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Canadian Clio Acquires American vLex for US$1B

Acquisition | June 30, 2025

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Clio to Buy vLex in One of the Largest Legaltech Deals Ever

On June 30, 2025, Burnaby-based Canadian legaltech firm Clio announced that it entered into a definitive agreement to acquire U.S. firm vLex for $1 billion USD in cash and stock.  This is the largest acquisition in Clio's history and one of the most significant software deals ever led by a Canadian company.  The deal merges Clio's legal operating system with vLex's AI-powered research platform to create a unified and intelligent legal system.

See:  Canuck Startups Cohere and Clio Secure Major Funding Rounds

The combined platform currently serves over 200,000 legal professionals and includes vLex’s multilingual legal database and its AI engine Vincent, already trusted by law firms, courts, and legal associations in more than 110 countries.

The deal is expected to close later in 2025, pending regulatory approvals. Clio was advised by Goldman Sachs, with legal support from Osler, Hoskin & Harcourt LLP, Wilson Sonsini, and Gowling WLG.  vLex was advised by J.P. Morgan, with legal counsel from A&O Shearman and Uría Menéndez. See the vLex announcement

Combining Legal Research and Practice with AI

Clio’s system simplifies firm operations while vLex’s technology provides legal insight across jurisdictions.  Together, imagine a legaltech platform that combines task management, research, drafting, and smart analysis all in one place.  By uniting all of these functions, the platform can support small firm use cases all the way to enterprise workflows in a single system.

See:  Calgary’s Modular Raises Key Insurtech Funding Round

Jack Newton, CEO and founder of Clio, said this is the beginning of a new era for the company and the legal profession.  It didn't happen overnight.  For seventeen years Clio has built tools to help law firms run efficiently.  Now, jointed with vLex, it can add intelligence that understands legal content.  Newton explained this further in a conversation with LawNext.

What the Deal Says About Legal AI and Canada’s Role

The times are changing in legaltech. According to the Q2 2025 Emerging Tech SaaS Report from PitchBook (subscription required), vertical SaaS acquisitions have increased by over 40% this year. Companies are integrating domain specific AI into platforms that combine workflow with insight. Clio and vLex are now a clear example of that trend.

vLex’s Vincent AI is capable of analyzing legal documents, audio, and video, and it can also support legal theory testing and custom workflows. These capabilities are essential for trusted, high value use cases in regulated environments, and they are creating an entirely new category of intelligent legal infrastructure.

Why This Merger Matters for Investors and Policymakers

vLex is backed by Oakley Capital, a UK based private equity firm. Clio's deal is Oakley’s third major legaltech exit in the past two years, pointing to the growing maturity of legal intelligence platforms.

See:  Botpress Raises $25M USD to AI Agent Infrastructure

Canadian policymakers should take notice of what's possible when national tech companies are supported in scaling globally.  It offers a template for other sectors from finance to insurance to healthcare where regulated services require trusted, explainable AI.  The acquisition is showing how these platforms can work in practice across different levels of complexity and jurisdictions.

Outlook

Clio's deal puts a Canadian company in a leading position in global legal AI, and offers a model for how other high trust sectors could follow.  That is how intelligent systems based on the knowledge economy, trusted data, and applied AI are likely to impact professional services in the years to come.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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U.S. Prepares to Count Crypto in Mortgage Rules

Crypto Adoption | June 27, 2025

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U.S. Housing Agency Tells Lenders to Prepare for Crypto in Mortgage Risk Assessments

For the first time, cryptocurrency is being considered in U.S. mortgage financing. On June 25, 2025, the Federal Housing Finance Agency (FHFA) told Fannie Mae and Freddie Mac to prepare proposals that would let homebuyers include crypto assets when being assessed for their mortgage applications.

In a public post on X, FHFA Director Bill Pulte said this change supports the U.S. goal of becoming a global leader in crypto. The order allows crypto to be included as a financial reserve, meaning lenders could soon treat some digital assets the same way they treat cash or stocks when reviewing mortgage risk.  This is not a new rule yet but it's the start of a planning phase where the agencies will write and review draft policies.

See:  The Intersection of Fintech and Real Estate: How Innovation is Rebuilding the Foundation of Property Transactions

What It Means for Homebuyers

  • Buyers wouldn't have to sell their crypto to meet mortgage reserve requirements, which can help them avoid triggering untimely tax bills
  • The assets will count only as financial reserves, not as income
  • Only crypto held on regulated U.S. platforms will qualify. Wallets outside those platforms including self-custody will likely not be accepted
  • Because prices can move quickly, Fannie and Freddie are expected to apply discounts when valuing these assets, a move known as a "haircut."

Remarkable to see the crypto sentiment change so rapidly in the United States.  This latest change reflects the wider effort by U.S. officials to include digital assets in traditional finance. An article in Barron’s noted that reserve rules may apply to bitcoin, ether, and other widely held tokens. The Washington Post also reported concerns about volatility, especially with some tokens rising or falling by 40% or more in a single day.

What This Means for Fintech in Canada

While this directive applies only in the United States, it sends a strong message. If crypto is accepted in mainstream mortgage reviews, financial technology firms in Canada may start building new tools to support similar models. That could include connecting wallets to mortgage applications or building credit models that accept tokenized savings.

See: Halal Mortgage Financier, Manzil, Crosses $50 Million

For Canadian fintechs focused on lending, payments, or digital identity, this is an early signal of significant changes to come. With more Canadians holding crypto, pressure will likely grow for Canadian regulators to respond or risk falling behind global standards.  That's what happens when your a country deemed 'fast follower'.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Conquest Planning $80M USD to Expand AI Financial Advice

Financial Planning | June 27, 2025

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Goldman Sachs Leads Funding to Grow Personalized Financial Planning for Families in Canada, the U.S. and U.K.

On June 23, 2025, Winnipeg-based financial technology company, Conquest Planning, announced they had raised $80 million USD ($110 million CAD) Series B financing round led by Growth Equity at Goldman Sachs Alternatives. The round also includes participation from Canapi Ventures, BDC Capital, Citi Ventures, TIAA Ventures, USAA, Portage, and BNY.

Founded in 2018, Conquest provides AI-powered financial planning software used by more than 1,000 organizations across Canada, including RBC, Manulife, Raymond James, and BNY Pershing. The company’s Strategic Advice Manager (SAM) platform has already generated over 1.5 million financial plans.

See:  Fintech Trends & Predictions Across Generations in 2025

This new capital injection will fund Conquest’s expansion into the United States and United Kingdom, while accelerating the launch of two product innovations

  • SAM Bytes, a new lightweight digital tool designed for self-directed investors
  • Advanced estate and legacy planning features for high net worth and multi generational clients

Key Facts About Conquest Planning's Series B

  • $80 million USD raised in Series B
  • Goldman Sachs Alternatives is the lead investor
  • Conquest has powered 1.5 million financial plans
  • Platform used by more than 1,000 firms across Canada
  • New features include SAM Bytes and estate planning tools
  • Expansion now targeting U.S. and U.K. markets
  • Backers include Canapi Ventures, Citi Ventures, BDC Capital, TIAA Ventures, USAA, Portage, and BNY

Financial Planning Gaps Affect Families Across Income Levels

This investment comes at a time when personalized financial advice is out of reach for many Canadians. NCFA’s recent review of financial planning gaps based on data from the Financial Conduct Authority unveils several underserved segments, including:

See:  The Financial Impact of Post-Secondary Education and Reasons to Plan Early

  • Held back by life events such as illness, divorce, or job loss
  • Financially stretched, living month to month with limited savings
  • Reluctant to engage due to distrust in financial institutions
  • Getting by with basic financial stability but little long-term planning

These segments often rely on informal advice, lack access to tailored planning tools, or simply avoid engaging with the financial system altogether.  Conquest’s scalable and accessible tools have the potential to close some of these gaps.

The introduction of SAM Bytes aims to bring quality financial planning to families who are not currently served by human advisors. This is especially relevant for households navigating complex financial decisions, such as starting a business or expanding a family.

Outlook

Demand is growing for platforms that provide affordable, real-time, and personalized advice built on real data and delivered in plain language.  For NCFA members working on financial inclusion, wealth building, and life stage transitions, Conquest Planning is one to watch.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Coinbase MiCA Licence Unlocks Europe Wide Crypto Access

Coinbase | June 25, 2025

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Coinbase’s EU Licence Highlights How Unified Crypto Rules Unlock Market Access (while Canada faces pressure to modernize)

Coinbase secures a Markets in Crypto Assets (MiCA) licence in Luxembourg and unlocks access to all 27 EU member states under one regulatory framework. The licence allows Coinbase to provide regulated custody, trading, and token services across Europe without reapplying in each country.

MiCA is the EU’s first unified crypto regulation. It sets common rules for disclosures, capital requirements, and consumer protection. Coinbase is among the first major global exchanges to receive full MiCA approval, joining a wave of early adopters now operating across the EU under a unified licence.  Market wide compliance in the EU is now real, and opens up a single market of 450 million people under consistent regulatory oversight.

Canada’s Regulatory Challenge

Canada uses a mix of federal registration through FINTRAC and provincial securities oversight. While there is a securities passport system under the Canadian Securities Administrators (CSA), it's not uniformly applied across all provinces.  Ontario, for example, requires dual filings. The system also does not unify crypto regulation or streamline compliance across federal and provincial levels.

See:  U.S. Passes First Stablecoin Law with GENIUS Act

In contrast, MiCA offers a single licence with direct access across all EU countries. For Canadian fintechs, this structural difference adds complexity and slows growth.  Canada’s fintech sector must now compete with peers operating under unified rules, faster timelines, and lower costs.

Canada's Missed Opportunity

In a June 2025 opinion piece for Cointelegraph, Jillian Friedman, COO of Symbiotic, warned that Canada risks losing ground:

“While other countries move toward integrating crypto into their financial systems, Canada is lagging, costing the country capital, talent and competitiveness.”

Crypto policy was grossly missing from all federal party platforms during the 2025 election, a “missed opportunity” at a time when early-stage VC activity is dropping and top STEM talent continues to leave. Friedman doubled down on Canada's issues including:

  • Canadian seed-stage VC deals hit pandemic-era lows in Q1 2025 (according to CVCA data)
  • CSA’s classification of stablecoins as securities continues is 'wrong' and will restrict adoption
  • Crypto firms struggle to open basic bank accounts, even when AML risk is low
  • Up to two-thirds of software engineering graduates are exiting Canada

See:  SEC Clears Crypto Staking. What It Means for Canada

She argues that Canada should move quickly to unlock access to capital, offer tax incentives, and remove policy barriers if it wants to remain competitive.

Other Major Crypto Firms with MiCA Licenses

Several global firms have followed Coinbase in securing MiCA licences:

Now do those same crypto firms also operate in Canada?

While several MiCA-licensed firms also operate in Canada the split below shows how global players are prioritizing the EU as a unified growth market, while (possibly) treating Canada as a smaller fragmented market.

See:  UK FCA Plans Full Crypto Licensing Regime by 2026

Firm MiCA Licence Canadian Operation
Coinbase Yes Yes (OSC restricted dealer)
Crypto.com Yes Yes (OSC restricted dealer)
OKX Yes No active registration
Bitpanda Yes No active registration
Bybit Yes Previously fined in Ontario; no active registration
BitGo Yes No known retail presence

Why This Matters for Canadian Competitiveness

MiCA offers a clear example of how coordinated regulation can improve access, speed, and investor confidence. Prime Minister Mark Carney’s pledge to reduce interprovincial trade barriers could open the door to change, but digital asset policy must be part of the conversation.

See:  The Crisis Canada and Fintech Can’t Afford to Waste

Without reducing regulatory burden and interprovincial barriers, Canada risks falling behind not because of lack of innovation but because of unclear rules that limit scale, delay market access, and create friction for investors.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

eufyMake E1 Breaks Kickstarter Crowdfunding Record

Crowdfunding | June 25, 2025

Kickstarter Crowdfunding Record Over $61 Million (and counting) for eufyMake E1 Project

On June 24, 2025, the eufyMake E1 UV Printer officially became the highest funded project in Kickstarter history; raising over $61 million from more than 17,000 backers, surpassing the previous record of $41.7 million. The compact printer offers plug and print functionality and can print on a wide range of materials including metal, leather, and glass.  Pricing at $499 helped attract broad consumer interest during its 30-day campaign window.

See:  Innovating Crowdfunding with Bitcoin’s Network

According to the release, the campaign launched on April 29 and exceed $10 million in the first 14 hours, and then became Kickstarter's all time funding leader in less than a month.  This is a monstrous achievement and moment to celebrate for non-investment crowdfunding in 2025.

Boost for Reward-Based Crowdfunding

In recent years, most attention in alternative finance has shone a spotlight on equity crowdfunding, token sales, and hybrid fintech models. Yet the record breaking and live E1 crowdfunding campaign shows that reward-based crowdfunding can still raise significant funding at global scale when a product fits the market.

Kickstarter campaigns offer backers early access to physical products without offering ownership. This lowers legal and regulatory barriers, making the model especially attractive for consumer hardware, creative tools, and design-led products.

See:  The Real Story of Access to Capital

For Canadian entrepreneurs, makers, and platforms, the E1 campaign is a reminder that product-led innovation can still be funded directly by users, backers, and supporters. A strong value proposition, clear use case, and professional campaign execution with digital-first product marketing can still generate global momentum on reward-based platforms.

Closing Thought

Canadian companies that are not yet ready or suitable for venture equity funding or tokenization may find reward crowdfunding a valuable first step to validate demand, generate working capital, and build a user base.  Interested in snagging one of these incredible printers?  There's 66 hours to go.  Be part of a record breaking campaign:  https://www.kickstarter.com/projects/ankermake/eufymake-e1-the-first-personal-3d-textured-uv-printer


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

Canada backs $100M Access Bank deal in Nigeria

Canada-Africa | June 24, 2025

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FinDev Canada Joins Global Partners to Finance MSMEs and Women Entrepreneurs Across Nigeria

Canada’s development finance institution, FinDev Canada, has partnered with DEG (Germany), OeEB (Austria), and ILX (Netherlands) to provide a USD 100 million syndicated loan to Access Bank in Nigeria. This investment will directly support micro, small and medium-sized enterprises (MSMEs) and promote women’s economic empowerment.

Investing in African MSMEs to drive growth

MSMEs provide about 86% of jobs in Nigeria but still face major financing challenges. This loan facility will allow Access Bank to expand financial and non-financial services to underserved groups, including rural businesses, agribusinesses, and women-led enterprises. FinDev Canada is contributing $25 million USD towards this initiative to help increase access to credit, training, and market opportunities.

See:  Africa’s Fintech Bridge Is Open for Investment

At least 30% of the loan proceeds are earmarked for women-owned businesses. Access Bank will offer reduced interest rates, business education, and networking support. This is FinDev Canada’s second investment in Access Bank (their first was a $50M loan facility in July 2024) and is fully aligned with the 2X Challenge, an international framework launched at the G7 Summit in 2018 promoting women’s participation in economic growth.

Lori Kerr, CEO of FinDev Canada:

“We can empower women entrepreneurs, develop underserved markets, and support job creation."

Strategic Impact for Canadian fintech and CAFS partners

Launching the first ever global Canada-Africa strategy in early March, and now this follow-on loan facility is a clear signal that Canada is expanding it's financial presence in Africa by supporting fintech infrastructure, sustainable finance, and inclusive business frameworks and models.  Access Bank currently operates in 24 countries serving over 60 million customers and has a large digital footprint and a track record of innovation.

Recent data from the 2025 Nigeria FinTech Survey Report by Column confirms this growth: over 23% of young Nigerians now use fintech apps for saving, with digital platforms like Opay, Palmpay, and Kuda seeing wide adoption. The 18 to 44 age bracket reports more than 56% saving consistently (most use multiple apps), indicating demand for integrated financial services. This tech-savvy generation is actively budgeting and planning for their financial futures despite economic instability, making Nigeria a high-potential market for digital finance investment.

Why This Matters for CAFS 2025 and NCFA Members

This deal is aligned with one of the key impacts of the inaugural Canada-Africa Fintech Summit (CAFS) 2025 taking place in Toronto from August 5-8, 2025 to drive practical collaboration between Canadian and African partners across finance and innovation. Nigeria accounts for 28% of Africa’s fintech activity and remains one of the highest growth digital finance markets on the continent.

See:  Fintech Grows 3x Faster, 97% of Market Still Untapped

Mobilizing Canadian capital to support financial infrastructure and innovative start-ups can unlock commercial opportunity.  NCFA and CAFS participants attending sessions like “Purpose, Profit, Planet” or “From Strategy to Scale” can use this as a live case study of what cross-border investment looks like when it combines capital, digital access, and market growth at scale.  Tickets on sale now


NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
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Calgary’s Modular Raises Key Insurtech Funding Round

Financing | June 24, 2025

Modular Solutions

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Calgary’s Modular Solutions Closes Major Insurtech Seed Round from Strategic and Local Investors

On June 19, 2025, Modular Solutions announced closure of a big seed round led by Tailwind Ventures, with Clear North Capital and an unnamed strategic partner. Although the total financing amount wasn't disclosed, PitchBook data cited in the press release that it ranked among the top five North American insurtech seed deals, and second‑highest pre‑money valuation since January 2023.

See:  Zūm Rails and Western Union Deliver Real Time Global Transfers

The funds will be used to streamline onboarding and implementation for insurers and brokers.  Also to expand the platform's functionality including artificial intelligence and deepen integrations with insurers, managing general agents (MGAs) and brokers.

Braden Bosch, Founder and CEO of Modular Solutions:

"This capital raise marks a pivotal moment for Modular.  We have brought an innovative software solution to the market, and with this investment, we can ensure low total cost of ownership and affordability while continuing to optimize and enhance our offering even further."

Darren Engels, Tailwind Ventures CEO:

"Tailwind is delighted to have supported Modular in securing this financing. Braden and the team at Modular are building transformative solutions for an industry in desperate need of innovation, and our capital partners share our conviction that Modular will deliver."

Other Recent Canadian Insurtech Financings and Acquisitions

Insurtech sector has been heating up for a while now.  Below are a couple of recent insurtech rounds:

  • PolicyMe (Toronto) raised C$30 million across equity and debt tranches since 2023, backed by Blue Cross Life and Securian Canada. That Series B‑style round supports expansion into life, health, and dental products.   It also demonstrates how insurtechs are maturing and scaling B2C and embedded products.

See:  Walnut Insurance Raises $4.6M for Embedded Tech Expansion

  • YouSet (Montréal) closed an oversubscribed C$3.5 million seed round on August 20, 2024, using a SAFE structure. The round included existing investors such as former Intact EVP Don Fox, Marsh MD Neil Mitchell, and Canavan Capital’s Joe Canavan, as well as new angels including AXA’s Jim Texier, Aviva’s Phil Gibson, and entrepreneur Dan Robichaud.  YouSet launched its home and auto-policy bundling platform via that announcement.
  • BrokerLink acquisitions - mid‑June 2025, BrokerLink, subsidiary of Intact Financial, acquired three brokerages: Avergate Insurance (Markham, ON), Keyes Insurance Brokers (Gananoque, ON), and CDM Insurance Brokers (Calgary, AB), closing on May 1 and June 1 respectively. These acquisitions expand both Ontario and Alberta footprints and show consolidation activity within the broker channel, indicating that distribution networks are evolving in parallel with tech-led innovation.

Why This Matters

AI powered workflow insurtech platforms that reduce friction are getting funded and transforming the insurance sector.  Modular Solutions major seed round also highlights Alberta's emerging fintech and insutech ecosystem.


NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter