August 25, 2026 | NCFA Insight | Treasury Liquidity And Cash Management, Payments Infrastructure And Money Movement, Cross Border Payments And FX
Open Banking And Real-Time Payments Raise The Stakes
On August 25, 2026, Royal Bank of Canada created a RBC Global Transaction Banking business spanning Commercial Banking in Canada and the United States and RBC Capital Markets. Payments, cash and liquidity management, working capital, trade finance and foreign exchange will operate under shared leadership and one strategy.
Most of the products already existed. RBC is changing how it organizes, develops and sells them. RBC Edge serves Canadian cash management clients and RBC Clear serves the U.S. market. The bank hasn't said the two platforms will become one system.
When a business collects money, makes payments, holds cash, converts currencies and borrows through the same bank, that relationship can produce payment fees, operating deposits and more financing opportunities. RBC is trying to make more of those services work as one relationship across borders.
Corporate Deposits Raise The Value Of The Relationship
RBC explicitly links transaction banking to deposit growth. By the end of fiscal 2025, RBC Clear U.S. transaction banking had attracted US$23 billion in deposits from more than 180 clients, up from about US$9 billion and 100 clients earlier that year. RBC's medium term target is US$50 billion.
Operating deposits are useful because businesses need money available for payroll, suppliers, collections and other daily obligations. RBC can use those balances as funding elsewhere in the bank while earning fees from payments and treasury services.
BMO shows how significant that combination can become. At its March 2026 Investor Day, BMO Treasury and Payment Solutions said it served more than 138,000 businesses and had processed $68 trillion in payments during the previous fiscal year. The business represented roughly 40% of BMO's deposits and about 10% of fee revenue.
For banks, the prize isn't just the payment. It's the cash before and after the payment, the foreign exchange required across markets and the financing a business may need later.
Payments Look Like The First Place Businesses Will Unbundle
Businesses don't have to replace their primary bank to give part of the relationship to somebody else. Payments, foreign exchange, cards, payables and finance software can all be purchased separately while the main operating account stays where it is.
Canadian payment data shows where demand is strongest. Payments Canada SME payment research found 69% of small and medium-sized businesses would use real-time payments to send money and 66% would use them to receive money if available. Payment delays were their most common payment problem, followed by cash flow management.
A separate 2025 Canadian business payments survey found 60% planned to increase fintech use, 77% were prioritizing real-time payments and 53% expected to move from traditional payment methods toward digital ones.
This means payments are a practical entry point for fintechs. A company can solve a visible problem such as supplier payments, international transfers or reconciliation without asking the customer to move its entire banking relationship.
Provider
What It Brings Together
Where It Can Win
RBC
Payments, deposits, cash management, FX, trade and working capital
Large relationships, lending capacity and cross border banking
Customer survey and behaviour data suggests the relationship can already break apart product by product. Canadian bank switching reached a 20-year high in 2025, with 24% of Canadians choosing a new financial institution when opening an account. Another Canadian financial loyalty survey found 62% would be open to switching if the process were easier, while 35% identified switching hassle as a barrier.
The Canada open banking commercialization roadmap shows what that can mean commercially. Read-only data sharing can support cash flow dashboards, account comparison, switching and easier onboarding, while later payment initiation can open more room for embedded credit, payments and real-time treasury services. The competitive effect isn't only easier switching. It's easier unbundling, because a business can use better tools from another provider without first moving its main operating account.
A business could keep its core banking relationship with RBC while using another provider for foreign exchange, payables, treasury analytics, cards or financing. Better data access makes those services easier to connect. The primary bank doesn't have to lose the customer to lose part of the relationship.
The payment side is changing too. Canada's Real-Time Rail access rules create new participation routes for eligible payment service providers as Canada prepares for instant, data-rich payments. Payments Canada research already highlights strong SME demand for faster payments. RBC did not say that the new global transaction banking structure is connected to the rail, but banks and fintechs will eventually be building products on more capable payment infrastructure.
The NCFA Financial Innovation Map separates payments, treasury, embedded finance, business banking and open finance into different markets. Customers won't necessarily make the same distinction. A business wants to get paid, see its cash, pay suppliers, exchange currencies, borrow when necessary and keep the records straight.
Where RBC Has To Defend The Relationship
RBC's scale still gives it advantages fintech specialists can't easily reproduce. It can combine deposits, lending capacity, treasury services, foreign exchange and large corporate relationships inside one regulated institution. For companies operating in both Canada and the U.S., making those services work smoothly together could be especially valuable.
But product-by-product competition changes what RBC has to defend. A client may keep its operating account while moving international payments to one provider, cards to another and treasury software somewhere else. Each piece that leaves takes fees, data and customer activity with it.
Fintechs don't necessarily need to replace RBC to win. Payments offer an early opening because businesses already want faster and more automated ways to move money. Open banking can make outside tools easier to connect. Better real-time infrastructure can widen the number of companies able to build around the payment itself.
RBC's Aug. 25 reorganization is about more than putting existing teams under common leadership. The bank is trying to make payments, cash, FX and financing work well enough together that businesses have fewer reasons to peel those services away one at a time.
Talking Point
As open banking makes financial data easier to share and real-time payments give businesses more ways to move money, can RBC keep more of the corporate relationship by connecting payments, cash, FX and financing, or will fintechs keep winning those services one product at a time?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 18, 2026 | NCFA Insight | Capital Markets And Market Infrastructure, SME Finance And Business Banking, Competition And Market Structure
Canadian Capital Embraces Private Credit Abroad While Domestic Business Lending Remains Bank Led
On August 2026, the Bank of Canada mapped Canada's private credit market and exposed an unusual divide. Private credit remains a relatively small source of financing for Canadian businesses, yet Canadian pension funds, insurers, investment funds and banks have built approximately C$500 billion of exposure to the asset class, much of it outside Canada.
Non-bank loans have accounted for about 15% of external funding for Canadian non-financial businesses for roughly a decade. Banks and public debt markets still provide about three-quarters of external business financing. By contrast, private credit has become a much larger alternative to traditional lending in parts of the United States.
The interesting question for Canada isn't whether private credit exists. It clearly does. It is why Canadian institutional capital has embraced the asset class globally while Canadian businesses continue to use it relatively little at home.
Canadian Capital Is Already Deep Into Private Credit
The C$500 billion estimate shows that Canadian exposure to private credit is already material even though the domestic borrowing market remains comparatively small.
Canada's large pension funds held an estimated C$215 billion in private credit at the end of 2025, equal to roughly 9% of their invested assets
The three largest Canadian life insurers held just over C$200 billion in the first quarter of 2026, or about 22% of their invested assets
Canadian investment funds held another C$54 billion in 2025, up more than 60% since 2020
Canadian banks also had at least C$40 billion of loans outstanding to asset managers operating private-credit funds, most of them in the United States
Those aren't small exposures. Canadian institutions clearly know how to price and allocate private credit, yet much of that capital is being deployed outside Canada. The implication is harder to ignore at a time when Canadian businesses need more financing options to invest, scale and compete. If domestic firms remain heavily dependent on banks while Canadian institutional capital finds private-credit opportunities elsewhere, Canada may be leaving a financing gap at home precisely when productive domestic investment matters most.
That doesn't mean pension funds or insurers should redirect capital for patriotic reasons. Their mandates require them to pursue risk-adjusted returns. But it does raise a structural question about why Canada's financial system is better at exporting private-credit capital than building comparable opportunities for Canadian businesses.
The geographic split is what deserves more attention. Canadian capital is participating in a global private-credit market that domestic businesses have not adopted to the same degree. That makes this partly a capital-allocation story. Canadian institutions appear willing to accept private-credit risk, but much of the opportunity they are finding is elsewhere.
Canada's Business Credit Market Still Favours Incumbents
The Bank's 15% figure fits a wider pattern in Canadian business financing.
Statistics Canada's 2023 SME financing data showed that chartered banks supplied 68.5% of SME debt financing. Credit unions accounted for another 20.6%, government-backed lenders 9.4%, and online alternative lenders only 2.2%.
That doesn't mean Canadian businesses lack alternatives. It means alternative credit has yet to displace the established banking structure at meaningful scale.
Several explanations are possible. Canada's concentrated banking system gives incumbent lenders large customer bases, deposits, underwriting data and distribution. Many SMEs also maintain long-standing banking relationships, reducing the incentive to switch unless conventional credit becomes unavailable or too restrictive.
Private credit may also be more attractive in markets where borrowers are larger, transactions are more complex, or bank lending leaves wider financing gaps. The Bank notes that in the United States, private credit has become a primary financing source in some segments.
But the Canadian data raises the possibility that domestic private credit may still be underdeveloped relative to the amount of institutional capital and underwriting expertise available here.
That possibility becomes more relevant as fintech platforms improve access to business cash-flow, accounting, invoice and payment data. Better information doesn't eliminate credit risk, but it can make smaller and more customized financing economically viable.
The C$500B Exposure Creates Both Opportunity And Risk
The Bank of Canada's focus is financial stability, and the exposure numbers explain why.
Private credit can diversify portfolios and produce attractive returns, but transparency remains limited. Leverage can be difficult to measure, valuations are less observable than in public markets, and the connections between private-credit funds, banks and institutional investors are still being mapped.
The Bank sees Canadian pension funds and life insurers as relatively well positioned to manage these risks because they generally have long investment horizons and limited reliance on short-term funding. The three largest insurers also hold predominantly investment-grade private credit, with less than 1% classified as higher risk.
Canadian banks' direct exposure appears comparatively contained. At least C$40 billion of lending to private-credit managers represents only about 1% of overall Canadian bank lending, and these loans are typically secured by investors' committed capital.
The vulnerability is therefore less about one large domestic private-credit bubble and more about interconnected exposure to global markets.
A severe deterioration in U.S. or other foreign private-credit portfolios could affect Canadian institutions, asset values and potentially the availability of credit at home. The Bank's 2026 Financial Stability Report reinforces the concern. Rapid global growth, limited transparency and tighter links across the financial system make private credit harder to assess under stress.
Canada May Have More Private Credit Capacity Than Domestic Supply
For NCFA, the most interesting gap is between institutional capability and domestic deployment. Canadian pension funds and insurers already allocate hundreds of billions of dollars to private lending, while Canadian banks finance private-credit managers. Yet Canada's domestic business-financing structure remains heavily concentrated around banks and other established lenders.
Canadian fintech lenders are building alternatives around business data. JUDI.AI uses transaction and cash-flow data to support SME underwriting, while Clearco uses ecommerce performance data to fund qualified brands. These aren't the same as institutional middle-market private credit, but they show how non-bank financing can reach businesses through different underwriting and distribution models.
That doesn't mean Canada should recreate the U.S. private-credit market. More private credit can also bring more leverage, weaker transparency and new channels for financial stress. The better question is whether Canada can develop more domestic non-bank business financing while preserving underwriting discipline, transparency and financial stability.
The opportunity is therefore less about importing the U.S. model and more about closing the gap between Canadian capital and Canadian business demand.
If institutions here are already comfortable allocating substantial capital to private credit abroad, Canada should be asking what market structure, origination capacity and financing infrastructure are still missing at home.
Talking Point
If Canadian institutions are already comfortable allocating hundreds of billions of dollars to private credit abroad, what is preventing more of that lending capacity from developing for Canadian businesses at home?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 18, 2026 | NCFA Market Activity | SME Finance And Business Banking, Banking And Credit, Capital Markets And Market Infrastructure
US$100M Macquarie Facility Tests Clearco’s Rebuilt Ecommerce Funding Model
On August 18, 2026, Toronto-based Clearco secured a US$100 million Macquarie asset-backed facility that it expects will support approximately US$900 million in funding to ecommerce brands over the next two years. Macquarie's New York Fixed Income and Currencies team provided the financing.
The facility expands Clearco's capacity to provide qualified brands with up to US$10 million and estimated terms of four to 12 months. Clearco says the funding can support inventory, marketing, major purchase orders and expansion across direct-to-consumer, wholesale, retail, marketplaces and social commerce.
The US$900 million target is a scaling opportunity now, meaning Clearco has to convert institutional funding capacity into sustained customer financing while controlling credit performance and capital costs.
US$100M Facility Sets A US$900M Funding Test
The two headline numbers measure different things. The US$100 million is the size of the Macquarie asset-backed facility. The US$900 million is Clearco's expected customer funding over two years.
That expected funding volume is nine times the facility's headline size. The announcement doesn't disclose the borrowing base, advance rate, asset eligibility, covenants, loss-sharing structure or how much Clearco capital will support customer advances. It also doesn't specify how much of the US$900 million depends on repayment and redeployment of facility capital versus other funding sources.
Those missing terms are important because Clearco's own financing cost and asset performance affect how economically it can fund merchants. More capacity helps only if customer advances generate enough return after financing costs, operating expenses and credit losses.
Clearco has been in a similar position before. Its 2023 recapitalization included a Pollen Street Capital asset-backed facility with up to US$100 million of capacity. Clearco expected that structure to support approximately US$850 million of originations over two years.
That comparison is especially relevant because the earlier reset followed a period when Clearco reduced international operations, tightened underwriting and faced rising capital costs. The new facility arrives after the company has narrowed its operating focus and rebuilt its funding products.
The stated two-year funding target is now US$50 million higher than the 2023 target. It's also not clear whether the Macquarie facility carries a lower funding cost or materially different risk structure than the Pollen Street arrangement.
Clearco Competes On Funding Flexibility And Capital Access
Clearco's current ecommerce financing model gives merchants two choices over funding structure and two ways to deploy the capital. Fixed and Rolling Funding Capacity determine whether a business receives defined one-time capacity or access that replenishes as principal is repaid. Cash Advance deposits funds into the business account, while Invoice Funding supports supplier payments.
That structure gives Clearco several ways to fund inventory, advertising and supplier obligations without requiring a separate product for each use case. Rolling Funding also reduces the need for repeat applications because available capacity replenishes as payments are made.
The competitive market has also developed. Wayflyer provides performance-based ecommerce financing and currently advertises funding up to US$20 million, while Shopify Capital offers embedded merchant financing directly through the Shopify platform.
Those models compete from different business approaches. Wayflyer is another specialist financing provider using merchant performance data. Shopify can originate funding inside the commerce platform where merchants already operate. Clearco's current proposition combines ecommerce specialization, multiple capital structures and external institutional funding capacity.
Clearco reports more than US$3.3 billion provided to over 11,000 businesses historically. That record establishes substantial lifetime deployment, but it doesn't answer how much financing the current version of Clearco is originating or how the rebuilt portfolio is performing.
Originations And Credit Performance Will Test The Rebuild
Clearco's US$900 million expectation implies average customer funding of approximately US$37.5 million per month over two years if volume were evenly distributed. Ecommerce funding won't arrive evenly, but the average provides a useful scale for evaluating future disclosures.
The strongest evidence will be originations, repeat use, facility utilization, repayment performance and credit losses. Pricing and funding costs would show whether additional volume also improves Clearco's economics.
The new facility could also let Clearco serve larger ecommerce operators. The announced maximum of US$10 million places it above the smaller working-capital advances often associated with revenue-based financing and gives the company more capacity for inventory commitments, major purchase orders and multi-channel expansion.
If Clearco approaches the funding target while maintaining credit quality, the company will have stronger evidence that its post-restructuring model can support another period of scale. If utilization or credit performance weakens, the headline facility size will matter much less.
Talking Point
Can Clearco convert its new institutional funding capacity into approximately US$900 million of ecommerce financing while maintaining the credit performance and capital economics needed to make that scale durable?
NCFA Company Intelligence Snapshot
Clearco
Non-dilutive revenue-based funding for U.S. DTC ecommerce brands
Founded
2015 as Clearbanc by Andrew D'Souza and Michele Romanow
Legal Entity
Clear Finance Technology Corporation
Headquarters
Toronto, Canada
Leadership
Andrew Curtis, Chief Executive Officer
Business Model
Non-dilutive revenue-based funding for ecommerce businesses
Core Products
Fixed Funding Capacity, Rolling Funding Capacity, Cash Advance and Invoice Funding
Current Market
U.S.-incorporated DTC ecommerce businesses with a U.S. business bank account
Current Eligibility
6+ months of consistent revenue and more than US$100,000 in monthly revenue
Historic Funding
More than US$3.3B to 11,000+ businesses
Funding Capacity
Up to US$10M for qualified brands with estimated terms of 4 to 12 months
Current Trigger
US$100M Macquarie asset-backed facility announced Aug 18, 2026
Forward Funding Target
Approximately US$900M to ecommerce brands over two years
Milestones
Select a milestone to follow
Clearco's
development
1
Launch
2015
2
Venture Scale
2018–2019
3
Clearco Rebrand
Apr 2021
4
Recapitalization
Oct 2023
5
Product Rebuild
2024–2025
6
Macquarie Facility
Aug 2026
Milestone
1
Clearbanc Launches Its Ecommerce Funding Model (2015)
Andrew D'Souza and Michele Romanow founded Clearbanc in Toronto in 2015. The company developed a data-driven alternative to conventional equity funding for digital businesses.
Company
Clearbanc
Toronto company founded by Andrew D'Souza and Michele Romanow
Stage
Launch
Early non-dilutive financing model for online businesses
Capital
Revenue Based
Funding is tied to business performance rather than founder equity
Markets
Digital Commerce
Online businesses become the initial operating focus
Customers
Founders
Growth-oriented online businesses seeking capital without selling ownership
Competition
Equity And Business Credit
Clearbanc offers another funding route between venture equity and conventional borrowing
Additional Company Data
Clearbanc was founded in Toronto in 2015
Business operating data becomes central to funding decisions
The ecommerce specialization developed into the company's core funding market
NCFA Perspective
Clearco's original operating idea remains visible in the company today. Business data supports funding decisions while founders retain their equity. The products and capital structure change substantially over the following decade.
Milestone
2
Institutional Venture Capital Supports Expansion (2018–2019)
Clearbanc raised institutional venture capital as it expanded the ecommerce funding model and increased the amount of capital available to digital businesses.
Company
Clearbanc
Ecommerce financing becomes the company's defining business
Stage
Venture Scale
Institutional investors support platform expansion
Capital
Series A And B
Equity capital supports company growth while separate funding capacity supports merchant advances
Markets
Ecommerce
Digital merchant financing becomes a repeatable operating category
Customers
Online Businesses
Funding is directed toward measurable growth spending and working capital
Competition
Alternative Growth Capital
Clearbanc competes with equity, bank credit and other working-capital providers
Funding decisions rely increasingly on merchant and ecommerce performance data
Customer activity builds a larger underwriting dataset
NCFA Perspective
The venture-backed expansion proves there is substantial demand for ecommerce growth capital. It also makes Clearbanc increasingly dependent on disciplined underwriting and reliable access to capital for customer advances.
Milestone
3
Clearbanc Becomes Clearco At Nearly US$2B Valuation (Apr 2021)
Clearbanc rebranded as Clearco in April 2021 and announced US$100 million of Series C equity financing plus US$250 million of debt. The transaction valued the company at nearly US$2 billion.
Company
Clearco
Clearbanc adopts the Clearco name
Stage
Rapid Expansion
Product and international ambitions expand
Capital
US$350M
US$100M Series C equity plus US$250M of debt announced
Markets
International
Clearco pursues a wider geographic and product strategy
Customers
Ecommerce Founders
The company expands its founder proposition beyond a single financing product
Competition
Growth Capital Platform
Clearco attempts to compete across funding and additional founder services
Additional Company Data
Oak HC/FT led the US$100M Series C equity round
The April 2021 financing included US$250M of debt
The announced valuation was nearly US$2B
The rebrand accompanied a wider company and product strategy
NCFA Perspective
The 2021 financing marks Clearco's high-growth period. Equity, debt capacity, valuation and operating ambition all increase at the same time. The later contraction shows why a specialty finance company cannot be judged by valuation or lifetime deployments alone.
Milestone
4
Clearco Recapitalizes Around A New Funding Structure (Oct 2023)
Clearco completed a recapitalization in October 2023 that included a US$60 million Series D and a Pollen Street Capital asset-backed facility providing up to US$100 million of financing capacity.
Company
Clearco
The company operates under CEO Andrew Curtis following a difficult period of contraction
Stage
Recapitalization
Capital structure and operating model are reset
Capital
US$60M + US$100M
Series D equity plus asset-backed financing capacity
Markets
Ecommerce Focus
The company concentrates on its core ecommerce financing business
Specialty Finance
Capital cost and underwriting performance become central competitive variables
Additional Company Data
Inovia Capital and Founders Circle Capital led the US$60M Series D
Pollen Street supplied up to US$100M in asset-backed financing capacity
Clearco expected the facility to support US$850M of originations over two years
The transaction was explicitly described as a recapitalization
NCFA Perspective
The 2023 transaction is more important than another venture round because it resets how Clearco finances the business. Dedicated asset-backed capital reconnects customer growth with funding capacity. The operating test becomes whether Clearco can grow without recreating the cost structure that contributed to its earlier contraction.
Milestone
5
Clearco Rebuilds Its Ecommerce Funding Suite (2024–2025)
Clearco expanded its funding products during 2024 and 2025. Rolling Funding launched in 2025 and replenishes available capacity as customers make payments. The company later combined Fixed Funding Capacity, Rolling Funding Capacity, Cash Advance and Invoice Funding into a broader ecommerce funding suite.
Company
Clearco
The company operates with a narrower ecommerce focus and rebuilt product set
Stage
Product Rebuild
Capital products expand after the recapitalization
Capital
Fixed And Rolling
Customers can use one-time capacity or replenishing funding capacity
Markets
U.S. Ecommerce
Current products focus on U.S. ecommerce brands
Customers
Established DTC Brands
Current qualification focuses on businesses with meaningful recurring revenue
Competition
Flexible Working Capital
Funding structure, pricing, capacity, speed and lien requirements become key points of comparison
Additional Company Data
Rolling Funding launched in 2025 and automatically replenishes available capacity as payments are made
Cash Advance sends capital directly to the customer's bank account
Invoice Funding supports supplier and vendor payments
Clearco currently offers both Fixed Funding Capacity and Rolling Funding Capacity
NCFA Perspective
The product rebuild concentrates Clearco on serving more funding needs for the same ecommerce customer. That makes repeat use, credit performance and capital efficiency more important than returning to the wide geographic expansion strategy of 2021.
Milestone
6
Macquarie Adds US$100M Of Asset-Backed Capacity (Aug 2026)
Clearco announced a US$100 million asset-backed financing facility from Macquarie Group on August 18, 2026. Clearco expects the facility to support approximately US$900 million in funding to ecommerce brands over the next two years.
Company
Clearco
Toronto-headquartered ecommerce funding company led by Andrew Curtis
Stage
Funding Expansion
Institutional capital increases customer funding capacity
U.S. Ecommerce
Funding supports brands operating across DTC, wholesale, retail, marketplaces and social commerce
Customers
Up To US$10M
Qualified brands can access funding with estimated terms of four to 12 months
Competition
Institutional Funding Economics
Capital cost and asset performance influence Clearco's ability to price and expand funding
Additional Company Data
Macquarie's New York Fixed Income and Currencies team provided the financing
The new facility provides US$100M of asset-backed financing capacity
Clearco expects it to support approximately US$900M of ecommerce funding over two years
Clearco currently reports more than US$3.3B provided to 11,000+ businesses historically
The US$900M figure is a forward company expectation, not capital already deployed or Clearco revenue
NCFA Perspective
The Macquarie facility gives Clearco another institutional funding base after several years spent rebuilding the business. The next test is measurable. Clearco has to convert that capacity into sustained ecommerce financing while maintaining underwriting discipline and asset performance. The US$900 million target defines the scale of the opportunity, but it does not establish that the volume will be reached.
Clearco Macquarie Funding FAQs
How much financing did Macquarie provide to Clearco?
Macquarie Group provided Clearco with a US$100 million asset-backed financing facility announced on August 18, 2026.
How much ecommerce funding does Clearco expect the facility to support?
Clearco expects the facility to support approximately US$900 million in funding to ecommerce brands over the next two years. That is a company expectation for customer funding, not US$900 million of capital supplied by Macquarie.
How much funding can an ecommerce business get from Clearco?
Clearco says qualified brands can access up to US$10 million, with estimated terms of four to 12 months.
What can Clearco funding be used for?
Clearco says businesses can use its funding for inventory, marketing, large purchase orders and growth across direct-to-consumer, wholesale, retail, marketplaces and social commerce.
Is Clearco's Macquarie facility the same as its 2023 Pollen Street financing?
No. Clearco's 2023 recapitalization included a separate asset-backed facility from Pollen Street Capital with up to US$100 million of capacity. The August 2026 Macquarie transaction is a new US$100 million facility.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 17, 2026 | NCFA Market Activity | Lending Consumer Credit And BNPL, Digital Assets, Competition And Market Structure
Shakepay Launches Bitcoin-Backed Line Of Credit In Canada
On August 13, 2026, Montreal-based Shakepay launched its Shakepay bitcoin-backed line of credit, BLOC, for eligible Canadian customers. Borrowers can access up to C$50,000, with rates starting at 9.5% APR, using eligible bitcoin held with Shakepay as collateral.
BLOC is offered by Shakepay Credit Inc., an affiliated entity that received securities law exemptive relief to offer bitcoin-backed credit to eligible customers.
Shakepay retains more of the lending operation inside affiliated entities rather than relying on an outside lender to run the credit product.
BLOC is a revolving line of credit available within Shakepay. Eligible customers can draw against available credit, monitor balances and loan-to-value, make payments and adjust eligible collateral subject to their agreement.
Bitcoin volatility is still paramount. If collateral values fall, borrowers may have to add bitcoin or repay part of the balance. Some or all of the collateral can ultimately be liquidated.
The CSA list of authorized crypto platforms includes Shakepay Inc. as a crypto asset trading platform and Shakepay Credit Inc. separately as a crypto-backed lending platform.
Customers use BLOC through Shakepay, but the loan itself is provided by a separate Shakepay company, Shakepay Credit Inc.
Shakepay Adds More Financial Services Around Crypto
BLOC follows several additions around the same customer relationship.
In July, Shakepay became a direct Interac e-Transfer participant. Customers already had access to e-Transfers, but direct participation gives Shakepay more control over how the service connects to its platform. NCFA's Shakepay Company Intelligence Snapshot tracks its expansion from bitcoin trading into payments, cards and business accounts.
On August 11, Shakepay launched Shakepay savings for cash and bitcoin. Two days later, BLOC added secured credit.
The legal entities and protections differ. Shakepay Inc. operates the regulated crypto platform. Cash savings are offered by Shakepay Financial Inc. Bitcoin savings remain with Shakepay Inc. BLOC is offered by Shakepay Credit Inc.
For customers, those expanding services are part of a common Shakepay experience.
Shakepay says more than 1.5 million Canadians have used the platform. Adding payments, savings and credit gives those customers more reasons to use Shakepay between crypto trades.
Competition therefore extends beyond trading fees and asset listings. Crypto platforms can also compete for payments, balances and borrowing.
Two Crypto Lending Models Are Emerging In Canada
Shakepay Credit and APX show two ways Canadian crypto platforms can add secured lending.
Shakepay and Netcoins take different approaches. Shakepay uses a separate company within its own group to provide the loan. Netcoins keeps the customer relationship, while APX handles the lending behind the scenes.
For customers, the practical questions are simpler. Who is actually lending the money? Where is the bitcoin held? What happens if its value falls? How much does the loan cost?
For the platforms, the choice comes down to control. Shakepay keeps more of the lending business inside its own group. Netcoins relies on a specialist provider.
Talking Point
Will Canada's larger crypto platforms keep more regulated financial functions inside affiliated entities, or will specialist providers become the infrastructure behind multiple consumer brands?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
August 10, 2026 | NCFA Fintech Intelligence Question | Capital Markets And Market Infrastructure, Digital Assets Blockchain And Tokenization, Treasury Liquidity
Can Gold Move From The Vault Into Wholesale Finance?
Last Updated: August 10, 2026 Status: Emerging
Organizations: UK Financial Conduct Authority (FCA), Bank of England, Prudential Regulation Authority, World Gold Council, London Bullion Market Association (LBMA)
On August 10, 2026, the Financial Times reported that the UK FCA is talking with banks and market participants about how tokenized gold could fit within the regulatory framework, including its possible use as collateral in wholesale markets.
The FCA declined to comment to the FT and hasn't published a gold specific framework, consultation or rule. But the discussion connects two developments already under way. UK authorities are working on tokenized collateral for wholesale markets, while the gold industry is trying to make physical bullion easier to own, transfer and pledge.
So can tokenized gold actually become collateral in wholesale markets?
Possibly, but creating the token is the easy part. A bank or market operator still has to trust the ownership claim, know where the bullion sits, value it quickly and take control if the borrower fails. Its own rules also have to permit gold as collateral.
That last hurdle matters. The UK is building infrastructure for tokenized collateral, but the Bank of England's current work focuses on tokenized versions of assets that already qualify. Gold isn't currently eligible collateral under the Bank's Sterling Monetary Framework.
Private markets could get there sooner. Banks and other wholesale counterparties have more room to agree on collateral terms between themselves. Acceptance by a clearing house would be a bigger step. Central bank eligibility would go further again.
This is why tokenized gold is different from simply launching another real world asset product. NCFA's analysis of tokenization in collateral and cash shows that institutional adoption is strongest where digital assets solve a real operating problem. Gold now has to pass that test.
Strategic Takeaway
Tokenized gold becomes useful collateral when institutions can trust the claim, control the asset and sell it quickly if something goes wrong. Better technology helps, but it can't grant collateral status on its own.
Evidence
Click each item to expand
1. Gold Enters The UK Tokenization Discussion August 2026, United Kingdomⓘ
The Financial Times reports that the FCA has been discussing tokenized gold with major banks and other market participants, including whether it could be used as collateral in wholesale markets.
The discussions concern the regulatory treatment of tokenized gold.
Wholesale collateral is one of the potential uses being considered.
The FCA declined to comment to the FT.
No gold specific FCA proposal or rule has been published.
That makes this credible early evidence of regulatory interest, not a policy decision. What happens next depends on whether the industry can show that tokenized ownership works inside existing market controls.
2. UK Authorities Are Already Working On Tokenized Collateral May 2026, United Kingdomⓘ
The FCA and Bank of England set out a joint vision for UK wholesale tokenization in May. Collateral is one of the areas where firms have asked for clearer rules and infrastructure.
The programme covers prudential treatment, tokenized collateral and settlement instruments.
Sixteen firms are working through the Digital Securities Sandbox toward live issuance and settlement.
The Bank is targeting a live synchronisation service for 2028.
It is also working toward accepting tokenized versions of assets that are already eligible collateral at central counterparties and in its own operations.
The distinction is important. The programme can help an eligible security retain its collateral role when it is tokenized. It doesn't make a new asset eligible simply because someone puts it on a digital ledger.
Europe is dealing with the same operating challenge from another direction. The ECB roadmap for tokenized finance infrastructure focuses on connecting digital wholesale markets with central bank settlement rather than treating tokenization as a standalone product.
3. The Gold Industry Is Changing The Ownership Model 2025 To 2026, United Kingdomⓘ
The World Gold Council is tackling a problem that exists before the token arrives.
Allocated gold gives an investor ownership of specific physical bars, but that precision adds operating friction. Unallocated gold trades more easily, but the investor holds a claim against an institution rather than title to specific bullion.
The proposed Pooled Gold Interest is designed to sit between those structures.
Investors would hold a beneficial interest in a pool of vaulted physical gold.
The model allows fractional ownership rather than requiring whole bars.
Linklaters developed a legal framework for issuing and transferring the interests.
Easier use of gold as collateral is one of the stated goals.
That legal structure is central to the question. A collateral taker needs more than proof that a token exists. It needs an enforceable claim on the gold if the borrower fails.
4. Shared Infrastructure Is Being Built Around The Bullion March 2026, Globalⓘ
The World Gold Council's proposed Gold as a Service platform addresses the operating layer. A gold token is only as reliable as the records connecting it to the bullion in the vault.
The proposed platform connects physical custody with digital issuance.
It would standardize reconciliation, compliance and redemption.
Token supply could be kept aligned with physical inventory records.
The World Gold Council identifies collateralized borrowing as a possible use, subject to legal enforceability, custody and market infrastructure.
That qualification does a lot of work. Digital infrastructure may make gold easier to lock, transfer and release. The lender still needs a reliable right to the asset and a practical way to turn it into cash.
5. Gold Already Has The Market Depth 2026, Globalⓘ
Gold doesn't need a token to become a liquid asset. It already trades at enormous scale.
The World Gold Council estimates roughly US$31 trillion of gold exists above ground.
More than US$15 trillion is considered investable gold across private holdings, official holdings and derivatives.
Global gold trading averaged about US$361 billion per day in 2025.
Average daily trading reached about US$488 billion in the first half of 2026.
That gives gold an advantage over many tokenized assets. There is already a deep market and established pricing. The challenge is connecting that liquidity to a digital claim that collateral takers can actually use.
6. Physical Gold Still Faces An Eligibility Gap June 2026, United Kingdomⓘ
The London Bullion Market Association is separately asking UK authorities to reconsider how gold fits within the liquidity framework.
LBMA says allocated gold held at the Bank of England can be transferred and monetized quickly.
It argues that current regulatory treatment doesn't fully reflect that practical liquidity.
LBMA wants greater recognition of gold in firms' liquidity assessments.
It also asks regulators to consider whether gold could eventually become eligible collateral for Bank of England facilities.
That exposes the biggest gap. If physical allocated gold isn't currently eligible Bank collateral, tokenizing it won't remove the policy decision that comes first.
7. Tokenized Gold Products Are Arriving Before Collateral Acceptance 2025 To 2026, Globalⓘ
Institutions are already proving that physical gold can be represented and distributed digitally. HSBC has offered tokenized gold, DBS plans tokenized physical gold for customers in Singapore, and other issuers are expanding digital bullion products and infrastructure.
NCFA's evidence base also includes Tether's US$150 million investment in Gold.com, NatGold reporting more than US$469 million in premarket token demand, the DBS initiative and a bullion platform venture between AGTech and the Hong Kong Gold Exchange.
Together, those developments show growing demand, distribution and infrastructure. They don't show that the tokens are being posted as margin to clearing houses or widely accepted under institutional financing agreements.
The next proof is a financing transaction. A regulated bank accepting tokenized gold against a real loan, credit line or margin obligation would show that the ownership structure works beyond issuance. The terms would tell us even more. Who holds the bullion? How much of its value can be borrowed against? What happens if the borrower defaults? Can the lender take control immediately?
Those are ordinary collateral questions. Tokenization changes how the asset is recorded and transferred, but it doesn't make them disappear.
This is also where gold separates from tokenized Treasuries. Government securities already function inside mature repo, margin and central bank collateral systems. Their digital versions are trying to preserve an existing function while changing how the asset moves.
Gold has deep liquidity and established institutional ownership, but a more limited role inside regulated collateral frameworks. Private banks could accept tokenized gold first, particularly where they already understand bullion custody and financing. Wider dealer use would be stronger evidence. Acceptance by a central counterparty would show that the asset can meet tougher rules for valuation, control and liquidation.
The Bank of England is another threshold entirely. LBMA is still making the case for physical gold to become eligible, so tokenized gold clearly hasn't reached that point yet.
Canada offers a useful infrastructure comparison without forcing a Canadian gold story. Project Samara tested tokenized bond issuance, trading and lifecycle management with wholesale central bank settlement. The CSA has also opened Project Tokenization to examine how tokenized products and market infrastructure fit Canadian securities law. Neither establishes tokenized gold collateral in Canada. They show the kind of coordinated legal and settlement work that has to sit underneath institutional tokenization.
Why London Has More At Stake
London isn't searching for a tokenization use case. It already is at the centre of one of the world's deepest wholesale gold markets. If the ownership, custody and regulatory pieces can be made to work together, tokenization could make existing bullion easier to move between banks, trading venues and collateral accounts. The value would come from making a large market work better, not from creating another digital asset to trade.
There is also competition. Asian financial centres are investing in bullion markets, tokenized assets and digital settlement, while major central banks are building new wholesale infrastructure. London's existing market depth is an advantage, but only if the digital version preserves the legal certainty and liquidity that made the physical market valuable in the first place.
For now, the answer remains conditional. Tokenized gold has credible building blocks and a plausible route into private wholesale collateral. What it doesn't yet have is broad institutional acceptance.
The moment to watch is not the next gold token. It is the first repeatable collateral transaction where a regulated institution is willing to rely on one.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem providing education, market intelligence, industry stewardship, networking and funding opportunities to thousands of members. NCFA works with industry, government, partners and affiliates to support a competitive and innovative fintech and funding sector in Canada. Join Canada’s Fintech and Funding Community or learn more at NCFA Canada.
August 6, 2026 | NCFA Market Activity | Wealth Investing And Trading, Banking And Credit, Capital Markets And Market Infrastructure
Marketplace Lending For Investment Portfolios
On August 6, 2026, U.S. fintech HarborLine introduced its securities-backed lending marketplace, a platform designed to help qualifying investors access loans against their investment portfolios by coordinating banks, advisers and brokerage custodians through one digital workflow.
Investors can seek borrowing capacity without selling eligible securities, while HarborLine handles portfolio eligibility checks, lender matching, loan documentation, collateral pledges and ongoing monitoring.
The company is trying to open a lending process that has traditionally been concentrated inside private banks, large brokerages and wealth firms. Its platform connects investors and advisers with banks and brokerage custodians, then coordinates the portfolio review, loan application, lender matching, collateral pledge and ongoing monitoring.
HarborLine doesn't lend the money, hold the investments or provide investment advice. Banks make the credit decisions, while custodians continue to hold the pledged assets.
HarborLine is trying to make portfolio-backed borrowing available without requiring the investor, bank, adviser and custodian to manage the process separately.
How HarborLine Turns Investments Into Borrowing Capacity
This isn't a public marketplace where fund managers list portfolios for lenders to browse. The borrower is generally an investor who owns an eligible brokerage account, either directly or through an adviser.
The investor connects the account so HarborLine can review which investments qualify as collateral and how much borrowing each one can support. Liquid, diversified securities may support more credit than concentrated positions or assets a bank considers difficult to sell.
HarborLine says it packages each verified application in a standardized format and distributes it to matched bank partners. Each bank reviews the file and decides whether to make an offer on its own terms.
If the borrower accepts, HarborLine coordinates the documents and collateral pledge with the brokerage custodian. The investments remain in the account, but the bank receives a security interest over them.
The platform also tracks eligible collateral, available credit and loan-to-value headroom after funding. If the portfolio falls far enough, the borrower may need to repay part of the balance or add more assets.
Banks Lend While Advisers Keep The Client
Securities-backed credit has traditionally been easier to obtain through private banks, large brokerages and wealth firms that already control the investment account, lending channel and customer relationship.
Wealthsimple’s portfolio line of credit is an example of that integrated model. Eligible clients can borrow through the same platform that holds their investments and manages the account experience.
HarborLine separates those roles. A bank can provide the capital without owning the brokerage relationship. The custodian keeps the assets. The adviser continues serving the client. HarborLine manages the information and handoffs between them.
That could help regional banks and independent advisers offer securities-backed lending without building the full operating process themselves. It could also give qualifying investors another route beyond a private bank or vertically integrated wealth platform.
Strong coordination is needed in making a four-party transaction feel as straightforward as borrowing from the firm that already holds the customer’s investments.
Bank Participation Will Decide Whether HarborLine Works
HarborLine explains the workflow, but it hasn't name participating banks or custodians yet. Those disclosures will determine whether HarborLine is operating as a true multi-lender marketplace or is still assembling the network needed to support one.
Borrowers need enough lender choice to improve access or terms. Banks need qualified applications and reliable collateral information. Custodians need a practical way to place, monitor and release pledges.
The technology can reduce paperwork and coordinate the process, but it cannot remove the lending risk.
HarborLine states that it isn't a bank, broker-dealer, investment adviser or custodian. That keeps the credit, custody and investment decisions with the regulated firms involved while positioning HarborLine as the operating layer between them.
Talking Point
Can HarborLine widen access to portfolio-backed credit, or will investors still prefer wealth platforms that already hold their assets and control the full lending experience?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 27, 2026 | NCFA Market Activity | Capital Markets And Market Infrastructure, Wealth Investing And Trading, Banking And Credit
Ontario Teachers’ Adds Platform Economics To CLO Equity
On July 27, 2026, Ontario Teachers’ and M&G agreed to establish a European CLO joint venture. Ontario Teachers’ Pension Plan has agreed to provide up to €200 million for equity investments in future M&G Margay collateralized loan obligation issuances. It will also participate in the long term economics of M&G’s European CLO business.
The second part makes this more interesting than a pension fund buying CLO securities for its portfolio. Ontario Teachers’ is tying capital to future M&G issuances and participating in the long term economics of the platform those transactions can grow. The release doesn’t disclose an ownership stake in M&G itself, the economic formula, governance rights, return targets or the term of the joint venture.
Capital will be deployed transaction by transaction under an agreed investment framework. That gives Ontario Teachers’ room to assess each issuance instead of transferring the entire commitment at closing. For M&G, it provides an aligned source of equity capital that can help the Margay programme issue more CLOs when market conditions and available loans support them.
Why The Equity Tranche Can Pay More And Lose First
A CLO buys a diversified pool of corporate loans and finances that pool by issuing layers of debt and equity. M&G says Margay invests in European broadly syndicated loans. Those are loans arranged for larger corporate borrowers and distributed across several institutional lenders.
Cash collected from the loans pays the senior CLO tranches first. The equity tranche sits at the bottom and receives what remains after interest, expenses and required payments have been made. The European Central Bank’s CLO analysis explains the tradeoff clearly where equity has the highest potential return, but it's paid last and absorbs losses first when loans default.
Ontario Teachers’ is therefore accepting more than ordinary bond risk. Returns can benefit when loan income exceeds the cost of the CLO’s debt and credit losses remain contained. They can fall when defaults rise, recoveries disappoint, financing becomes expensive or structural tests redirect cash away from equity investors.
The pension plan says European CLO equity complements and diversifies its existing programme. Europe also gives it a different pool of borrowers, managers and issuance periods. What hasn’t been disclosed is the expected return, how much of the €200 million may be used in each Margay transaction or exactly how the platform economics will be divided.
Committed Equity Capital Can Help A CLO Manager Issue At Scale
M&G launched Margay in 2023 and reports €1.6 billion currently in issue. The programme sits inside a €10 billion loan platform, a €27 billion structured and private credit business and M&G’s €93 billion Private Markets business. M&G’s Life business has also invested more than £1 billion in structured credit strategies over time.
Equity capital is essential because every new CLO needs investors willing to take the most junior position. A dependable partner can make future issuance easier to plan, although every transaction still depends on loan availability, funding costs and investor demand for the more senior tranches.
The market is active enough however to support that ambition. European CLO issuance reached €15.9 billion in the first quarter of 2026, up from €14 billion in the previous quarter. CLOs led all placed European securitisation categories during the period.
Other managers are securing similar pools of committed equity:
Sagard | HalseyPoint launched a US$250 million target CLO equity fund for future issuances after Sagard acquired a 40% interest in the manager. Sagard, affiliates, insurers and other institutional investors had committed US$92.5 million at launch.
Oak Hill Advisors closed a US$1.1 billion CLO equity fund in September 2025 with commitments from pension funds, sovereign wealth funds and other institutions. OHA said the capital could support about US$10 billion of CLO deployment.
Columbia Threadneedle entered a multiyear agreement with a Jefferies led investor consortium to supply equity for several CLOs. The structure gave the manager repeat issuance capital rather than funding for only one transaction.
These deals are structured differently, but the managers face the same challenge in that they need investors willing to fund the riskiest part of each new CLO. A strong credit team and a supply of suitable loans aren’t enough without that equity capital. Ontario Teachers is also going a step further. Along with investing in future CLO equity, it will participate in the long term economics of M&G’s European CLO business.
The Opportunity Comes With A Harder Risk Question
If Margay issues regularly and its loan pools perform, Ontario Teachers’ could earn from both its equity positions and its negotiated participation in the platform. M&G gains a long term institutional partner without receiving the full commitment before suitable transactions are ready.
A slower issuance market may leave part of the commitment unused. Competition for loans can make assets more expensive and reduce the difference between loan income and CLO funding costs. Higher defaults or weaker recoveries reach the equity tranche first. The public announcement also leaves outsiders unable to compare the value of the platform participation with the risk Ontario Teachers’ is taking.
This transaction is aligned with a larger expansion in non bank credit, but the categories need care. Margay’s disclosed collateral consists of broadly syndicated loans, while private credit normally refers to loans negotiated privately between non bank lenders and borrowers. They can share institutional investors and leveraged corporate borrowers without being the same market.
The Bank of Canada recently issued a warning about non bank debt risk. The Bank says Canadian pension fund and insurer exposures to global private credit appear manageable, while limited transparency and growing connections across financial structures still warrant monitoring. The Ontario Teachers’ transaction isn’t evidence of distress. It does show why the ownership, funding and risk links around credit managers are becoming more important to understand.
The commercial trend is already visible across private market platforms. Large investors want more than passive fund exposure, while managers want dependable capital that can support repeat origination or issuance. The open question is whether the added platform economics compensate investors for taking concentrated, junior risk over several market cycles.
Talking Point
Will more pension funds negotiate access to both CLO equity and CLO platform economics, or will first loss risk and tighter returns keep most institutions in individual securities and diversified funds?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 
