of its messaging system using Ethereum Layer 2 Linea, as reported by The Block, which includes banks such as BNP Paribas and BNY. Swift is undergoing a parallel strategy to both upgrade existing rails while also preparing future digital rails.
Canadian Banks At the Table
The direct participation of RBC and TD gives Canada a seat at the table in Swift's financial infrastructure modernization initiatives. Their involvement means that Canadian banks intend to remain competitive globally as tokenised settlement gains traction. For Canada, the implications could be far reaching, making it easier for businesses to manage international trade and for capital to move efficiently across borders.
Tokenised Payments Outlook
Swift’s work comes at a time when market forecasts suggest rapid growth in tokenised payments. Citi’s GPS report on stablecoins 2030 projects that stablecoin issuance could reach $1.9 trillion under a base case and as high as $4 trillion in a bull case by 2030, with transaction volumes approaching $100 trillion if stablecoins circulate at payment velocity.
See: VersaBank USA Launches Tokenized Deposits Pilot
The report also says stablecoins will likely coexist with tokenised deposits and bank-issued tokens, which may surpass them in scale.The question is whether Swift’s infrastructure approach will become the primary neutral rails that digital assets need to move securely across borders, or not.
Conclusion
After years of blockchain push-back denial, the launch of Swift’s blockchain ledger prototype is a key milestone in the modernization of global financial infrastructure. With RBC and TD among the participants, Canada is positioned within the group to contribute to the design and development of standards from the start. Digital assets and traditional financial networks seem to be converging at a global scale.
Other reads you may like:
- Canada's Stablecoin Race Enters Critical Phase
- Swiss digital franc tokenized bond pilot deemed a success
- Swift and Wise Announce Strategic Collaboration at Sibos 2023 in Toronto
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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Cohere Adds $100M as Ottawa Launches AI Sprint
AI | Sep 29, 2025
Image: Freepik AI
Canada’s AI Story Now Spans Billion Dollar Funding, Infrastructure Alliances, and a National Policy Push
On September 24, 2025, Canada's AI darling Cohere announced a second close to their latest round with an additional $100M added to their coffers, valuing the company at approx $7B, positioning the company at the center of secure enterprise deployments while Ottawa launched a 30 day consultation to reset the national AI strategy.
Cohere’s new funding builds on traction with its Command A models and the North platform, both designed for private solutions across finance, healthcare, and government.
See: Canada Risks Falling Behind as UK Lands AI Megadeals
Alongside the capital, the technical story is about compute diversity. On September 24, 2025, AMD and Cohere expanded their global AI collaboration for enterprise and sovereign deployments while also adopting North internally. The widens buyer choice and lowers total cost of ownership for organizations handling sensitive data.
Cohere’s Nick Frosst said customers now have ‘significantly greater flexibility’ in how they use Cohere’s AI, while AMD’s Vamsi Boppana noted they benefit from better cost efficiency and energy performance.
30 Day Policy Sprint
On September 26, 2025, the federal government launched an AI Strategy Task Force with a 30 day consultation window from October 1-31 to set priorities around safety, sovereignty, and procurement readiness, with the goal of moving quickly toward digital sovereignty and economic adoption.
Hon. Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister for FedDev Southern Ontario:
“The Government of Canada is moving quickly toward our vision for AI and digital sovereignty. The AI Strategy Task Force and the ideas gathered through our national sprint will generate bold, pragmatic and actionable recommendations to guide Canada’s next AI strategy. This strategy will accelerate the development of nation-building AI and data infrastructure, drive economy-wide adoption and help build the strongest economy in the G7.”
Regional Funding Expands AI Beyond Major Centers
FedNor confirmed $595,400 across three projects in Northern Ontario, spanning powerline mapping, healthcare automation, and First Nations training. One example is a $500,000 repayable contribution to CircuitIQ for a live powerline mapping tool, which will support hospitals and transport infrastructure. The same program provides $67,200 for Waive to automate healthcare forms and $28,200 for Ontario First Nations Technical Services Corporation to prepare training for more than 50 communities.
See: Canada’s Opportunity In Efficient Reasoning AI
PwC Canada’s Value in Motion analysis projects that if Canada accelerates AI adoption, the economy could reach $3.65T by 2035 (up from $2.89T in 2023). The study stresses that faster uptake depends on capital investment, access to compute, and clear policy direction the very areas now in motion with Cohere’s new funding, AMD’s infrastructure partnership, and Ottawa’s task force.
Why AI Alignment Strategy Matters
The alignment of capital, computing power, and policy confirms that Canada’s AI story is entering an execution phase. Growth and success will depend on measuring real productivity gains in the near term."
For institutions that handle sensitive data, having more choice in computing power and proven enterprise models lowers risk and gives them more leverage. For policymakers, the inclusion of regional funding shows that AI adoption isn't just an urban story.
See: Cohere Picks Paris as New EMEA Hub For Enterprise AI
For fintechs, October is the time to prove that their models are reliable, that data stays in Canada when required, and that costs are clear enough for procurement teams to sign off.
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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Fintechs Urge Ottawa to Modernize Account Transfers
Advocacy | Sep 26, 2025
Wealthsimple and Questrade Call For Federal Rules As Fax Based Transfer Delays and Fees Frustrate Canadian Investors
On August 12, 2025, Wealthsimple submitted its recommendations to the federal pre budget consultation, urging Ottawa to regulate how registered accounts such as RRSPs and TFSAs are transferred between financial institutions. The submission says rising transfer fees and weeks long delays undermines Canadians’ ability to manage their savings. Wealthsimple’s call was echoed by Questrade, which also urged stronger federal oversight.
Fax Machines and Delays Leave Billions in Limbo
Wealthsimple reported that between late 2024 and early 2025, the average transfer time was 19 days once paperwork was received. More than 13,000 transfers took longer than 45 days, and at any given time over $1 billion of client funds were stuck in transit, peaking at $2 billion in March. During this period, 45% of transfers were executed manually by the sending institution, specifically by fax and mailed cheques.
This outdated reliance on fax machines creates long delays that benefit incumbents. During this delay period, client capital is removed from their accounts by sending institutions (Read: Canadian incumbent banks), so it can be redeployed without clients receiving any benefit.
See: CMA Lessons on Competition and Growth for Canada
In fact, 15% of transfer requests were cancelled by clients due to the delays. Another way of putting this is investors are effectively providing interest free loans (to institutions) while paying more than $35 million in transfer fees.
Exit Fees Hit Younger Canadians Hardest
Exit and transfer fees have grown from $0 to $75 a decade ago to an average of $150 per account in 2025.
With more than 40 million registered accounts in Canada, that adds up to hundreds of millions in annual costs.
Flat fees disproportionately harm younger Canadians. CRA data shows that the average TFSA balance for Canadians in their twenties is under $11,000, meaning a $150 fee can take more than 1% of their entire account.
By contrast, Canadians over 50, with TFSA balances above $25,000, are more likely to qualify for reimbursement programs offered by some institutions. Wealthsimple argues that this is a regressive structure that penalizes the very Canadians struggling most with affordability pressures.
The company itself does not charge clients who close or transfer out, and it has urged Ottawa to follow the example of other sectors such as telecom and air travel where hidden exit fees have been capped or eliminated.
CIRO Says Transfer Delay Complaints Increased 500% Since 2015
The Canadian Investment Regulatory Organization (CIRO) has been studying the issue for years. CIRO's July 2025 White Paper on account transfers found that investor complaints over transfer delays have increased more than fivefold since 2015.
See: CIRO Proposal Could Expand DIY Investor Education Tools
The paper reports widespread allegations that financial institutions intentionally slow transfers to retain business or to keep earning interest on client funds, with many investors stating that charges are too high or reimbursements are not honoured. This unnecessary friction harms consumers (and businesses alike).
CIRO has proposed modernizing the process with mandatory timelines, wider use of automation, and clearer requirements for firms to act diligently.
Federal Leadership and Harmonization Needed
Wealthsimple’s pre-budget submission asks Ottawa the federal government who already regulates registered plans under the Income Tax Act to take similar steps in other industries to curb hidden fees.
- Amend the Income Tax Act to restrict spiralling transfer fees
- Give the Financial Consumer Agency of Canada enforcement power
- Harmonizing standards with provinces and territories so that Canadians have consistent protections regardless of where their account is held
See: Canada’s Stablecoin Race Enters Critical Phase
From NCFA's perspective, fax machines and paper cheques are more than an inconvenience; they're systemic barriers to competition. Reform would not only protect consumers but also level the playing field for fintechs that rely on timely transfers to onboard new clients.
Why is Canada Still Waiting
Why do Canadians and the government continue to accept an investment transfer system that still depends on fax machines, and why it takes pressure from fintechs to put the issue on the national agenda?
Other industries have modernized. Why has finance been allowed to remain stuck in the past? As Prime Minister Mark Carney puts it, “The premiers and I want to make Canada a global energy superpower and build the strongest economy in the G7.”
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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JPM: Top 200 Women-Powered U.K. Businesses 2025
Report | Sep 25, 2025
Image: Top 200 Women Powered UK Businesses (report cover)
J.P. Morgan and Beauhurst Highlight Record Growth and Access to Capital
On September 16, 2025, J.P. Morgan and Beauhurst published the fifth annual Top 200 Women-Powered U.K. Businesses Report (Download 75 page PDF report), showcasing the scale and growth of female-founded and led enterprises in Britain. Since the inaugural edition, the number of women-powered businesses has more than doubled, rising from 6,085 in 2021 to 15,795 in 2025, representing 30.4% of all high-growth companies compared with just 18.3% four years ago.
Top 5 Statistics/Takeaways
- Women-powered businesses grew 160% in five years, from 6,085 in 2021 to 15,795 in 2025
- Equity investment in women-powered firms nearly doubled to £4.51 billion in 2025
- Women-led exits surged to £5.23 billion in 2024, nearly matching male-led exits at £6.74 billion
- Equity crowdfunding drove 802 women-powered fundraises since 2015, making it the top early-stage finance channel
- Fintech, SaaS, data, and AI are now the top investment sectors for women-powered firms
See: Trends in Reg CF for Minority and Women Founders
The data shows that women-powered companies are growing faster than the broader high-growth ecosystem, which expanded by 56.1% over the same period. Regional analysis highlights London and the South East as hubs, with 4,916 and 2,124 women-powered firms respectively. In Wales, women-powered businesses now account for 32.7% of the high-growth firms, the highest proportion of any U.K. region.
Funding Trends and Capital Access
Venture capital hit a record high, making up 21.9% of all deals, while women-powered businesses were slightly higher at 22.3%.
Equity crowdfunding has proven itself as transformational, driving the highest number of deals across the U.K.’s high-growth ecosystem. Since 2015, there have been 3,647 equity crowdfunding deals, of which 802 were women-powered fundraises, making it the leading investment route for female-founded and led businesses.
Entrepreneurs are increasingly attracted to equity crowdfunding because it provides access to early-stage capital often unavailable through traditional VC, combined with strong community backing and investor engagement. Two investment crowdfunding platforms stand out:
- Republic's (formerly Seedrs) women-powered deals grew more than fivefold from 7 in 2015 to 40 in 2024
- Crowdcube recorded an 18.9% year-on-year increase in women-led participation in 2024
See: State of UK Equity Crowdfunding Entering 2025
Over the last five years, equity investment in women-powered businesses grew nearly 97% from £2.29 billion in 2021 to £4.51 billion in 2025.
Exits also tell a updated story. After dipping in 2023, women-led companies generated £5.23 billion in disclosed exits in 2024, compared with £6.74 billion for male-led firms, creating one of the closest splits on record.
Charlotte Bobroff, Head of U.K. Women & Wealth:
"Women are surpassing milestones like never before, and their rapid rise is having a sizable impact on our overall economic output.”
Ecosystem Challenges
Melis Kahya Akar, Managing Director at General Atlantic, noted persistent capital gaps. She added that investors have a responsibility to foster networks and mentorship:
“According to the World Bank, [women-led businesses] receive just 3% of global VC funding. When women do attract capital, they tend to raise smaller amounts than their male-led equivalents. The result is that fewer women-led businesses reach the later growth stage, at which we usually look to invest.
See: How Fintech Firms Can Profit by Serving Women
Representation matters, but there is currently a lack of visible role models, peers and mentors for women entrepreneurs. Only 11% of Fortune 500 CEOs are women, and while this is an increase on previous years, the relative scarcity can act as a deterrent for other women.”
Fintech and Digital Innovation
The report highlights fintech and other digital sectors as among the most active areas for women-powered businesses.
In 2024, Software-as-a-Service, online retail, data provision, AI, and fintech were leading sectors for equity deal activity. Data-driven firms led by women have grown sharply, with deal activity in data provision rising from 233 in 2020 to 302 in 2024.
Why It Matters
The doubling of female-led high-growth firms, growing access to capital, record-setting exits, and strong representation in fintech and digital-first sectors point to structural change. Download the full report
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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