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
One word sits at the core of all online casino marketing strategies: ‘engagement’. Casinos continually seek ways to keep customers playing their games for extended periods. They also want players to enjoy the experience enough to return repeatedly. Length of play and frequency of logins are the key metrics for measuring player engagement.
It is not enough just to attract players in the first place; casino sites need to retain them if they wish to thrive. The online casino sector is incredibly competitive. This article will take a close look at some of the cutting-edge techniques that are being used to boost engagement levels.
Why modern engagement techniques are important to game developers
The operators of online casinos have always been aware of the need to attract and retain customers. From the start, they have used quite traditional methods such as bonus offers and loyalty schemes to achieve that goal.
Those methods are still very much part of the online casino engagement armoury, but they are being supplemented by modern techniques. This is because there are so many casino sites offering bonuses and promotions – so they are no longer enough on their own.
A casino site that is going to stand out in this fiercely competitive market has to find fresh ways of keeping people interested. The way the best game developers are helping them to do that is through the design process.
Engagement through gamification
One of the techniques that is now being widely utilised is gamification. This can be summed up as the addition of features that are more usually associated with competitive sports and video games.
Examples of the kinds of features we mean are scoreboards, levels of progression, and rewards. These have been found to increase the motivation of players by making them feel a tangible sense of progress and accomplishment.
Gamification is a strategy that is being deployed by around 70% of casino sites now. It works because the more motivated a player is; the more likely they are to keep playing.
The casino games that are best suited to gamification are online slots. They have always been regarded as games of pure chance, but gamification adds an element of skill to them. This appeals to existing players, but also attracts fans of other types of gaming, such as video games.
Gamification elements are being incorporated into the slots at the design and development stage. That helps to ensure that they are properly integrated rather than a gimmick.
Mobile Gaming
Mobile gaming is now a key part of the online casino experience in Canada, with most serious online casinos offering either a dedicated app or a mobile-optimised site. Because the market is so competitive, real money casino apps in Canada are often reviewed by comparison sites such as Casino Guru, which rates operators using factors like safety, fairness, payments, bonuses, and player feedback.
For players, checking reviews is important before downloading an app or signing up. With so many casinos offering similar mobile features, independent reviews can help highlight which operators are reliable, which have fair terms, and whether users have reported issues with withdrawals, support, or account verification.
Customised games recommendations
Another modern technique that casino sites use to boost player engagement is the creation of custom gaming experiences. What this means is that, with each use of a casino site, the player encounters an experience that is more closely tailored to their preferences.
The sites collect user data and deploy AI systems to analyse it, before adjusting the algorithms to align with the findings. Players are recommended more of the games they enjoy most, which keeps them on the site for longer.
Interactive gaming
Games developers have been able to make their creations more interactive through the use of modern technology. This includes virtual reality slot games and table games like blackjack with live dealers and opposing players. The latter is known as ‘live casino’ and involves the use of video streaming.
This interactive gaming makes the experience more immersive, but also more social. When casino gamers do not find themselves feeling isolated or lonely, they are more likely to continue with their gaming session.
Exclusive event access
A further strategy for ensuring high levels of ongoing customer engagement is providing them with the opportunity to participate in exclusive events. These events can be anything from VIP nights to tournaments centred on poker or blackjack.
By tying access to these events to repeated play sessions, they act as a reward for loyalty, which makes them a solid retention strategy. The players who secure event access feel like they are part of something deeper and more special, giving them a genuine emotional connection to a casino site.
Why modern engagement techniques are vital
These techniques can mean the difference between the success and failure of an online casino. When there is so much rivalry for the custom of casino gamers, the sites that work hardest to analyse what it is they want and then give it to them have the best chance of succeeding.
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
Brdg organizes project information across developers, cost consultants and lenders. Mortgage Automator brings draw control into the lender's loan system.
Brdg Structures The Information Lenders Need
Brdg isn't a lender. Its software organizes the documents, budgets and project information used to prepare and review construction financing.
The platform accepts documents through email or upload, classifies them and organizes them into a project record. It tracks budgets, project progress and funding information, checks draw readiness across legal, contract, construction and financial categories, and produces lender-ready reports. Brdg provides separate workflows for developers, lenders and cost consultants. Its construction finance platform also shows document ingestion, project dashboards, cash-flow tracking and draw-disbursement readiness.
Brdg reports 30,000+ construction-related documents processed, more than C$300 million in development and active construction, and an average 5.5-day reduction in draw cycle time.
The document volume and reported time savings indicate that Brdg is being used in live construction finance workflows. The C$300 million figure describes development and active construction associated with Brdg's work. It is not revenue, loans originated, financing arranged or assets under management.
Brdg also describes the product as AI-powered and uses labels including Intelligence Agent and Submission Agent. Public evidence supports AI-assisted document and workflow processing. It does not establish autonomous underwriting or credit decisions.
Forum Ventures invested in Brdg, and the company joined its Summer 2026 cohort. Co-founder Ness Cabessa describes Brdg as replacing spreadsheets, email and manual draw processes with a structured construction finance platform.
Mortgage Automator Brings Draw Control Into The Loan File
Mortgage Automator starts from the lender side.
Its Draw Management feature keeps the construction budget inside the same system as the loan. Lenders build budget categories, line items and amounts in Mortgage Automator, then manage planned or ad hoc draw requests against that budget.
The system flags variances and can enforce configurable loan-to-cost limits. Project Health compares work completed with funds already disbursed, giving lenders another way to identify budget drift across active construction loans.
Mortgage Automator says the feature responds to private mortgage lenders, including construction and fix-and-flip lenders that were managing loans in one system while tracking construction budgets in spreadsheets or separate software.
A developer may prepare budgets, invoices and supporting documents. Cost consultants review project costs and progress. Lenders determine whether conditions have been met before additional funds are released.
C$55B CMHC Program Shows The Scale Of Construction Draws
Construction loans release financing in stages because lenders need evidence that work and project costs are progressing before advancing more capital.
That process is visible in Canada's public construction financing system. CMHC's Apartment Construction Loan Program provides loans starting at C$1 million and can finance up to 100% of the residential component's cost for qualifying projects.
The federal program has been expanded to more than C$55 billion in loan funding. Some program streams use monthly construction draws once the loan agreement is in place.
Every draw can bring another set of budgets, invoices, progress information, contracts, approvals and supporting reports into the financing process.
Cost consultants are also part of that control chain. They can review construction progress, costs and supporting documentation before lenders release additional financing.
Construction Finance Workflows Are Moving Into Software
Brdg structures project information before and during lender review. Mortgage Automator keeps budgets and draw controls attached to the active loan.
The next evolution is to carry the same structured project data from developers and cost consultants into lender systems without rebuilding it at each stage.
That would reduce duplicate data entry, make budget changes easier to trace and give lenders a clearer record of what changed between draw requests.
The open question is how the market develops from here. Lenders may prefer draw tools built into their loan systems. Developers and cost consultants may need platforms that work across several lenders. Integrations could eventually connect the two.
Talking Point
Will construction finance software remain split between developer, consultant and lender workflows, or will shared project data eventually connect the full draw process?
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 | Capital Markets And Market Infrastructure, Wealth Investing And Trading, Competition And Market Structure
Fund And ETF Accounting Infrastructure Modernization
National Bank is modernizing its fund and ETF accounting infrastructure with Multifonds, bringing work handled across separate systems onto one platform.
The project gives National Bank one accounting environment for more of the valuation, NAV and ETF administration work it performs for firms that offer investment funds and ETFs.
National Bank Brings Fund And ETF Accounting Onto One Platform
National Bank provides fund and ETF administration services that include fund accounting, transfer agency, ETF basket creation, financial statements and tax support.
Multifonds Global Accounting brings fund and ETF accounting into one environment. It processes data in real time and uses exception based workflows so operations teams can focus on records that need review.
The platform includes more than 350 configurable controls across NAV, valuation and distribution work. Multifonds says it supports more than 40,000 funds across 35+ jurisdictions.
National Bank plans to replace siloed systems with the platform. Multifonds expects the change to reduce manual steps, improve oversight and support faster product onboarding.
While those are the expected benefits, the results will depend on how the platform performs once National Bank moves more accounting work into production.
ETF Administration Adds More Operational Work
ETF administration involves more than calculating a fund's value. National Bank also supports transfer agency, market makers and the creation of ETF baskets.
Those processes depend on accounting records and outside data staying aligned. Multifonds connects ETF accounting with more automated data exchange, giving National Bank a common system for more of that work.
Canada's ETF market has grown sharply. Canadian ETFs attracted a record C$122 billion in net inflows in 2025, up 62% from the previous record, and Canadian ETF assets reached about C$790.5 billion by the end of March 2026.
Canada's ETF market has grown sharply. Canadian ETFs attracted a record C$122 billion in net inflows in 2025, while industry assets approached C$800 billion in early 2026.
The market is also under closer regulatory review. The CSA consultation on Canadian ETF rules examines areas including unit creation and redemption, ETF trading, NAV alignment and basket practices.
That growth means more products, valuations, baskets, records and exceptions for administrators to process. Automation can reduce repetitive work, but controls still have to catch problems before incorrect data reaches fund managers, trading partners or investors.
The same operating challenge appears in tokenized fund operations. New ways to issue or transfer fund interests still depend on reliable pricing, accounting, investor records and administration.
CIBC Mellon And RBC Are Automating Asset Servicing
National Bank is investing in a part of the market where other large Canadian asset servicers are also spending on technology.
In April, CIBC Mellon expanded its Appian automation program. Planned improvements include a more digital ETF service and fund administration workflows designed to reduce manual work and improve data visibility. CIBC Mellon reported more than C$3.4 trillion in assets under administration as of March 31, 2026.
RBC Investor Services reported C$3.1 trillion in assets under administration in the second quarter. Its asset servicing technology investments include ETF modernization, automated reconciliations and predictive reporting.
These investments highlight competitive pressure. Fund administrators need to support more products and data without adding manual work at the same rate.
Technology can influence how quickly an administrator launches products, handles exceptions and gives clients access to accurate information.
National Bank is also using specialist technology in other operating areas. Its Sardine fraud controls deployment focuses on fraud and financial crime rather than fund administration, but both projects use specialist technology for high-volume financial operations.
Moving more fund and ETF accounting onto one platform can simplify operations, but it also increases dependence on that platform.
National Bank will need strong data quality, integrations, controls and recovery processes as the implementation expands. If a shared accounting system fails, the adverse impacts can amplify and reach more funds and ETF workflows at once.
Talking Point
As Canadian asset servicers automate more fund and ETF administration, will technology become a bigger factor in which providers win new business?
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
Canada’s gaming sector has changed quickly, and payment technology has become a major part of that evolution. As more regulated online gambling markets develop, operators face growing expectations around security, speed and transparency. The payment process is no longer just about putting money into an account. It has become an essential way for players to feel confident and trust the platform.
For players, safe deposits and reliable withdrawals are becoming increasingly important. In fact, all top online casinos need payment systems that can combine convenience with strong protection. Licensed operators are increasingly using identity verification, encryption, fraud controls, and responsible gambling tools to create safer environments. These measures also include deposit limits, session reminders and self-exclusion options, giving players greater control over how they use gaming services.
Fintech is helping push these developments forward. Digital wallets, instant banking systems and improved verification processes have made deposits and withdrawals much more straightforward. Canadian gaming platforms are increasingly expected to offer near-real-time processing and reliable payouts, which reduces delays and enhances the overall payment experience for players while keeping sensitive financial information protected.
The pressure is particularly noticeable in regulated markets because payment systems have to deal with more than just transaction speed. They also need to support identity checks, fraud screening, anti-money laundering controls and detailed reporting. This creates a demanding environment for payment providers, where transactions need to be processed efficiently without compromising compliance.
Ontario provides a clear example of how regulation can influence this process. After the launch of its regulated iGaming market in April 2022, payment systems became part of a closely controlled digital environment. Operators and their technology partners have had to deal with substantial transaction volumes while maintaining secure authorisation, verification and reporting processes.
This is where fintech innovation becomes particularly interesting. Payment gateways and processors have increasingly had to become more sophisticated, with encryption, tokenisation, automated fraud detection and continuous monitoring becoming important elements of the infrastructure. The aim is to make security work quietly in the background while allowing legitimate transactions to move quickly, inspiring confidence in the future of gaming payments.
The impact can extend beyond gaming, too. Technologies developed under the pressure of regulated gambling can have wider applications across fintech. Real-time authorisation, automated risk scoring, wallet integration and secure handling of sensitive information are all relevant to other digital businesses that need to balance convenience with protection.
Reputable gaming comparison and news platforms reflect this changing environment by focusing on licensed Canadian operators, compliant payment methods and clearer information for players. The wider trend is towards greater transparency, with consumers increasingly able to assess how platforms handle payments and what safeguards are available.
Ultimately, regulation is reshaping payments in Canadian gaming. Safety, compliance and convenience now have to work together rather than being treated as separate concerns. As technology continues to advance, payment systems will need to keep adapting. Still, the direction is clear: stronger infrastructure, better protection, and greater player confidence are becoming central to the future of regulated iGaming in Canada.
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 14, 2026 | NCFA Companies On The Move | Artificial Intelligence And Data, Risk Compliance And Regtech, Banking And Credit
Enterprise AI Moves From Content Processing Into Governed Workflows
Founded2021
OriginToronto, Canada
FounderAdrian Murray
Company StageAccelerate / Commercialize
Fisent Technologies is a Toronto enterprise AI company founded in 2021 by Adrian Murray. Its BizAI platform reads and interprets unstructured content such as applications, claims, statements, contracts and correspondence, then turns the results into data and actions that existing business workflows can use.
The company now has enough operating evidence to look beyond the technology itself. Fisent says BizAI has more than 20 enterprise use cases in production, with customers across banking, lending, wealth management, insurance and other industries. Public examples include Aruba Bank through Orco Group, AEGIS London, CMG Financial and Westinghouse.
On August 11, Fisent closed a US$4.3 million venture round led by FINTOP, bringing disclosed funding to US$6.3 million. The financing arrives after Fisent reported 206% revenue growth in 2025, 173% net revenue retention and a third consecutive year without customer churn. Those percentages are company-reported, and Fisent does not disclose the revenue amount or total customer count.
Why Regulated Enterprises Are Buying Fisent
Banks, insurers and other large companies still receive important information in documents, emails, forms, scans and files that don't arrive in one clean structure. Employees have to read the content, decide what it means, enter the relevant information and route the work. Fisent is selling automation into that gap.
In 2024, Orco Group used BizAI at Aruba Bank to process documents following its acquisition of CIBC FirstCaribbean operations. The company case study reports a 90% decrease in errors, more than 70% faster processing and capacity for as many as 10,000 unstructured documents a day. Those are customer case-study results, not audited benchmarks.
In mortgage lending, CMG Financial selected BizAI for underwriting and processing workflows. AEGIS London has deployed it for insurance endorsement processing. Outside financial services, Pega independently featured Westinghouse and Fisent at PegaWorld 2026, describing a live workflow that combines Fisent's AI with Pega automation to improve parts fulfillment and route exceptions to people.
Those examples give Fisent something many enterprise AI companies still lack, which is proof that customers are putting the software into operating workflows. That is especially useful in regulated finance, where AI adoption depends on controls, data quality and third party oversight as much as model capability.
Adrian Murray, Founder and CEO, Fisent:
“Enterprises are moving beyond AI experimentation and choosing the capabilities they can trust to operate at scale.”
BizAI Sits Between Enterprise Content And Existing Workflows
BizAI can classify content, split complex files, extract information, verify it against defined criteria, analyze context and standardize tables. Fisent lets customers choose different models and hosting options, then uses its GenAI Efficacy Framework to compare model configurations on measures such as accuracy, speed, consistency and cost.
That model flexibility is important when a bank or insurer doesn't want one provider deciding where its data is processed or which model supports every use case. Fisent says its default architecture retains no customer content and does not use customer data to train models. The company completed a SOC 2 Type II examination in 2025 and says its controls were expanded during that year's review.
BizAI Studio launched in May 2026, giving business and automation teams a visual environment to design, test, deploy and maintain workflows with review gates, versioning and traceability. That changes where Fisent competes. A customer can build directly with a model provider, use AI functions inside a large workflow platform, buy a document-processing product or use Fisent as the content intelligence layer between models and existing systems. Fisent has to keep earning that position as larger platforms add their own AI capabilities.
Pega is particularly important because it is both an investor and a workflow partner. That relationship gives Fisent a route into enterprise processes already running on Pega, while also making the surrounding platform ecosystem part of its distribution strategy. Governed financial AI increasingly depends on exactly these workflow controls: permissions, evidence, review, escalation and records of what the system did.
Pricing isn't public. Fisent reports strong growth in licensing revenue and enterprise expansion, but contract size, recurring revenue mix and implementation economics remain private.
FINTOP Adds Capital And A Bank Distribution Option
Fisent's bottleneck is changing. It already has product and deployment evidence. The next job is selling and implementing it repeatedly across more large enterprises.
The US$4.3 million round is Fisent's first priced venture financing and follows US$2 million of earlier disclosed investment from investors including Pega, Cloudberry Pioneer Investments and Sand Dollar Capital. Pega participated again in the FINTOP round, and FINTOP Partner John Philpott is joining Fisent's board.
FINTOP says its strategic investor network includes about 100 banks with US$1.3 trillion in combined assets, along with other financial services companies. That network doesn't automatically give Fisent 100 prospects, pilots or customers. It does put an investor with deep financial institution relationships beside a company trying to sell regulated enterprise AI.
Fisent says the new capital will expand sales, customer enablement, deployment engineering and product development while widening distribution through workflow and technology partners. Those uses fit the current stage. Enterprise AI can fail commercially even when the model works if implementation takes too much specialist effort or every customer becomes a custom project.
Fisent Is In The Commercialization Stage
Fisent reports impressive growth in 2025 with 206% total revenue growth, 365% licensing revenue growth and 173% net revenue retention. It says customers now run more than three BizAI implementations on average, 90% added at least one production use case during 2025 and none has churned in three years.
Those numbers reflect expansion inside existing accounts. They don't tell us how large Fisent is in absolute terms. Revenue, profitability, valuation, contract values and total customer count are not public. Its first Fortune 50 customer in 2026 is also a company-reported milestone and the customer has not been named.
The evidence puts Fisent beyond initial validation without placing it in the same scale category as established enterprise platforms. Its current position is best described as Accelerate / Commercialize: real production use, repeat deployments and rising revenue, with absolute scale still private.
The FINTOP round raises the commercial bar. More named financial institution deployments, a larger base of repeatable implementations and evidence that BizAI Studio reduces deployment work would show that Fisent can grow without services effort rising at the same pace as software adoption.
On the NCFA Financial Innovation Map, Fisent sits where enterprise AI, workflow automation, financial operations and regtech meet.
The Company Intelligence Snapshot below follows the evidence that brings Fisent from formation into its current commercialization stage.
NCFA Company Intelligence Snapshot
Fisent Technologies
Enterprise AI for turning unstructured content into governed workflow actions
Named EvidenceWestinghouse, AEGIS London, CMG Financial, Orco Group / Aruba Bank and Connection
Financial ServicesBanking, lending, wealth management and insurance workflows
SecuritySOC 2 Type II; zero retention by default
Business ModelEnterprise software and implementation relationships; pricing and revenue amount are private
Milestones
Select a milestone to follow Fisent from formation through enterprise commercialization and its 2026 FINTOP financing
1Foundation2021
2BizAI Commercialization2024
3Enterprise Adoption2025
4Product Expansion2026
5FINTOP RoundAug 2026
Milestone 1
Financial Technology Experience Leads To Fisent (2021)
Adrian Murray founded Fisent in Toronto in 2021 after more than a decade working in financial services technology and operations, including core banking, digital banking, compliance, regtech and payments.
Company
FisentToronto financial technology company
Stage
FoundationCompany formation and early product work
Capital
PrivateEarly financing details not publicly disclosed
Markets
Financial ServicesBanking technology, compliance and operations
Customers
UnavailableEarly customer evidence is not public
Competition
Enterprise AutomationWorkflow and financial technology providers
Additional Company Data
Murray previously led end to end technology infrastructure at a de novo digital bank
Fisent is headquartered in Toronto
Current COO Brent Baiotto and CTO Jeff Irving add financial services and enterprise technology experience
NCFA Perspective
Fisent's foundation gives the company operating knowledge of financial institutions before generative AI becomes its commercial focus.
Milestone 2
BizAI Reaches Enterprise Workflows And Strategic Investors (2024)
Fisent brought BizAI into enterprise use and announced strategic investment from Pega, Sand Dollar Capital and other investors. Early disclosed deployments included banks, an insurer and a Fortune 1000 company, while Orco Group used BizAI at Aruba Bank for post-acquisition document processing.
Company
Fisent BizAIGenAI content automation enters production work
Stage
CommercializationInitial enterprise deployments become visible
Capital
Strategic SeedPega, Sand Dollar Capital and other investors
Markets
Regulated EnterpriseBanking, insurance and enterprise operations
Customers
Production UseNamed and unnamed enterprise deployments
Competition
Build Or BuyInternal AI builds and automation platforms are alternatives
BizAI was positioned as a layer connecting GenAI models with enterprise applications
Pega became both a strategic investor and workflow partner
NCFA Perspective
This milestone establishes Fisent's first visible production evidence and a strategic relationship with a major enterprise workflow provider.
Milestone 3
Named Customers And Repeat Deployments Strengthen The Case (2025)
Fisent brought disclosed funding to US$2 million, completed SOC 2 Type II work and added named enterprise evidence across insurance, mortgage lending and manufacturing. AEGIS London, CMG Financial and Westinghouse were among the customers publicly connected to BizAI.
Company
Enterprise AI VendorProduction use expands across customer functions
Stage
Enterprise AdoptionNamed buyers and repeated use cases
Capital
US$2MTotal disclosed seed funding by May 2025
Markets
Several IndustriesFinance, insurance, lending and manufacturing
Customers
Named EnterprisesAEGIS, CMG and Westinghouse among disclosed relationships
Competition
Operational ProofProduction results become more important than model access
Westinghouse implemented BizAI for parts and equipment fulfillment
NCFA Perspective
Fisent no longer relies on AI demonstrations alone. Named buyers are putting BizAI into operating workflows with real control and performance requirements.
Milestone 4
Studio Gives Customers More Control Over Deployment (2026)
Fisent launched BizAI Studio in May 2026 so customer teams could design, test, deploy and refine content automation workflows through a user-facing environment. The company also reported strong 2025 expansion inside existing customer accounts.
Company
BizAI PlatformCustomers gain more self-service configuration
Stage
Accelerate / CommercializeProduct breadth and account usage expand
Capital
Existing Seed BaseProduct develops ahead of next priced round
Markets
Enterprise OperationsMore workflows can be configured by customer teams
Customers
Account ExpansionCompany reports more than three implementations per customer on average
Competition
Deployment EfficiencySelf-service can reduce dependence on specialist implementation work
Growth inside existing accounts carries more weight than a long pipeline alone. Studio can strengthen that pattern if customers deploy additional workflows with less Fisent engineering work.
Milestone 5
FINTOP Backs The Next Commercialization Stage (August 2026)
FINTOP led Fisent's US$4.3 million first priced venture round, taking total disclosed funding to US$6.3 million. Pega participated again and FINTOP Partner John Philpott joined the board.
Company
Fisent TechnologiesEnterprise content automation company entering a larger sales phase
Stage
Accelerate / CommercializeProduction evidence is established; absolute scale remains private
Capital
US$4.3MUS$6.3M total disclosed funding
Markets
Regulated EnterpriseFinancial institutions remain a priority market
Customers
Fortune 50First Fortune 50 customer reported by Fisent in 2026; customer unnamed
Competition
DistributionBank relationships and deployment capacity become more important
FINTOP's network is a potential distribution asset, not evidence of Fisent customer contracts
NCFA Perspective
The financing gives Fisent more capacity to turn existing production evidence into repeatable enterprise distribution. Customer count, revenue scale and deployment economics will show how far commercialization progresses.
Frequently Asked Questions About Fisent Technologies
What is Fisent Technologies?
Fisent Technologies is a Toronto enterprise AI software company founded in 2021. Its BizAI platform processes unstructured content and connects the results to enterprise workflows in financial services and other industries.
Who founded Fisent Technologies?
Adrian Murray founded Fisent in 2021. His background includes more than a decade in financial services technology and operations covering digital banking, core banking, compliance, regtech and payments.
Is Fisent a Canadian company?
Fisent was founded in Toronto and lists its headquarters in Toronto, Canada. It sells enterprise software to customers in Canada and international markets.
What does Fisent BizAI do?
BizAI reads and interprets unstructured and multimodal content, then classifies, splits, extracts, verifies, analyzes or standardizes information so it can be used inside enterprise workflows. Representative financial services uses include KYC, onboarding, claims, disputes, lending documents and account-transfer processing.
Named public relationships include Westinghouse, AEGIS London, CMG Financial, Orco Group / Aruba Bank and Connection. Fisent also says it serves Fortune 500 customers across banking, lending, wealth management and insurance, although not every customer is publicly named.
Fisent does not disclose its revenue amount or profitability. The company reported 206% year over year total revenue growth and 365% licensing revenue growth for 2025, but the underlying revenue base remains private.
What does Fisent's 173% net revenue retention mean?
Fisent reports 173% net revenue retention for 2025, which indicates that revenue from the measured existing customer base increased after expansion and any losses were included. Fisent has not published the underlying customer count, revenue base or calculation detail needed to independently reproduce the figure.
Is Fisent a regulated financial institution?
No. Fisent is an enterprise software provider, not a bank, insurer, investment dealer or financial advisor. Its regulated customers remain responsible for their own compliance, customer decisions, technology oversight and use of third party AI.
Does Fisent depend on one AI model?
No. Fisent markets BizAI as model and host optional. Its GenAI Efficacy Framework is designed to compare model configurations using measures such as accuracy, speed, consistency and cost for a particular workflow.
Who competes with Fisent?
Fisent competes with several approaches rather than one exact category. Enterprises can build directly with foundation models, use AI inside large workflow platforms, adopt specialist document and content automation software or combine those tools internally. Fisent's position depends on making unstructured content usable inside governed workflows without requiring customers to build and maintain the whole AI layer themselves.
What does FINTOP add to Fisent?
FINTOP brings new capital, fintech operating experience and a strategic investor network that it says includes about 100 banks with US$1.3 trillion in combined assets. That may help Fisent reach more financial institutions, but the network should not be interpreted as 100 customers or guaranteed introductions.
Related NCFA Intelligence
Continue into the operating and governance questions surrounding enterprise AI in regulated finance.
Information notice: Private company estimates are identified and attributed. Information may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
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. 
