Category Archives: Fundraising and Investing

FINTECH FRIDAY$ (EP.13-Oct 12): Road to Fintech IPO: Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa

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NCFA Canada | Oct 13, 2018

Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First

About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript)

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn)

Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing .

Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, with the bulk of his professional career at PwC, where he managed top-tier engagements of financial firms. Born and raised in Vancouver, BC, Ali holds a Canadian Chartered Accountant degree and a BBA in Finance from Simon Fraser University. He began his professional career at a young age, co-founding a leading IT services firm with locations in Edmonton, AB and Vancouver, BC in 1998. Ali is also a regular contributor to Business in Vancouver's weekly radio technology panel and was named to BIV's Top 40 under 40 in 2017.

 

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Transcription of Interview

Manseeb Khan:  Hey Everybody Manseeb Khan here. And you are tuning in to another episode Fintech Friday. Today I have the amazing the incredibly talented Ali Pourdad CEO Progresa. Ali thank you so much for sitting down with me today.

Ali Pourdad: Thanks for having me.

Manseeb Khan:   Yeah so Ali could you just give the audience a little bit about who you are and essentially who and what Progresa is.

Ali Pourdad: Sure. I'm happy to. I think for those who are not aware of myself or Progressa I have a background as an entrepreneur. I've been there for about 20 years. This is my second business I had to get out of high school. Pre Dot-com which shows was my age. This is my second life. We started Progresa back in 2013 in Vancouver . Me and my co-founder originally started off as a straight consumer finance lending business. And sort of quietly behind the scenes we were building software. And today. I would say we're sort of a full-blown financial technology company and we have a lending business. That drives a significant amount of revenue but we also. A multitude of software offerings for our major Canadian enterprises. We solve problems for Canadian business.

Manseeb Khan:  Yeah that's incredible. So, this might be a silly question, but I guess we'll make you a little bit more different than Money Mart and any of the other loan services out there.

Ali Pourdad: Sure. Yeah but you don't see companies like money mart or other loan services, companies as a competitor because. We don't we don't go direct to consumer like they do. So. A company like many of markets has branches, HYG online but there are really seeking consumers and going directly at consumers for lending products and offering them. Credit where they actually paying cash in their pocket and not necessarily helping them  helping them. Progressa fundamentally different. All of our customer acquisition comes from other businesses. And we're typically solving problems for those businesses and probably problem for those consumers. And what I mean by that is our software is setting up and offering a number of services. But the main purpose of at least  two thirds of our software solution. Revolves around enterprise collections and try to have a healthier and more of a holistic approach to the recover money as a Canadian enterprise so. That would be an example of you know a young lady or a young gentleman who's going through a tough time in the past that. They owe. You know Roger or TELUS money. Progresa is the company that will come in and help facilitate that recovery for those enterprises. Help them recover money but also offer a better experience. To that young lady or that young gentleman who might be going through that tough time or stressful time. Ultimately. What that means is that larger TELUS, Bell, and other enterprises that use Progresa. Will have better net promoter score. Better. Which is better customer satisfaction. And ultimately manager their risk better for them. There's been real demand for differences between that and traditional lenders. All of our loans for example the customers will actually not seeing money, we're helping pay their debts and pay down the debt. And leaving them into better financial life.

Manseeb Khan: You guys also do. I mean I've from looking from your website and from some of your past blog posts you just do go a little bit more deeper than credit scores. You start building I guess a customer persona. And just like a characteristic of like who this  person is their past history someone is not in and of itself is pretty incredible because now the loan is a lot more  personalized, it's a lot more individualized`.

Ali Pourdad: Yeah exactly and that's a very good point. I mean we do have a proprietary technology that we built over the years. Technology is quite different than what's out in the market today, what's out in the market today is, you put it very well it's not personal. It's very generic and it's very archaic. And so, it leaves a lot of the population in a position where. They can't be helped even though they might be financially responsible or living within their budget. You are doing all the right thing but. On paper it doesn't reflect that. That's where Progressa shines that. That's why we've been successful even quietly growing behind the scenes because. We'd be making major investment. And that technology that allows us to evaluate these consumers just fundamentally differently and give them credit for things that might you might not necessarily see as a traditional lender.

Manseeb Khan: So, you recently raised the 84 million dollars round which is absolutely incredible. Previously you raised a 10-million-dollar round. You took a much more alternative approach compared to the other startups out there. There were a lot more loud a lot more bullish. In a sense they have the mentality of You don't need banks, we don't need do we need the old world because we're building the new one right. We don't need your guys help you guys look much more silent a lot more tactical route of quietly building partnerships with banks and credit card companies. Could you talk a little bit more of that approach and what that approach looks like and what would your advice look like to other startups on collaborating with banks and other institutions.

Ali Pourdad: Happy to answer that question. I would say there was always a very well thought out plan in the early days when we first launched there was a lot of fintech’s out there that. We’re making quite a bit of noise in the marketplace. A lot of that noise revolved around either taking down the bank or replacing the need for banks etc., etc. . And you know in the Canadian marketplace we have an affiliation with the bank that's going to be quite hard to displace. And we saw that in the early days. So, you know what we decided to do is just invest in. Trying to tackle bank problems. What are the things that the banks are trying to tackle and how can we? Help them be more successful. That was a fundamental decision we made early on. We did it quietly and without making noise because. Frankly we weren't ready to scale the business and have been a business that had both. Technology and lending. You're not going to scale until you have scalable technology and you can't have scalable technology until you have a track record behind with. Very chicken and egg. You have the built of a little bit slow and steady or you risk blowing up your company. And that's what we did. And we now reach the point this where we that we have a very strong foundation as you mentioned. We raised a big round that round the reflection of. The sort of the order that we chose to tackle problems. And investors saw that they saw that we hadn't blown up our business and that. We're you know conscience of investors capital. And they doubled down and supported that next stage. You know my advice entrepreneurs considering building disruptive technology you really need to evaluate what your road map looks, what's you path revenue. Or if you have a better revenue try to disrupt banks or try to work with banks. Sometimes both can be achieved at the same time and. That's the route the Progressa chose.

Manseeb Khan: Some of the investors mentioned that you've actually from day one you started operating the business as it was a public company. You know you talked about how you guys built the very strong foundation. Could you just give us a little bit more detail of what that foundation looks like and how you pretty much just muted out everybody else and just put your head down and just build Progressa.

Ali Pourdad:  Sure. Yeah, I mean I know my background in between my first business and Progressa sort of pivoted professional services I became a chartered accountant I worked at PWC for a number of years. Really built up my professional skill set so that. I knew that one day I go back entrepreneurship and I really wanted to have a good tool kit. To build a business in a proper way. You can help businesses any number of ways a lot of entrepreneurs get lucky, some of them blow up their businesses. I knew that this type of business was going to be successful I need to build the skill set. So, with a professional a background I very quickly started to build the team and the right spot. And we focus on things that we knew were going to be needed to rebuild capital. Making sure we have proper financial reporting, making sure we have things like insurance, making sure you know we have good controls, getting audited financial statements and so on and so forth. And we made all of those investments right off the bat. To raise money in the Canadian marketplace. Well there's a lot of heavy regulation. You know the government securities regulations in each of the provinces. Is there to protect investors and rightfully so as a company that you know had a strong report below like we do. We had to have all of these checks and balances in place . In order to be able to successfully raise money. Today, that got an easier because we're more on the radar. But as early stage startup when you're going through these things. Such as one of one of the things you might not think about that makes  will make life easier for you. Make those investments. So, you know allocate capital to proper lawyers. Allocate capital to make sure you build your finance team. Have that reporting to share holder reporting as well it's very important in the early days. To keep you're a shareholder in the loop people and keep them happy. Because you might be going back to them for more money and investors are happy to see the right track to a great growth story. But you've got to deliver what you say.

Manseeb Khan: So, I guess sticking with the same chicken and egg analogy that you previously mentioned you want to make sure you have all your ducks in a row before you start bringing on investors and everybody right.

Ali Pourdad: Yes exactly. I mean we would I mean nowhere we're 6 years in, and we bootstrapped for the first couple years we've totally bootstrapped the business. I don't remember having a management team up until two and a half years into the company. So, we were probably. 20, 26 people before I hired my first other senior manager. You know Ali was HR, He was the CFO. He was legal. I did. I'd basically over just over 20. Individuals in the organization. And tell that point you know as an entrepreneur when you reach that point and your business is run rate is reaching a point where you. De-risk the investment. To the point, we have reached that. You know we've got to the point where the business has started to prove it or start to prove that. Even if we do start to make the right investments and people and scalable technology that we could build something big. Once we had the core competency of the central bank when we take. Both decisions. You know I would be going any other way. in any  entrepreneur that's looking to start a business today. Simply understand you're core competency first. Do that. Make the investment and understanding that before you build. Anything scalable on top of that. You want to make sure that you're building on the right foundation because you'll still move faster you pay your investors a lot of money

Manseeb Khan: You guys are also gearing up to go public by the end of 2019. So. Again just talking about the huge round that you just raised. What got investors excited? Was that a marketing experiment?

Ali Pourdad: To give credit to the investment bankers that were involved in our fund raise they did a good job positioning Progressa of the Canadian marketplace. Listen we may go public, we haven't officially announced anything, but the reality is that a lot of the market driven. we're executing on growth right now. The business is reaching record run rate on revenue and the bottom line and it sets us up to go public nicely. That's what our Board decides to do and our shareholders support. We do have a number a lot of shareholders. They were already about 200 shareholders are Progressa today. So, you know as a small business with 200 shareholders everybody has to be on. The same page about a decision like that. There's lots of avenues for late stage private companies to. Create liquidity for investors if that's their plan. My personal plan is to continue to execute on our strategic plan that our board has signed off on. It's ambitious and it grows this business into a very credible player in Canada. One thing that you mentioned earlier that all sort of reiterated that we had. Very much flown under the radar for 3, 4, 5 years and now we're trying to get on my radar. Where you can fully expect that. So, we're going to be. Doubling down quite hard on that side of things and therefore you know we're going to be more on the radar than ever before. And that's very much a function of launching our technology offering publicly. And you know all of our technology offerings that we made all these investments in. Have supported a growing lending business. But today they're ready to support. Other companies and support them and help them achieve their business objectives. And  you can expect to be hearing a lot more about Progressa as we roll up those products in the coming weeks.

Manseeb Khan: Yeah, I'm super excited just to see like what's going to be like the changes that may or may not happen now that you guys are going to be a little bit more on everybody's radar. So how are you going to keep the team and Progressa motivated healthy and productive and how do you see I guess the environment changing I mean I a rumor going public?

Ali Pourdad: Yeah, I mean there's different challenges for us as a Toronto and Vancouver company as they try to make. There are two very different cultures. I think.,  The first point is that you have to put the people first if you want to grow your team in a healthy and productive way. you make investments and bringing the right leaders in the work of younger teams that motivate them. But you also have to keep an eye on market trend is that you know you're out there especially in a large organization like we are. They're always talking they always have their eyes and ears on their friends that other organizations to stay competitive truly competitive you need to have a proactive strategy with your employees and not reactive. You know as it relates to Progressa today we really doubled down on people we've made serious investments in our senior H.R. people. We just went on Merit Finley the senior executive from over venture just literally started and this last week, really big win for a company like Progressa because you can't navigate this late stage try this. Potentially IPO scenario without a person like that. The IPO that just leads to bigger and better things. I mean I would expect our team to increase in size modestly. But I our H.R function that really where I would be focused. If you were to IPO, you suddenly now have different challenges and risks. And you need to keep people first That have a people first philosophy. As long as that  doesn't change, and you double down with  everything else. Then post IPO should look really good.

Manseeb Khan: There are a lot of startups that both have either office in Vancouver and in Toronto. I guess your best advice to them would be just double down on people focus on HR and just be there for every single individual in the company because they're the people that are going to help build your amazing building and your business right.

Ali Pourdad: Absolutely. I mean are companies are complex, as an entrepreneur you may not see that on day one. You may be just doing everything and happy to do it and that sort of learning things on the fly. But as you build out teams and build out processes start making investments and technology becomes very. Sort of evidence to how complex it is. And., I think. You know my advice obviously try to simplify it as much as you can and keep things simple for yourself and for your senior leaders that you bring on. Businesses are inherently complex and if you don't keep people first they get  burnt out They don't grow. They get frustrated. You really have a people first mindset to drive that. We haven't always had it right. Progressa it's not something you get right. Right away, you sometimes make mistakes you hire the wrong people and you just need to iterate just like iterate technology iterate on your team and get it to a place where it becomes scalable. Because it's not just technology scalability that. Drives businesses like fintech its's people scale ability. Have the right people at the right times. And. You have to know when it's the right time for those people to move on. These companies evolve very fast. I mean you know in the early days you might double, triple, quadruple revenue year over year. If you maintain those run rates for two three four years. And haven't paid those investments in people get burnt out really fast. And so. That would be my advice.

Manseeb Khan: Yeah, I love that people scalability. That's incredible. So, I guess you have mentioned that a little bit early on like how much harder it is for Canadian  fintech companies to get Canadian investment money. What is your perspective on the regulating sector. So, for example consumer loans. Do you feel that the government is including regulators? And do you think they're striking the right balance between investor protection and enabling market innovation?

Ali Pourdad: Yeah, I mean I think certainly some regulation is needed across the board. Otherwise you know you get your in situations a country that things don't make macro sense anymore. The best example would be in 2008 there's no lack of regulation that caused banks in the US  to have aggressive underwriting practices and that turns into major problems. So, you don't want that. Sort of worst-case scenario. In Canada. You know people I think people would be quite surprised to understand there is a fair amount of regulation out there in consumer loans. We know we have a very heavily regulated mortgage-based payday loan base. And even other types of lending were very heavily regulated. You know in my view household debt to income ratios are quite concerning in Canada. That is, you know that could easily be correlated. Other things that may not be a regulation issue simply could be. You know high real estate prices the low interest rate. Those are very hard things the regulators control. So, balance is tough  question the answer from an investor standpoint I do believe provincial governments have worked hard to find that right balance investor protection and enabling innovation. You know a major issue that we continue to have in Canada though. Is that these provinces that security regulators aren't harmonized yet and that may. Make things complicated for starts to navigate and innovate quickly.

Manseeb Khan:  Touching back on what you said you guys have invested in a lot of the technologies right? Do you see the future with digital banking by offering a full range of services. And if so I guess what technologies you are most excited about and that you think is going to have the most impact.

Ali Pourdad: Yeah, I mean I think we're already a lot of the way there in Canada. I think our  major banks have fairly strong digital banking offerings themselves. And so, you know there's lots there's a there's a lot of room for disruption, but I think the single probably the single most important legislation required to. Fully complete digital banking roadmap for all Canadians and probably the one I'm most excited about. Is the open banking concept? And that's something that governments started to get wind down in the year they. Have already started to empower consumers with data. Once the banking data is back in the control of the consumers and not the bank. Then you really will have a truly digital banking environment with a full range of services. And you know the ability to unlock full potential. And until then you know you know I think Canadian fintech’s will continue to innovate. You know again Progressa we play behind the scenes we try to play it with. Predicates. Where that. Adds value to a bank and credit cards and so on. Solve problems. You know. What that could lead to it. The regulators don't offer it if they don't move quick enough on open banking, then the banks could just snap up fintech’s one at a time as they see fit. I think. You know you. Have. Different data that are still around after five six seven years. They are well positioned to. Sit down with parents who are having those conversations hoping they can change the environment in Canada significantly. As it relates to digital banking operate because it could really make life good for Canadian's for Canadians and either the playing field for a lot of consumers out there without traditional access to credit Or Just traditional banking products simply because their data is in the control of the banks. Is not doing anything with that.

Manseeb Khan: So essentially the old gatekeepers of helping Canadians in the past are going to be greatly diminished just making it ,like you mentioned a couple times or just making lives of Canadians that much more easy.

Ali Pourdad: That's the idea. I mean banks I think banks do a  great job I've got. I'm not in the camp that banks need to go down or fold or be this be disruptive. Certainly, there's a lot of services and banks that are frustrating to the consumer to deal with. At the end of the day they happy they think large investment digital banking offerings. The issue is less to do with those offerings and more to do with. Empowering the consumer. As a consumer of a bank. You sometimes feel handcuffed. And. I you know I think fundamentally that a lot of upside here for Canadians. If the government does step in and offer you know to open up the data again it's kimono and give power back to the consumer. It just opens up a wide range of opportunity to offer service that. Really. You know make life good for that consumer I mean best examples are the social media companies in the U.S. that. Are able to take data and improve. And again, depends on who you ask. But if you ask me and you've offered your consent really improve life for you and they think very sort of seamless day to day. There's no reason they can't be in that situation in Canada with banking data and make a well thought out plan.

Manseeb Khan: So, speaking of peer to peer you're seeing a lot of people starting to shift into getting into crypto and very much getting into blockchain and how do you see loan services like yourself getting into blockchain and how do you see loan services in the blockchain and different from existing services that we have today. And what I'm asking is What do you need to see be a KYC, be it regulatory to make an actual shift to be 50/50 blockchain or if not just go all in on blockchain.

Ali Pourdad: Yeah. So, I think the answer to that question is simply to look at where the regulations are heaviest and where. Block Chain can solve those problems. And in lending you know I think those questions are still being asked. There not fully fleshed out but certainly where you have heavy KYC the mortgage space and other types of lending in Canada. Yes, the blockchain can solve a significant problem as it relates to onboarding customers and making sure that there's a paper trail for everything. And so, from that perspective the block chain has some real application. Things more seamless for consumers. I think. You know the parts crypto is concerned there is a lot of the young population out there that. Has been investing in cryptocurrency. And the average age of a crypto user is quite young. And they're building up cryptocurrency wallet. With real financial holdings there so. That money is available.  but not in their Canadian or Canadian bank account it's not available under U.S. bank account. It's available in their crypto account. And so. Naturally. You know there's going to be. Sources and uses for the money and the lending is one option for the cryptocurrency you're going to start to see platforms. That offer peer to peer lending options for the crypto currencies. Simply because people are going to be sitting on those currencies and are going to want to get that money to work and try to generate a return just like any. You know company or other peer to peer platforms the in  U.S.  for example, trying to achieve. Definitely we're going to see shifts into crypto I don't think it's to take over the world as far as lending is concerned, I think lending is just A function of whatever currency is sitting on out there whether it's crypto or fiat. But certainly, the block chain going back to that will make life good. And I think that the companies right now that are Again asking the question when. Where are the problems? Where the pain points? And how can I use blockchain to make things better? At Progressa that  We're certainly exploring a lot of those things but not haven’t decided to use the blockchain yet.

Manseeb Khan: So, you did mention peer to peer loans right. So, do you see peer to peer loans disrupting your business given that it would make it a lot more easier for just Canadians and if not under serviced  Canadians to get loans or just to make sure they can pay the Rogers bill or the phone bill or what have you.

Ali Pourdad:  I don't necessarily see that I think offering credit is a core competency that you have to learn over time. It was something that is easy to reproduce. We have learned by mistake. The have to have money loose. Because you definitely will lose money in the beginning and it takes time to. Again, understand that core competencies that you can start to scale it and make money in greater amounts you know is it possibly disrupt able ? absolutely there is possible disruption there in the future. I think in Canada probably a lower chance of that happening. Peer to peer lending in Canada first of all is being banned by securities regulators for quite some time. In the U.S. certainly you see peer to peer lending is much more prevalent. And you're already seeing a block chain-based companies tackle peer to peer lending. But there is just a drop in the bucket and the reality is the block chain is at this point heavily correlated with crypto currencies. And are like crypto currencies and so that's the main driver. You know if somebody borrowing and they don't need crypto currency then there's really no use of the platform. So. As far as I understand there's we're still talking about tens of millions of crypto currency users across the world not hundreds of millions or 200 you know are billions yet. And so, it's still a quite a small market. Relative  to the overall market and something that. Companies just to keep their eye on and evaluate as they grow and look at market opportunities and pounce on it if you think there's something there to. To grow into.

Manseeb Khan: Yeah no absolutely. Like we said before the average crypto very young so it's tens of millions 100 to hundreds. So, it's not a very young, very infancy stage for companies to pounce on it right. So, I guess one of the things that is out there that's very prevalent in the business media would be alongside of crypto and blockchain would be AI right. AI is definitely going to be disrupting the banking industry for sure in the past couple episodes. It was also mentioned that AI is also going to be very disruptive for the insurance business. How do you see AI either disrupting or helping the loan services and Do you see as an opportunity or do you see it as a threat?

Ali Pourdad: Oh, I mean perhaps this is an opportunity for sure want to be very people are asking this question because I don't know that I would recommend. You know getting into lending if you have an AI that's not the reason to get into lending and I don't think you can use AI effectively right off the bat anyway. I think you have to grow into AI. AI is by its inherently is reliant on big data. You're not just sitting on that data when you launch a business. You have to build the data over time, you need to make sure it's a scaleable data. It's being housed properly that a lot of an investment you have to make it into a  data infrastructure. To leverage AI effectively. So, from our perspective I mean we definitely see it as an opportunity because we've made those investments. Heavy investments in technology and our data infrastructure. I mean we have a  full data team in Vancouver. That to use AI effectively to have automated credit models and use sort of machine learning to automate the recalibration process that we that we currently have humans doing you know. And so that that's all upside for business that make those investments. But it's not something that I don't think  it's not practical for a number of years. You have to you can't just acquire the data, you have learned by mistakes. And build up to date on an appropriate way so that when you're ready to build scalable technology you know they you add AI to the list.

Manseeb Khan: Yeah. So, all of that is just testing and learning right? Where do you see yourself in Progressa the next three to five years? I mean given that we talked about block chain and crypto and AI?

Ali Pourdad: Three to five-year progress as generating, I mean you can see us like a traditional online lending business. But over three to five years Progress is going to generate the majority of its revenue from that technologies. And a minority of its revenues is from the lending business. I mean we made a  significant investment in software. That are driving great growth in  our lending business today. But over the next three to five years you know I fully expect that we'll be able to service our much larger enterprise partners in more meaningful ways as a software provider and much more so than a lender. For me personally you know I'm having fun. We've made significant investments in building out a great team. And I want to see this team be successful. I work closely with our board and I'll continue to run Progressa as long as they have me with the job. At the same time, you know Progressa has set me up for many great opportunities personally well had to get involved with many younger entrepreneurs as I can. And guide them and share my voice. I had the privilege of contributing weekly for a couple years on the Business in Vancouver the technology panel and continue to do that and have fun. You know I'm in a mode personally where Progressa even though we've been flying under the radar behind the scenes. Progressa has set me up to contribute back how meaningfully and guide younger entrepreneurs and try to get involved with younger businesses that have disruptive technologies. But I think that's what I see for Her my future.

Manseeb Khan: Yeah that's incredible it's actually very humbling to hear that like even though you are I guess relatively compared to traditional businesses you guys are a very young company, but you already have the mindset of Yeah, I know I'm still a startup and I'm still building a great business, but I still want to give back to young entrepreneurs. someone to guide them like hey that mistake I made over there yeah don't do that to just do this instead this was going to make your life so much easier. That's absolutely incredible. So as an aspiring young entrepreneur myself I wholeheartedly thank you and amazing entrepreneurs like you for helping and just guiding us and giving back.

Ali Pourdad: Yeah. Thank you. I appreciate it and thanks for having me on the show.

Manseeb Khan: Absolutely. So, what will be the best way for young entrepreneurs out there to contact you. Could we snapchat you. Do you up on Twitter. What we the best way to contact you?

Ali Pourdad: Yeah for sure. I'm on Twitter as my handle is  Ali Pourdad. It's my first name and my last name. You can find me on progressa dot com as well. I will have a bio on there with my name, so you'll find me on Twitter, you'll find me on Instagram. And happy to chat with young entrepreneurs. I mean we certainly have a handful of Progressa. But again, I'm also on LinkedIn. Always a good way to find me in on LinkedIn. Happy to chat with young entrepreneurs  and add I value where I can.

Manseeb Khan: Awesome. Ali thank you so much for sitting down with me today and I can't wait to have you on the show again hopefully post IPO.

Ali Pourdad: I'd love to be back thanked you !

 

 

 

 

End of Podcast

 

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BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
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Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
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CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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Data is a 2-way street in a post-GDPR world

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Beam Platform | Alec Gordon | Aug 24, 2018

THE PROBLEM

The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention.

By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we trust our business have done plenty to introduce technologies preserving and indexing customer data, undoubtedly pleasing their shareholders, but little to no effort has gone to building interfaces and access points, through which the customers themselves can read that data. Therein lies the imbalance the GDPR stands to address, promoting a mutually beneficial exchange, and giving users a window into their own content.

See:  The world’s new oil and AI’s imminent impact on the future of Fintech

Consent and opt-in aside, the key tenet of GDPR is therefore granting citizens the ability to control and manage the data and content they produce, through normal everyday use of services. While everyone understands this in context of browsing the internet, few considerations have been given to data privacy in telecommunications, phone calls in particular.

Now think about all the times you called a bank or a mobile service provider, and heard the Nth rendition of “this call is being recorded for XYZ” line. Yet we never stop to think that “this is my data too”… Organizations utilize sophisticated technological machinery in order to process this intake, recording, storing, transcribing and ultimately distilling this conversational data into something usable, something that will help them improve. Yet you, the loyal customer, are stuck with nothing but the handwritten/typed up notes you took during the call. The data you automatically generate during your customer interaction is therefore lost, but only to you. Which got us thinking — there has got to be a better way.

THE SOLUTION

Given the ease with which those companies capture your conversation, the average user stands to derive significant benefit, should those records be as accessible on your phone as, say, long transcribed text conversation. Scrolling through it, they way you would, you can certainly pick out items worth remembering — date of next bill, authorization to transfer funds, a request to send over PDF — the list goes on. For all the notes you jot down, this surely will shave a few hours off your precious time. Having this data at your fingertips will make you a better customer, yet asking said company for it will get you nowhere. “Internal use only”, or so they say.

See:  Global Governance Insights on Emerging Risks

We at Beam are convinced Multiformat Communications technology like BeamCall is the way forward in giving people back the right to access their own conversations. Not through the Bank’s web portal, that will export a lengthy .txt file. But right on your device. In your hand — you can scroll through every recorded/transcribed call with your thumb, in real-time. With tools like BeamCall, your cognitive demands are subsidized with a persistent record of everything that happens. Accessible the moment you are.

Continue to the full article --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
Read More
Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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Nubank Investment Underscores Tencent’s Quick Investing Pace

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Crunchbase News | Alex Wilhelm | October 8, 2018

Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir.

However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony.

Tencent’s Early Christmas

Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other).

October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list:

Regarding Nubank, TechCrunch’s Jon Shieber has the story, including why the Brazilian and Chinese companies are swapping shares for cash:

See: 

[Nubank cofounder David] Velez stressed that Nubank, which had raised $150 million in a February financing round led by DST, did not need the additional capital. “We found so much value in partnering with Tencent,” Velez said. “Particularly everything there is to learn about the Chinese financial market.” Velez hopes to take those lessons and apply them back to the market in Brazil.

Continue to the full article --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
Read More
Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
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The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
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CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
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Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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JUST LAUNCHED: 4th VanFUNDING 2018 Vancouver Conference: CONVERGE – Building Bridges and Capital with Emerging Blockchain, Fintech and AI Innovations on November 29-30, 2018

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NCFA Canada | Team VF2018 | Oct 5, 2018

VANCOUVER, Canada - (Oct 5, 2018): The National Crowdfunding & Fintech Association of Canada announces VanFUNDING 2018: CONVERGE, the leading 4th Annual financial technology and capital conference held in downtown Vancouver.

The expanded #VF2018 offers world-class education, funding and networking opportunities delivered via keynotes, TEDx-style presentations, panels, workshops, executive round tables, investor pitching, meeting exchanges and mentoring. #VF2018 will cover Fintech, Blockchain, Crypto, Artificial Intelligence, Crowd and Distributed Finance, Regtech, Payments, Digital banking, Identify and Security, International Trade, Alternative Investing and Innovation Finance and more, from a diverse range of perspectives.

This year’s theme, CONVERGE, immerses participants and builds bridges across the most disruptive emerging technologies, capital market innovations and key stakeholders that are powering new global markets, new decentralized models, new forms of computer intelligence, new IP, new infrastructure and new alternative investment opportunities toward the vision of a Web 3.0. 

#VF2018: CONVERGE will feature 1.5 days of immersive educational content, 50+ speakers, dragon’s den pitching program and a multitude of networking and partnership opportunities.  New to the program this year is a unique storytelling style that attendees will experience culminating into the co-creation of the first fintech digital pop-up magazine issue.

 “We are witnessing unprecedented change that is already affecting our daily lives - how we interact with financial services, generate digital wealth, invest, evaluate, consume, vote, and store, transfer and purchase anything of value.”  Craig Asano, Founding CEO, NCFA

If you are a fintech innovator, an investment professional or a company actively raising capital, or a key decision maker/stakeholder in technology and digital finance, #VF2018 is a must attend event bringing together fintech leaders, investors and emerging innovators from start-ups to scale-ups to government regulatory bodies and policy makers who have a vision for the future of finance.

PITCHING and SPEAKING APPLICATIONS now open.

 

Links:

VanFUNDING 2018

Speaking Applications Now open

Pitching Applications (Submit by Nov 4)

 

 


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
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Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
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SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
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NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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Where to Find Startup Loans in 2018

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LendingArch | Lewis Mudrich | Oct 4, 2018

If you need some funding for your small business then you may be wondering where to start, as well as how to find, the best options and most competitive rates (especially when you’re browsing through small business loan options).

Indeed, getting funding for your startup can seem like a daunting task. At the same time, there are a variety of financing options available if you know where to look. Luckily, we’ve done the research for you.

Here is where you can find the best small business loans in 2018:

Startup financing loans

Canadian startups can apply for a startup financing loan through the Business Development Bank of Canada (BDC). This loan is specifically designed for startups in the first 12 months of business and can be used to help launch and grow the business.

According to the bank’s website, the loan can be used for:

  • Working capital to supplement an existing line of credit
  • Fixed assets
  • Fund marketing and startup fees
  • A franchise purchase
  • Advisory services

In order to qualify for a BDC loan, you must have a business plan in place, have experience in your field, provide personal and credit references, and show market potential. You can apply for a BDC startup loan here.

Microloans

Does your business have a social enterprise slant and community focus? You may be able to get approved for microloans from Community Micro Lending. You can apply for the lender’s “Start-Up Loan” of up to $5,000 or, if you’ve been in business for more than a year, you may be eligible for an Expansion Loan of up to $10,000. In order to qualify for this microloan program, you must be an aspiring or current entrepreneur located in the Southwest BC area.

If you’re working on a green business or green technology startup, you can also check out Microloans for green business. For example, the Vancouver City Savings Credit Union offers startup loans of up to $35,000 and expansion loans of up to $70,000.

There’s also the ACCESS Community Capital Fund that can provide loans of up to $5,000. The ACCESS Community Capital Fund is a Canadian Registered Charity that helps business owners access microloans. Some other microloan programs include the Ottawa Community Loan Fund, The Alterna Savings Community Micro-Finance Program, and ACEM Microcrédit Montréal.

Keep in mind that microloan opportunities can vary based on province so be sure to look for programs in your area.

Government financing

If you want to get your startup off the ground, you’ll be happy to learn that there are many different government financing options available.

The Government of Canada, for example, offers several different types of small business loans. These vary depending on industry, demographics, and location. For example, loans range from the Aboriginal Business and Entrepreneurship Development financing to FACTOR funding for the sound recording industry - and lots of options in-between.

To find out what’s available, look at programs that you are eligible for - based on your region - as well as certain demographic groups that you may belong to. Be sure to do your research and make sure you meet the eligibility requirements before applying for a loan.

Credit cards

Now, here’s a lending option that you may already have access to: your credit card. While credit cards aren’t an ideal funding source, you can use them if you need to purchase products and equipment for your business - perhaps while applying for other small business loans. Just be aware: credit cards may have sky-high interest rates. With that said, there are special business credit cards  that may be a good fit for what you need.

Check out:  4th Annual VanFUNDING 2018:  CONVERGE Conference, Nov 29-30 in downtown Vancouver

Credit cards should be the last business funding option as you certainly don’t want to incur insurmountable debt at a high interest rate. Not only that but the repayment terms may not be that flexible. On the other card, a business credit card can help you manage short-term cash flow issues.

Crowdfunding

The internet isn’t just about cat memes and popular catch-phrases, it’s also a place to get money for your startup. Using the power of crowdfunding, you can utilize your network and the vastness of the internet to get your message and business out there and make some money.

Using sites like Kickstarter, IndieGoGo and specialized platforms like iFund Women (you guessed it: for female founders!) you can share information about your project and garner support from friends, family, and colleagues. Usually these sites take a fee for posting your project page, but the money you can raise will hopefully offset those fees. For more comprehensive options, check out this crowdfunding directory.

Family and friends

If you’re lucky, you may have a family member or friend who is willing to provide funds to help you with your startup costs. On one hand, this can be great as there is less red tape and hassle to get you your much-needed cash. On the other hand, if things go awry, you may lose more than your investment.

If you go this route, be sure to treat it like a business relationship. Create a contract and have a payment schedule that works for both of you. It’s important that both parties feel comfortable in this situation - it’s not just about getting your hands on the cash.

Small business loans from online lenders

If you can’t get approved for a traditional bank loan and you don’t want to hit up your friends and family, you still have another great option for a small business loan. You can apply for a loan through an online lender.

For example, LendingArch helps startup founders and small business owners compare loan options effortlessly and easily. You can compare your options in a matter of seconds and the application process is simple. On top of that, LendingArch doesn’t require any collateral for your startup loan and offers flexible repayment schedules to accommodate your business.

Better yet: when applying for a small business loan online through LendingArch, you won’t find the same restrictions you typically encounter with other loans. So, if you need funding to start your company or expand your business, we’ve got you covered.

There are no hidden fees, rates are competitive rates, and you can create a company profile in mere minutes. From there, you can start an application to see which small business loans are available to you.

See:  How Fintech Is Transforming Microfinance

Bottom line

If you’re a startup founder looking for funding for your business, there are many options out there. Using this guide, you can check out the various resources that are available to you and find a small business loan that suits your needs. But remember: be sure to apply for a loan with reasonable interest rates and repayment terms. This way you can pay back the loan on terms that work for you while focusing on growing your business.

Interested in checking out your startup loan options? Compare small business loans at LendingArch!

 


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
Read More
Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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Online Giving Trends Show Consistent Growth in the US Since Donation Crowdfunding Debuted in 2012

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Non-profit Source | Resource page

Online Giving Grew 12.1% in 2017

  • Online giving has seen consistent year over year growth:
    • 2012: $19.2 billion
    • 2013: $21.2 billion
    • 2014: $24.1 billion
    • 2015: $25.8 billion
    • 2016: $27.8 billion
    • 2017: $31 billion
  • $128 dollars is the average online donation amount.
  • $326 dollars is the average annual donation total for recurring donors.
  • 67% of nonprofits across the globe are set up to accept online donations.
  • Mobile accounted for 40% of all visitors, tablets for 10%, and desktop users made up the other 50%.
  • Every sector tracked saw at least 15% online revenue growth, with particularly large gains for Environmental (34%) and Rights (37%) nonprofits.

See:  Crowdvetting for crowdfunding? How donation sites get to the truth behind campaigns

25% of the US population are Millennials and 84% of them give to Charity

  • Millennials are 25.9% of US population.  11% of total US giving comes from Millennials
  • 84% of Millennials give to charity, donating an annual average of $481 across 3.3 organizations.
  • Millennials are most likely to contribute to work sponsored initiatives, donate via mobile and watch online videos before making a gift.
  • $9,237.55 is the average amount a nonprofit crowdfunding campaign raises.
  • The average donation size to a crowdfunding campaign is $66.
  • 62% of donors who give to crowdfunding campaigns are new to crowdfunding.
  • Campaign owners raise 3X more if they update supporters every 5 days.
  • Crowdfunding campaigns with personal videos raise 150% than those that don’t have videos.

Continue to see more statistics --> here

 

 


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
Read More
Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
Read More
Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
Read More
The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
Read More
Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
Read More
FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
Read More
Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
Read More
Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
Read More
CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
Read More
Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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Startup CEOs on how to keep the artificial intelligence ball rolling in Canada

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The Globe and Mail | | Sep 29, 2018

The next time you pull out your smartphone and ask Siri or Google for advice, or chat with a bot online, take pride in knowing that some of the theoretical foundation for that technology was brought to life here in Canada.

Indeed, as far back as the early 1980s, key organizations such as the Canadian Institute for Advanced Research embarked on groundbreaking work in neural networks and machine learning.

Academic pioneers such as Geoffrey Hinton (now a professor emeritus at the University of Toronto and an advisor to Google, among others), the University of Montreal’s Yoshua Bengio and the University of Alberta’s Rich Sutton produced critical research that helped fuel Canada’s rise to prominence as a global leader in artificial intelligence (AI).

Stephen Piron, co-CEO of Dessa, praises the federal government's efforts at cutting immigration processing timelines for highly skilled foreign workers.

Canada now houses three major AI clusters – in Toronto, Montreal and Edmonton – that form the backbone of the country’s machine-learning ecosystem and support homegrown AI startups. In fact, Toronto boasts one of the highest concentration of AI startups in the world, while Montreal is leading the way in producing deep-learning research.

“More and more [Canadian AI] companies are gaining investment … the amount of money is increasing dramatically,” says Oshoma Momoh, chief technical advisor for Toronto’s MaRS Discovery District, incubator to a plethora of AI firms.

See:  Why startups are leaving Silicon Valley

Among the tech heavyweights that have made significant AI investments north of the border are Uber Technologies Inc., Facebook Inc., Alphabet Inc.'s Google, Adobe Systems Inc., LG Electronics Inc., Samsung Electronics Co. and Amazon.com Inc.

Federal and provincial governments have also been keen to support the sector, with the aim of building a sustainable countrywide AI ecosystem and buttress Canada’s position as a leader in the field.

The vexing question is how Canadian institutions and business leaders can work together to maintain momentum. We asked leaders of some of the country’s top AI firms for their take.

Andy Mauro, CEO, Automat Technologies Inc., Montreal, a maker of conversational marketing software

“I think the government did a great job of recognizing the research leadership out of the University of Toronto and the University of Montreal, including celebrating and funding it.

I think we should continue doing that. Supporting local, homegrown startups headquartered in Canada is debateably a better generator of economic prosperity for Canada than attracting Facebook, Google and Amazon, even though those are sexy names that look good in press releases.

"I believe the government should capital-match any startup that has raised venture funding – especially U.S. venture capital – and has decided to base their business in Canada. That would be a very bold strategy to help capitalize startups.”

Stephen Piron, co-founder, Dessa, Toronto, a business software firm

“There are fortuitous geopolitical things going on that make Canada extra-attractive. One thing the government can do is to encourage people to move here and not put up walls. They have a visa that we’ve used to get experienced, talented technical people from overseas in between two to four weeks.

See:  Technology is the ‘most profound force bearing down’ on big banks, ex-Barclays boss says

"I think they need to do more things like that to encourage the best and brightest to come here. We recruit from around the world, and the stars are aligning where global talent would consider moving to Toronto, where maybe they would not have made that decision before.”

“It’s all about continuing to invest in the things that are working. That’s probably where governments can think about incentives for locating AI or machine-learning labs here.

"It would not be a bad idea to see a larger venture fund dedicated just to machine learning and AI. A decade ago, when mobile was emerging, for example, there were funds dedicated to mobile. There’s momentum, so we need to keep that going by somehow having startups, the private sector, government and education coming together in the right way.”

Canadian universities need to keep turning out great tech talent, or sooner or later the supply will dry up, says Kerry Liu of Rubikloud Technologies.

Andrew Williamson /Rubikloud

Kerry Liu, CEO, Rubikloud Technologies Inc., Toronto, an enterprise retail software firm

“Canada has some incredibly strong university programs focused on AI. McGill University and the University of Waterloo are two examples that are generating a lot of really great talent in this industry.

"The threat here is that we have to make sure the education available to students continues to keep pace with advances in the industry. Schools need to keep turning out great tech talent, or sooner or later the supply will dry up. High school and university curriculums alike will fail if they don’t adapt to include the skills that have direct business impacts.

More:  For Canada’s tech to thrive, startups must grow up

"Also, although the AI industry focuses a lot on tech talent – developers, analysts, data scientists – selling AI is a whole other skill set – sales, marketing, finance. If the necessary step is to commercialize and sell an AI product, the talent needs to be cross-disciplined.”

Continue to the full article --> here


The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

BusinessWire release | Accenture | Oct 17, 2018 Digital-only banks, fintechs and big tech companies are quietly gaining customers, while incumbents struggle to make strategic investments in their digital future NEW YORK & LONDON & HONG KONG--(BUSINESS WIRE)--New entrants to the banking market — including challenger banks, non-bank payments institutions and big tech companies — are amassing up to one-third of new revenue, which is challenging the competitiveness of traditional banks, according to new research from Accenture (NYSE:ACN). “As the banking industry experiences radical change, driven by regulation, new entrants and demanding consumers, banks will need to reassess their assets, strengths and capabilities to determine if they are taking their business in the right direction” Accenture analyzed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20 percent over a 12-year period — from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six (17 percent) current institutions are what Accenture considers new entrants — i.e., companies entering the market after 2005. While few of these new players ...
Read More
Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds
Forbes | Michael del Castillo | Oct 18, 2018 The U.S. Securities and Exchange Commission is launching a portal for engaging with companies using blockchain, artificial intelligence and more. Available today, the new fintech hub, or FinHub for short, is designed to bring the SEC’s existing services to a single access point and provide an easier way for companies to communicate with the public. As startups building with blockchain increasingly come under the SEC’s attention, the new portal has the potential to streamline the process of building compliant platforms prior to launch. The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance. “We’ve been doing these things for years,” Szczepanik told Forbes. “This is going to bring it all together.” The FinHub will be staffed by representatives from the SEC’s divisions and offices who have expertise and involvement in fintech-related issues. See:  Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens In addition to asking questions of the SEC, those who use the site will be able to request meetings. To increase engagement, a binary code “Easter egg” ...
Read More
SEC Launches Fintech Hub To Engage With Cryptocurrency Startups And More
Gowling WLG | Shaela W. Rae | October 17 2018 Black market. Dark web. Illicit. Underground market. Illegitimate. Illegal. Organized crime. All words used to describe the illegal cannabis industry, until October 17, 2018 that is. Once it is legal to buy, possess or use cannabis for recreational purposes the discussion around the use of cannabis and how to procure it changes from hushed words in a corner to an open conversation in public. But is the public ready to embrace a substance that has been seen as illegitimate and "bad" for so long? If the experience in the US can be relied upon, the answer is "yes". According to investment bank Cowen & Co., the cannabis industry is expected to reach sales of approximately US$75-billion by 2030, up from US$6-billion in 2016, as the drug is more socially accepted. In the US today cannabis is illegal on a federal level as it is classified as a Schedule 1 narcotic, but cannabis is legal in 30 states for medicinal purposes, and in 9 states and Washington, DC, for recreational use for adults over the age of 21. See:  Canabis Company True Leaf Raises $14 Million in Cross Border US – ...
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Cannabis & blockchain: Bad romance or a perfect match?
International Monetary Fund | Release | Oct 11, 2018 The International Monetary Fund and the World Bank Group today launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks. The Agenda proposes a framework of high-level issues that countries should consider in their own domestic policy discussions and aims to guide staff from the two institutions in their own work and dialogue with national authorities. The 12 elements (see table) were distilled from members’ own experiences and cover topics relating broadly to enabling fintech; ensuring financial sector resilience; addressing risks; and promoting international cooperation. “There are an estimated 1.7 billion adults in the world without access to financial services,” said IMF Managing Director Christine Lagarde. “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks. We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not ...
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The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities
Investment Executive | James Langton | Oct 12, 2018 Money laundering and tax evasion are key concerns Canadian policy-makers initially took a hands-off approach to cryptoassets. Now, in the wake of a bitcoin boom-and-bust and continuing growth in the cryptoassets market, policy-makers are taking a second look at the emerging phenomenon. In 2015, the Standing Senate Committee on Banking, Trade and Commerce issued one of Canada’s first reports examining the emerging cryptocurrency industry; that report recommends that policy-makers keep an eye on the space. Since then, the cryptoassets market has continued to grow. According to a report from the Bank of Canada (BoC), the global market capitalization for cryptoassets “grew rapidly” in 2017 and the daily transaction volume now is more than 75 times higher than it was in early 2017 – i.e., more than $25 billion a day. At this point, the BoC report states, traditional financial services institutions don’t have much, if any, direct exposure to cryptoassets, but the report cautions that these institutions could become exposed due to their clients’ trading in cryptoassets or through exchange trading in crypto-based derivatives. “Cryptoasset markets are evolving quickly and could have financial stability implications in the future if their size ...
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Exploring cryptoasset regulation
NCFA Canada | Oct 13, 2018 Ep13-Oct 13:  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First About this episode:   On this episode, NCFA show host Manseeb Khan sits down with Ali Pourdad the CEO of Progressa who recently closed out an $84 million dollar round. They talk about P2P loans, loan services operating within the blockchain and why being people first business matters. Enjoy! (see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ALI POURDAD, Co-founder and CEO, Progressa (LinkedIn) Bio:  Ali Pourdad has been CEO of Progressa since its inception in 2013. Under his leadership the Company has raised over $40 million of investor capital and invested over $2.0 million dollars in its proprietary "Powered by Progressa" decision engine for Canadian Enterprise partners looking to enhance collections strategy in a positive way. The company has grown to over 110 employees in Vancouver and Toronto. Ali has decisively positioned Progressa for its next generation of growth by recently executing on several initiatives, including creating one of Canada's most popular Exempt Market Bond Offerings and securing an $11.4 million Series A financing . Prior to co-founding Progressa, Ali worked in both corporate restructuring and audit & assurance, ...
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FINTECH FRIDAY$ (EP.13-Oct 12):  Road to Fintech IPO:  Capital Networks, Scalable Solutions, Putting People First with Ali Pourdad, Co-founder and CEO Progressa
Beam Platform | Alec Gordon | Aug 24, 2018 THE PROBLEM The tech industry has gotten a rude awakening this year. Following a few high profile instances of data misuse, European Union has struck down the law and put everyone who sells into Europe (or deals with anyone who does) on notice. Since introduction, GDPR was meant to show both corporations and their users that better clarity around data collection/preservation is the necessary step forward, one that will lead to a fairer digital society, and ultimately benefit all those involved. And in order to do that, the companies themselves must take matters into their own hands by building new tools to let data flow back to the user. The customers demand it, and equally deserve to have control over their digital footprint. In the end this is an EU bill with global ramifications, and we should all be paying attention. By now you most of you have gotten dozens of emails on “updates to privacy policy” and other notices of forthcoming compliance. This is a welcome reminder that it is you, the user, who’s the focal point GDPR. After decades of computer and telephone use, the companies with whom we ...
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Data is a 2-way street in a post-GDPR world
Competition Bureau | Oct 10, 2018 Speech Remarks by Interim Commissioner of Competition Matthew Boswell Global Series 2018 October 10, 2018 Ottawa, Ontario Thank you. I’m pleased to be here to speak with you today. Thank you Makan, for your thoughts on these important issues. They are particularly relevant to businesses, the legal community, academia and governments around the world and to all of you who are gathered here today. Every day we see the world evolving at a rapid pace, thanks to innovation.  Development of new technologies, ways of doing business and the creation of new products have the potential to open up new areas of science, medicine and technology. Small steps lead to bigger steps.  And here in Canada, we have to be ready for both the challenges and opportunities that this is bringing to all of us. Let’s understand what we are up against. Every year, innovation in the top industrialized countries is tracked by leading authorities on the subject. And here’s what they report about Canada in 2018. On the plus side, Canada performs better than some others in four big areas: Human Capital and Research, Institutions, Infrastructure, and Market Sophistication. See:  Canada’s ‘innovation economy’ has ...
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Advancing Competition in a Changing Marketplace
Crowdfund Insider | Cali Haan | Oct 9, 2018 Vancouver-based cryptocurrency exchange QuadrigaCX has been defending itself in court for the release of $28 million dollars in customer funds frozen by the Canadian Imperial Bank of Commerce (CIBC) since January, the Globe and Mail reports. According to court documents filed by CIBC in the Canadian province of Ontario, the action to freeze the accounts was taken because the bank says, “it was unable to determine who owns the funds,” and would like the court to take possession of the money and distribute it to either QuadrigaCX, their payments processor Custodian Inc, or to the 388 affected Quadriga customers, the Globe and Mail writes. Entrepreneurs in the relatively new crypto sector industries complained for some time about bank non-cooperation. See:  International Anti-Money Laundering Standards for Crypto Expected in October The cryptocurrency press in South America has reported on numerous account closures by banks against crypto exchanges on the continent, some of which are now being contested in courts by, among others, exchanges like Walltime in Brazil. Sources within the Toronto crypto entrepreneur scene say they have suffered persistent problems with getting their businesses banked in the city- even at credit unions- and have ...
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CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
Crunchbase News | Alex Wilhelm | October 8, 2018 Meet Nubank, a fintech shop out of Brazil that just raised $180 million from Tencent at a valuation of $4 billion. Forget the fact that the round is half secondary. It’s an enormous transaction, and in more normal times, it would cause a big stir. However, the capital event highlights something notable about Tencent: the China-based company’s investment cadence is staggering. Tencent is disbursing cash at a far faster rate than Alibaba, another Chinese tech shop that isn’t famous for parsimony. Tencent’s Early Christmas Tencent has been on a check-cutting bing recently, getting through eight investing rounds in September. Those ranged from a $1.5 billion deal with Lianjia (real estate services), a $450 million round for MissFresh E-Commerce (mobile grocery sales), to the comparatively staid $90 million Series B for WeShare (fintech something or other). October is looking similarly hot. Tencent is at four deals so far, and the month isn’t even half done. Here’s the list: October 1. Miniso’s 1 billion rmb Series A. October 4. Voyager Innovation’s $175 million private equity round. October 5. Bilibili’s $317.6 million post-IPO equity event. October 8. Nubank’s $180 million Series F (half secondary). Regarding Nubank, TechCrunch’s Jon Shieber has the ...
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Nubank Investment Underscores Tencent’s Quick Investing Pace

 

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