Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Marketing, Strategy, Growth, Design
Pentiv Launches AI Mortgage Intelligence Platform
October 16, 2026 | Market Activity | Artificial Intelligence And Data, Lending Consumer Credit And BNPL, Competition And Market Structure
Pineapple Financial's Two AI Mortgage Tools and Commercial Software Strategy
On October 15, 2026, Toronto-based Pineapple Financial launched Pentiv, a new operating brand and AI mortgage intelligence platform aimed at commercializing technology already used within its mortgage brokerage business. Its Recruitment Agent and Alternative Mortgage Renewal Agent operate within Pineapple+, while the new Pentiv platform is designed to bring those capabilities to independent brokerages and mortgage networks.
Pentiv also marks a change in Pineapple's business strategy. Rather than keeping its mortgage technology exclusively inside the brokerage, the company wants to commercialize tools developed through years of operating experience. The plan includes recurring software revenue and a potential separation of its technology and mortgage brokerage businesses, subject to corporate review and approvals.
Recruiting 83 Mortgage Agents Provides Early Evidence
Pentiv's Recruitment Agent helps brokerage managers identify promising mortgage professionals, prioritize outreach and organize recruiting activity. Its Alternative Mortgage Renewal Agent identifies upcoming or potentially at risk renewals, suggests customer outreach and helps manage supporting documentation. Both address recurring sources of revenue for brokerages: recruiting productive agents who originate new business and maintaining relationships with existing borrowers as their mortgages mature.
Pineapple has already reported results from its earlier AI recruiting initiatives. On May 5, 2026, the company reported adding 83 licensed agents to its national network since the beginning of the year. Management attributed part of that recruiting momentum to AI tools that shortened the process of bringing new agents from initial contact to active status. The result provides operating evidence behind Pineapple's recruitment strategy, although it doesn't establish how many hires were directly attributable to Pentiv's current application.
See: Canadian Fintech Capital Concentrates in AI and Mortgage Tech
Renewals offer another source of commercial revenue. An alternative mortgage borrower may need new financing when a loan matures, particularly if income, property values or qualification requirements have changed. Brokers who identify those customers early have more time to discuss options, prepare documents and retain the relationship. Pentiv is targeting that work rather than replacing mortgage underwriting or loan origination systems.
The company has built both applications around workflows already used by Pineapple's mortgage professionals. This gives its developers direct feedback on where recruiting efforts stall, where customers need attention and which tasks consume staff time. The challenge in selling that technology externally is making it useful across brokerages with different systems, procedures and customer data.
A Growing Mortgage Broker Channel Creates Demand
Mortgage Professionals Canada's 2026 research found that 38% of recent homebuyers used a mortgage broker, up six percentage points from 2024. Among recent first-time buyers, broker use reached 48%. The survey also found that 83% of broker clients would recommend their broker and 72% of borrowers who used a broker for their current mortgage would use one again.
Mortgage software is already competitive. Filogix expanded Expert Pro renewal visibility in June 2026, enabling brokers to identify upcoming renewals associated with additional properties owned by existing borrowers. Pentiv will need to distinguish its intelligence tools from established mortgage software and demonstrate that they work effectively alongside systems brokerages already use. Its focus on professional recruiting gives it another area in which to compete.
Canada's banks are also investing in AI for mortgage operations, including TD's expansion of agentic AI. Pentiv is approaching the market from the brokerage side, where smaller firms often lack the resources to develop their own software. A commercially accessible intelligence platform could give those firms capabilities that would otherwise require significant internal technology investment.
Pineapple Considers Separating Technology From Brokerage
The Pentiv announcement includes a corporate development with significant implications for investors. An October 15 SEC filing confirms that Pineapple's board established an independent special committee on October 9 to review a proposed restructuring. The plan contemplates separating the technology platform and digital asset treasury operations from the mortgage brokerage business, potentially followed by a brokerage spin-off. These proposals remain under review, with no completed separation announced.
Under the proposed arrangement, the brokerage could continue using Pentiv as an anchor customer while the technology business sells its applications more widely. That would preserve access to operating feedback while giving the software operation a different commercial focus. The arrangements governing technology ownership, customer data, licensing and financial relationships would become important parts of the proposed separation.
See: TD Expands Agentic AI Across Mortgage Operations
Usman Maher, Pentiv's newly appointed Chief Financial Officer and Chief Strategy Officer and a former SoFi executive, described the company's approach:
"We will prove the economics inside Pineapple, extend the platform to external brokerages, and scale adoption to build a durable intelligence company and long-term shareholder value."
Pentiv plans to report operating results from its recruiting and renewal applications, external brokerage pilots, customer agreements and recurring platform revenue over coming quarters. Pineapple Financial remains the legal reporting company, trading on NYSE American as PAPL, with a ticker change to PTIV anticipated around October 26, 2026. Its proposed corporate name change to Pentiv Inc. requires shareholder approval.
Talking Point
Pentiv's real commercial opportunity is turning proprietary brokerage experience into software that competitors are willing to pay for. Independent customer adoption, measurable financial returns and recurring revenue will determine whether Pentiv can command a valuation beyond its mortgage brokerage 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
 |  |  |
|---|---|---|
 |  |  |
KOHO Selects LoanPro to Expand Credit Products
October 16, 2026 | Market Activity | Digital Banking, Lending Infrastructure, Embedded Finance
KOHO Keeps Control of Product Design While Outsourcing Credit Servicing
On October 14, 2026, Canadian fintech KOHO selected LoanPro's lending platform to support its next financial products across Canada. LoanPro will provide billing, servicing and reporting, while KOHO retains control of its mobile app and product design. The arrangement gives KOHO specialized credit infrastructure as it expands beyond everyday spending and savings into a broader range of financial products.
Founded in 2014, KOHO has served more than 2.5 million Canadians, according to the announcement. Its current services include credit building, instalment payments, cash advances and a revolving line of credit. Supporting these products requires more than a customer interface. KOHO needs systems that can manage repayment terms, account balances and servicing requirements as its credit offering grows.
LoanPro Gives KOHO More Control Over Credit Product Design
KOHO Chief Product Officer Rusen Baragiola wants technology that can accommodate new financial products without limiting how the company designs them. LoanPro's platform provides configurable billing, account servicing and reporting, allowing KOHO to develop products within its own app while relying on specialist software to manage the underlying credit accounts.
"We chose LoanPro for the flexibility to bring new products to market quickly and responsibly."
KOHO already offers different repayment arrangements. Its Pay Later service allows eligible customers to divide purchases of up to $1,000 into payments over three, six or nine months. Its revolving line of credit allows borrowers to access funds as needed while paying interest only on the amount used. Each product requires its own billing rules, payment records and account management processes.
See: Slate Raises $1.3M for Embedded Lending in Canada
The LoanPro agreement also addresses a Canadian operating requirement. Credit products must accommodate applicable provincial rules, including those in Québec. LoanPro's configurable platform gives KOHO flexibility to adapt product terms and servicing processes across jurisdictions while maintaining a consistent experience in its app. For a company serving customers nationally, it's important as it introduces products with different repayment structures and eligibility requirements.
KOHO's $15,000 Credit Line Already Uses Fora
KOHO's existing line of credit provides a useful example of how the company works with lending partners. Eligible customers can access between $1,000 and $15,000 through Fora Credit, which handles underwriting, approval, funding and servicing. KOHO provides the customer relationship and digital access to the product.
How KOHO's lending responsibilities are currently divided:
| Company | Confirmed role | Product or arrangement |
|---|---|---|
| KOHO | Customer app, customer relationships and financial product design | Existing financial services and planned LoanPro supported offerings |
| LoanPro | Billing, credit servicing technology and reporting | New KOHO financial products under the October 2026 agreement |
| Fora Credit | Underwriting, credit approval, loan funding and servicing | Existing KOHO Line of Credit, offering $1,000 to $15,000 |
Sources: KOHO's published line of credit documentation and the October 14, 2026 LoanPro partnership announcement. The LoanPro agreement covers new offerings; it does not establish a change to Fora's existing responsibilities.
Fora is part of Toronto fintech lender Propel Holdings, which also operates the Freshline lending platform backed by a US$60 million financing agreement. KOHO already works with Fora to provide its line of credit, while LoanPro brings additional billing, servicing and reporting technology to support KOHO's next credit products. The two relationships serve different purposes within KOHO's lending business.
See: OnePay Adds Personal Loans Through Upgrade
KOHO has served more than 2.5 million Canadians since 2014, giving it an established audience for new credit products. By keeping control of product design and the customer experience, KOHO can introduce different repayment options while relying on specialist partners for lending technology and operations.
Talking Point
KOHO's lending strategy raises a question about who controls the economics of consumer credit. A fintech may own the customer relationship, but its ability to set credit terms, approve borrowers and earn lending revenue depends on how responsibilities are divided with its partners. As KOHO expands, those arrangements could matter more to its competitive position than the technology powering the loans.
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
| | |
|---|---|---|
| | |
Flinks Expands Banking Development and Managed Services
October 15, 2026 | Market Activity | Banking Infrastructure, Embedded Finance, Open Banking and Consumer-Driven Finance
Flinks Launches Banking Development and Managed Services to Expand Embedded Finance
On October 15, 2026, Toronto fintech Flinks launched Professional Services and Managed Services to help banks and fintechs develop financial products and operate the technology supporting them. The expansion takes Flinks beyond financial data connectivity into building and maintaining banking capabilities, including payment integrations, account switching and embedded financial services.
Majority owned by National Bank of Canada, Flinks reports connectivity to more than 15,000 financial institutions and serves clients including EQ Bank, National Bank and Wealthsimple. The new offerings formalize work Flinks has already performed for institutional customers, combining project development with ongoing responsibility for integrations, technical support and service operations.
How Payment APIs Could Help a Canadian Bank Win Deposits
In an October 15 company article, Flinks Chief Revenue Officer Eddie Beqaj describes a project involving an unnamed Canadian bank and one of its business customers. The bank already supports account transfers, bill payments and Interac e-Transfer through its APIs. Its customer operates a software platform that collects payments from many organizations, but the money arrives through different channels, making it difficult to match payments with invoices.
The bank wants to connect those payment services directly to the customer's software so collections can flow through one banking relationship. That would simplify reconciliation for the customer while giving the bank an opportunity to attract and retain substantial commercial deposits. The payment technology already exists. Flinks' role is to make it work inside software the bank doesn't control.
Flinks says it completed a paid discovery phase and assigned a team to develop the integration. Its commercial value will depend on whether the software customer directs meaningful payment activity and balances through the bank.
There is a useful Canadian comparison. Dream Payments embedded payment capabilities into business software using J.P. Morgan's banking infrastructure. Dream provides payment execution and related controls within software applications. Flinks is helping a bank connect its existing payment services to a commercial customer's platform. Both approaches bring banking functions into applications businesses already use, although they serve different objectives.
Flinks Wants the Development Contract and the Operating Relationship
Professional Services covers the work required to turn a banking capability into a product customers can use. Flinks helps define the business case, designs the integration and supplies developers to build it. The company incorporates security and regulatory requirements during development rather than leaving them until implementation.
See: Canada Open Banking Commercialization Roadmap
Managed Services covers the work that follows launch, including partner onboarding, accreditation, consent management, technical support and service commitments. Flinks has brought its existing Flinks Outbound infrastructure into this offering. Institutions sharing financial data with external providers can use Flinks to manage those connections instead of maintaining separate integrations and operating relationships with every recipient.
Client requests helped drive the decision to formalize the services. Eddie Beqaj, Chief Revenue Officer, Flinks:
"Our clients kept bringing us ideas that weren't on anyone's roadmap, including ours."
Beqaj also cites work with a major Canadian bank to transfer customers' Interac e-Transfer contacts and bill payees when they switch accounts. Preserving those payment arrangements removes a practical obstacle to changing banks, particularly for customers with recurring payments and established recipients. The example connects to a larger question explored in NCFA's open banking intelligence hub. How can financial data portability lead to easier account switching and greater competition when customers still have to move their payment relationships?
Talking Point
Flinks is moving beyond banking connectivity to build and operate financial services for its clients. The opportunity is to turn custom bank projects into lasting customer relationships, but the real measure will be whether Flinks can reuse its technology across clients without repeatedly rebuilding the same integrations.
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
| | |
|---|---|---|
| | |
Ramp Hits US$60B as Canadian Fintech Competition Grows
October 15, 2026 | Insight | Fintech Funding, Embedded Finance, Payments Infrastructure
Ramp Raises US$1.85 Billion at a US$60 Billion Valuation, Intensifying Competition With Float and Venn in Canada's Business Finance Market
On October 15, 2026, New York fintech Ramp announced US$1.85 billion in financing at a US$60 billion valuation, less than three months after expanding its corporate cards and financial operations platform into Canada. Ramp now serves more than 85,000 businesses and reports over US$2 billion in annualized revenue. Its growing financial resources raise the stakes for Canadian competitors Float, Venn and others, particularly as corporate cards, payments and expense software increasingly compete for the same business customers.
Ramp already sells more than corporate cards. Its platform combines spending controls, supplier payments, accounting automation and financial software, with new AI services extending its reach. The financing gives Ramp substantial resources to expand those products and compete for larger accounts, while Canadian fintechs face decisions about pricing, customer acquisition and which financial services they can profitably provide.
Ramp's Revenue and Customer Growth Support a US$60 Billion Valuation
Dragoneer Investment Group led the primary financing round, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co-leads. Ontario Teachers' Pension Plan also participated. Ramp's valuation has risen from US$44 billion in June, when it raised US$750 million, bringing total equity financing to approximately US$5 billion.
Ramp reports more than US$275 billion in annualized purchase volume, up 175% year over year. Its enterprise customers generating over US$100,000 in revenue for Ramp increased 113%, indicating greater adoption among larger businesses. Ramp earns revenue through interchange, software subscriptions, interest and other services.
Ramp's US$60 billion valuation implies a valuation-to-annualized-revenue multiple below 30x, based on its reported revenue run rate of more than US$2 billion. That reflects substantial investor expectations for continued growth. Ramp also reports positive cash flow, although it hasn't disclosed sufficient financial results to establish sustained profitability.
See: KPMG H1 2026 Shows Canadian Fintech Capital Concentrating
More than half of Ramp's customers use at least two products, and one quarter use three or more. That gives Ramp opportunities to increase revenue from existing accounts while making its platform more useful to finance teams managing several functions. The company has also expanded into accounts receivable automation, AI spending controls and model cost management.
Its Router.com service selects AI models based on cost and performance, while AI Token Spend Management tracks spending across providers, teams and models. Eric Glyman, Ramp's co-founder and co-CEO, described the company's ambition in the financing announcement:
"AI opens up much more of the work it takes to run a company."
Greater product adoption may improve revenue per customer and retention, but investors will ultimately need evidence that those gains justify the company's development costs and valuation.
Ramp Challenges Float and Venn on Pricing and Customer Retention
Ramp expanded its Canadian platform in July 2026, offering corporate cards, expense management, reimbursements, bill payments and accounting integrations. Peoples Trust Company issues its Canadian Visa cards. The platform supports CAD spending and virtual USD cards, giving eligible businesses another option for managing domestic and international expenses.
Ramp's Canadian eligibility requirements include a minimum C$25,000 across connected bank accounts. Businesses registered in Quebec and the territories aren't supported, nor are sole proprietorships and unregistered businesses. The restrictions narrow Ramp's initial addressable market and leave opportunities for providers serving those customers.
Toronto based Float competes directly in corporate cards, expense management, bill payments and business accounts. In June, it raised C$85 million in Series C financing to expand its AI finance capabilities and Canadian distribution. Float reports more than 7,500 business customers. Venn competes through corporate cards, multicurrency accounts, foreign exchange and international payments, targeting businesses that need banking and spending tools across currencies.
Ramp's reported customer adoption across multiple products points to a competitive challenge beyond fundraising. When one provider manages cards, expense controls and supplier payments, customers have more reasons to stay. A Canadian fintech offering only one of those services may need to demonstrate stronger functionality, better pricing or savings large enough to justify using another provider.
Ramp's capital could also give it more flexibility to bundle products or invest in customer acquisition. If that leads to lower software prices or more aggressive sales offers in Canada, competitors could face pressure on margins and acquisition costs.
See: CIX Names 14 Canadian Startup Award Winners for 2026
Float and Venn's opportunities lie in the customers and financial requirements they can serve better, including Canadian banking services, domestic payment needs and businesses outside Ramp's current eligibility rules. Local presence has commercial value only when it delivers something customers will pay for or gives them a compelling reason to stay.
For Canadian fintech founders, the choices are increasingly specific. Expand into more financial services, concentrate on a profitable customer segment, or supply payments, integrations and risk controls to larger platforms.
Talking Point
Ramp's US$1.85 billion financing gives an established Canadian market entrant greater resources to compete for corporate spending and financial operations customers. Can Canadian fintechs earn and retain more revenue from each business customer without matching the capital demands of a US$60 billion competitor?
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
| | |
|---|---|---|
| | |
Top Crypto Exchanges by Volume: Crypto Market Prices and the Web3 Social Networks Behind the Trading Crowd
Oct 15, 2026 | Cryptocurrency, Digital Assets, Crypto Exchanges, Market Analysis
Searching for top crypto exchanges by volume is a sensible way to find active venues, but it is a poor way to finish an exchange comparison. A volume number describes recorded turnover during a chosen interval. It does not tell a reader whether the pair they need is deep, whether the displayed price is executable, or whether the venue's terms fit their country and use case. This article looks at the gap between a busy platform and a usable market. It is not a platform ranking or a recommendation to deposit funds.
A Volume Table Is a Map, Not a Verdict
Volume counts transactions over a specified period, commonly in a quote currency. Activity can improve price discovery and provide more observations, but the number is affected by pair mix, spot or derivatives coverage, fee incentives, and the data provider's method. Two valid rankings can disagree simply because they count different things.
The top crypto exchanges by volume page is useful for making a shortlist. Before reading an order as a recommendation, check the interval, products included, quote currency, and venue coverage. A venue's total may include markets that a reader cannot access, or a product that is irrelevant to the intended task.
Execution lives at the pair level. A venue can be busy overall while a smaller asset has a wide spread and a thin book. The reverse is possible too: a modest venue may be the active place for a particular local-currency pair. Daily turnover is a record of past activity; depth and spread describe what is available near a price now.
The timing gap matters. A 24-hour volume figure and a spread observed this minute are different snapshots. A listing, service interruption, or regional session change can alter the relevant market between them. Record access times, and treat the lack of pair-level timestamps as a real limitation rather than filling it with an assumption.
A city analogy is useful here. A crowded city does not mean every street is open or easy to reach. Aggregate volume describes the city. The route that matters is the actual pair, product, order size, and time of day.
Consider a reader who wants to exchange a less widely traded asset for a local currency. A venue can sit near the top of an aggregate table because its major pairs and derivatives markets are active, yet the relevant local pair may have only occasional trades. The displayed total has not become false; it simply answers a different question. The reader needs to see the current bid and ask, the amount available close to each, the fee schedule, and any transfer or account restrictions that apply before treating the ranking as useful evidence.
This is where a small test order is sometimes discussed, but it is not a universal answer. Fees, withdrawal conditions, eligibility rules, and asset-transfer risks may make a test impractical or expensive. The broader point holds without one: a platform-wide figure should lead to pair-level research, and the details that determine execution should be current when the decision is made.
Why Prices Do Not Share One Clock
When a market moves, one venue may print a new trade before an aggregate page catches up. Market makers and arbitrage can narrow the gap, but they do not remove delays, fees, transfer constraints, or regional frictions. Differences can become more visible during fast conditions.
Comparing crypto market prices with a venue quote starts with matching the asset and quote currency. Then identify each number: last trade, bid, ask, midpoint, index, or derivatives mark. A $100 last trade beside a $99.60 bid and a $100.40 ask is not the same observation as a $100 midpoint.
Consider an illustrative snapshot. An aggregate index reads $99.80, while a venue's last trade is $100.30. The venue currently bids $99.90 and asks $100.40. That gap may simply be a trade near the upper edge of a spread. It deserves more scrutiny when it persists across several liquid venues, widens as the market moves, or prevents execution near the displayed quote. Even then, the observation is stronger than any untested accusation about its cause.
Price differences also change how a volume figure should be read. A large total in a pair that repeatedly trades away from other references may call for questions about methodology, concentration, and extraordinary-condition handling. It does not justify declaring that a venue is manipulating prices.
What the Online Trading Crowd Adds
Trading communities influence attention long before an analyst writes a conclusion. A useful discussion may locate an outage notice, explain a technical change, or point to a user report that can be checked. The same social momentum can turn a ranking into proof by repetition: people choose a venue because it appears popular, and the popularity then becomes part of the story.
The phrase web3 social networks covers posts, group chats, live conversations, and creator-led communities. Their strongest use is often discovery and debate. A good contribution names its source, separates fact from opinion, and makes room for correction. A repeated referral code, screenshot, or confident price target does not become independent evidence simply because more accounts repeat it.
Online chatter can improve research when it leads to a service notice, a documentation update, or a detailed report with reproducible steps. It becomes harder to assess when incentives are hidden. Affiliates, project teams, market makers, and ordinary users can all emphasize a venue for different reasons. The answer is not to dismiss every comment; it is to make the incentive part of the reading.
Use sentiment to find questions. If many users mention withdrawal problems, check the venue's status page, terms, incident notices, and whether the disruption is regional or platform-wide. If a community celebrates volume, ask which pairs produced it and whether those pairs are relevant to the reader's task.
Crowd activity can be especially misleading when people share the same screenshot. A volume badge, a single trade print, or a price chart can spread quickly through a group, making one observation look like many independent reports. Look for different kinds of evidence instead: a timestamped status notice, a pair-level order book, a record from another venue, or documentation that explains a product change. Agreement becomes more meaningful when the sources are not all repeating the same original image.
A Pair-First Review Before Relying on a Ranking
For preliminary research, work through the following order. It keeps a single market metric from doing the work of an entire due-diligence process.
- Name the activity. Spot purchase, derivatives hedging, fiat conversion, custody, and simple market observation have different requirements.
- Read the ranking rule. Note the interval, products counted, reporting currency, and data coverage.
- Open the relevant pair. Inspect spread, visible depth, trade frequency, and the order size that actually matters.
- Match price labels. Compare like with like: last trade to last trade, midpoint to midpoint, or index to index.
- Review operations separately. Fees, deposits, withdrawals, custody, verification, service status, and support are not contained in a volume total.
- Check access conditions. Eligibility varies by country, entity, account type, and product. Use current official terms.
- Write down the unknowns. Public data may not reveal internal controls or the conditions that will exist during a stressed market.
The highest total may be useful for observing a busy market. Another venue may offer the relevant pair, local access, or clearer operating terms. The right conclusion depends on the use case and evidence, not on the position of a row in a table.
For comparison writing, it also helps to keep an awkward result in the note rather than smoothing it away. A high-ranked venue may have the pair but a spread that is wider than a reader expected. A lower-ranked venue may show better visible depth at the moment, yet have conditions that require additional verification. Reporting both observations is more useful than forcing them into a single winner. Markets change by the minute; an honest comparison identifies the measured conditions and leaves room for them to change.
What Volume Leaves Outside the Frame
Volume says little about custody, account security, legal protections, tax treatment, or operational continuity. A venue can report substantial activity while its policies change, a product becomes unavailable, or access differs by region. Public rankings also update on their own schedule.
See: The Rise of the Web3 Nomad: Women Thriving in Decentralized Workspaces
Liquidity is conditional. A tight spread in calm conditions may widen during news, and an order book that looks deep can thin as a larger order consumes visible levels. Compare the depth near the relevant price with the intended order size and urgency. Visible orders can also be cancelled, so a screen is not a promise of execution.
The careful takeaway is modest: use volume to locate research targets, then inspect the pair, the price definition, the operating terms, and the applicable rules. An aggregate ranking cannot establish that a venue is appropriate for a particular person or transaction.
FAQ
Does the exchange with the most volume always offer the best price?
No. The relevant price depends on the pair, quote currency, side of the market, order size, fees, and execution time. A high-volume venue can be competitive in one market and less useful in another.
Can reported volume show whether an exchange is safe?
No. It describes market activity, not custody arrangements, cybersecurity, legal compliance, solvency, or customer protections. Those questions need separate evidence and can vary across entities and jurisdictions.
Why might an exchange and an aggregate market page show different prices?
They may use different venues, intervals, currency conversions, and price definitions. A last trade can also sit away from a current bid or ask. Compare methodology before calling the difference an error.
How should I treat a social-media claim about an exchange outage?
Treat it as a lead. Check the venue's official status page, timestamps, independent reports, and which product or region is affected. Do not share credentials, keys, or urgent instructions based on an unverified post.
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
| | |
|---|---|---|
| | |
Dext Payments Launches in Canada for Small Businesses
October 14, 2026 | Market Activity | Payments Infrastructure, Embedded Finance, SME Finance
Dext Launches Supplier EFT Payments in Canada, Connecting Accounting Workflows With Payment Execution
On October 5, 2026, Dext launched Dext Payments in Canada, allowing small businesses and accounting firms to approve and pay supplier invoices and employee expenses directly within its bookkeeping software. The service connects invoice processing, approvals and payments for eligible QuickBooks Online and Xero customers across Canada, including Quebec. Dext reports that Canadian users processed more than $2 million in payments during beta testing.
The launch extends Dext's role from preparing financial records to executing supplier payments. It's an opportunity to earn additional revenue from existing customers, but the business case isn't automatic. QuickBooks and Xero already manage outstanding bills, and many businesses have established banking arrangements. Dext must demonstrate why bringing payment execution into its software is worth the additional cost.
Why Pay Suppliers Through Dext Instead of QuickBooks or Xero?
Dext already captures invoices and receipts, extracts financial information and sends records to accounting software. With Payments, users bring outstanding bills back from QuickBooks Online or Xero, organize them into payment runs, obtain approvals and submit payments within Dext. The service also tracks payment status and connects payment information with the accounting records businesses use to manage their finances.
QuickBooks Online and Xero already manage supplier bills, but managing a bill isn't the same as sending money to a supplier. QuickBooks Canada's standard bill payment workflow focuses on recording payments, while Xero supports payment file exports for submission through online banking. Dext Payments adds the ability to initiate Canadian EFT payments, manage approvals and track payment status within its existing bookkeeping platform. For accounting firms handling payments across multiple clients, that can reduce reliance on separate banking processes.
Canadian customers can pay suppliers using Electronic Funds Transfer (EFT), Interac and Bill Pay. The service also supports eligible international payments and employee expense reimbursements, although Canadian payroll payments aren't included. Dext provides the software interface, while its partnership with Airwallex supports the underlying payment infrastructure. This arrangement allows Dext to offer supplier payments without building its own payment network, demonstrating how fintechs can add financial services to existing business software.
The strongest use case may be accounting firms managing payments for several business clients. Instead of coordinating approvals through email and separate banking systems, accountants can administer payment runs alongside the records they already process in Dext. For a business that's satisfied with its existing accounting and banking arrangements, however, the additional software step needs to deliver measurable time savings or better payment controls.
Melissa Jackson, an accountant at Oxford Milkway in Woodstock, Ontario, describes the firm's experience:
"We've now processed more than 178 successful payments, covering 660 distinct bills."
The experience points to Dext's opportunity among firms with substantial invoice volumes, although wider adoption will depend on how the service compares with existing payment processes.
Dext Payments Pricing and the Cost of Switching
According to Dext's Canadian pricing, Payments costs C$20 per client monthly on an annual subscription, in addition to the required Dext software subscription. The price includes 20 Canadian EFT supplier payments each month. Additional EFT payments cost C$0.90 each, while Interac and Bill Pay transactions cost C$1.50 from the first payment. Taxes and applicable international payment charges are extra.
For a business making 50 Canadian EFT supplier payments monthly, the Payments add-on would cost C$47, including 30 additional transfers at C$0.90 each. Grouping multiple invoices into one supplier payment could reduce transaction charges, particularly for businesses making frequent payments to the same suppliers.
Businesses should compare their existing payment fees, approval process and reconciliation workload before adding another service. The QuickBooks Online and Xero integrations also have different reconciliation requirements, so payment execution within Dext doesn't mean every accounting step is automatic.
Accounting Firms Give Dext an Established Payment Channel
Dext says more than 12,000 accounting and bookkeeping firms and 700,000 businesses worldwide use its software. Part of IRIS Software Group since 2024, Dext has an established customer base for introducing payment services. Accounting firms that already process client invoices through Dext can add payment management without moving those client relationships to a separate financial operations platform.
See: Float Raises $85M to Build AI Business Finance Stack
Toronto based Plooto already combines accounts payable automation with supplier payments, while Float offers bill payments alongside business spending controls. Dext's opportunity lies in reaching customers through its existing bookkeeping software and accounting firm relationships. Whether that distribution advantage converts into payment volume will depend on pricing, controls and the amount of work businesses actually save.
The Canadian market offers plenty of room to improve payment administration. Payments Canada's 2026 research found that 37% of surveyed SMEs identify payment delays as a significant challenge. 2026 Canadian payments analysis also documents the growing use of electronic transfers and the rollout of Canada's Real-Time Rail. For businesses managing suppliers, better payment visibility and approval processes can be as valuable as faster settlement.
Talking Point
Can Dext win meaningful SME payment volume by serving accounting firms, or will businesses prefer to keep payment execution within their existing accounting and banking services?
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
| | |
|---|---|---|
| | |
Visa Cuts Credit Card Fees for More Canadian SMEs
October 14, 2026 | Market Activity | Payments Infrastructure And Money Movement, SME Finance And Business Banking, Regulation And Policy
Visa Expands Small Business Interchange Discounts as New Card Network Charges Approach
On October 14, 2026, the Canadian Federation of Independent Business (CFIB) confirms expanded Visa interchange fee reductions for Canadian small businesses starting October 24. Visa is raising the annual Visa sales threshold for its discounted merchant program from C$300,000 to C$750,000 and lowering several interchange rates. Tens of thousands of additional businesses could qualify, creating potential savings for merchants and new opportunities for payment processors to compete on price.
Interchange is the fee paid by a merchant's acquiring institution to the customer's card issuer. It's one component of what businesses pay to accept credit cards. CFIB welcomes the Visa changes but warns that separate network charges could reduce the savings merchants ultimately receive.
Visa Raises Merchant Eligibility to C$750,000
Visa measures eligibility using annual Visa sales volume rather than a business's total revenue. Merchants processing less than C$300,000 annually can continue to qualify for discounted interchange rates, while those processing between C$300,000 and C$750,000 become eligible for the discounts for the first time. Existing participants also benefit from lower rates on several types of domestic consumer credit transactions starting October 24.
Visa is reducing interchange rates for several consumer credit card categories, including in-store, online and tokenized online transactions. The table below compares the previous and new rates for eligible small merchants, based on Visa's October rate schedule.
Visa Small Business Interchange Rates Effective October 24, 2026
| Eligible Visa credit transactions | Previous rate | New rate |
|---|---|---|
| Classic, Gold, Platinum — in store | 0.77% | 0.70% |
| Classic, Gold, Platinum — online | 1.30% | 1.20% |
| Classic, Gold, Platinum — tokenized online | 1.25% | 1.15% |
| Visa Infinite — in store | 0.99% | 0.89% |
| Visa Infinite — online | 1.55% | 1.45% |
Rates apply to eligible Visa consumer credit transactions. Network fees and payment processing charges are additional.
The biggest savings could go to businesses qualifying for the discounted program for the first time. Consider a merchant processing C$500,000 annually in eligible in-store Visa Classic, Gold and Platinum credit transactions. Previously above Visa's C$300,000 eligibility ceiling, the business could move from the standard 1.25% electronic interchange rate to the new 0.70% small merchant rate. That would reduce annual interchange costs by C$2,750, assuming all those transactions qualify and the savings are passed through by its processor.
Canada's Card Fee Reductions Have Taken a Decade
Canada's credit card fee reductions began with voluntary Visa and Mastercard commitments targeting a national weighted average interchange rate of 1.50% in 2015. The target fell to 1.40% in 2020. In 2023, the federal government reached new agreements with Visa and Mastercard to reduce interchange fees for qualifying small businesses. The lower rates took effect in October 2024, covering eligible in-store and online credit card transactions.
See: Canada's SMBs Deserve Better Banking
The October 2026 change expands that program for Visa merchants and cuts several individual rates further. Mastercard's small business threshold remains C$175,000 in annual Mastercard sales, compared with Visa's new C$750,000 ceiling. Visa's higher threshold allows businesses with greater card sales to continue to qualify for discounted interchange rates, although the actual savings depend on each network's rates and the merchant's transaction mix.
Canadian credit card payments reached 11.6 billion transactions worth C$1.02 trillion in 2025, according to the figures covered NCFA's 2026 payments analysis.
Will Lower Visa Interchange Reach Merchants?
How Credit Card Payments and Fees Flow
Interchange is only one part of what Canadian businesses pay to accept credit cards.
Customer
Pays C$100
→
Merchant
Accepts card
→
Acquirer
Processes payment
→
Card Network
Routes transaction
→
Card Issuer
Authorizes payment
Simplified authorization flow. Settlement and merchant funding follow separate processes.
Where Merchant Payment Fees Go
Interchange
Paid to the card issuer through the acquiring system.
0.70%
C$0.70 on C$100
Network Fees
Charged by the card network to acquiring institutions.
Varies
Separate from interchange
Acquiring Fees
Charges for processing, payment acceptance and related services.
Varies
Depends on provider and plan
What the merchant pays: Interchange + network fees + acquiring and processing charges. Lower interchange reduces one cost component, but the final savings depend on the merchant's pricing agreement.
Illustration uses the 0.70% Visa small merchant interchange rate for eligible domestic Classic, Gold and Platinum in-store credit transactions effective October 24, 2026. Actual merchant fees vary.
For merchants: Ask your processor for a breakdown of interchange, network fees and processing charges. Your effective processing rate is the total fees paid divided by your card sales.
A reduction in interchange doesn't automatically reduce every merchant's payment processing bill. Network assessments, acquiring services and processor margins also contribute to the total cost. Under interchange plus pricing, merchants can generally identify underlying interchange charges separately. Flat rate and bundled arrangements may require a pricing review before merchants benefit.
CFIB also warns that Visa and Mastercard are expanding separate network fees charged to payment processors. According to Moneris's network fee schedule, Mastercard's revised charges take effect in October 2026, while Visa plans a comparable US$0.018 per transaction fee beginning in April 2027, as reported by CFIB. Processors may pass these costs to merchants, potentially offsetting some interchange savings. The net impact will depend on transaction volume, existing fees and each merchant's processing agreement.
For business owners, the practical next step is to review annual Visa sales volume and confirm eligibility with their payment provider. Comparing processing statements before and after October 24 can reveal whether lower interchange rates are being reflected in actual charges. Merchants should also review network fee notices and the terms of their acquiring agreements.
Payment Fintechs Can Compete on Pricing Transparency
The rate changes also affect the economics of merchant acquiring. Payment processors and facilitators must update their pricing systems, account for different card categories and explain the results to customers. Providers that make those charges easier to understand have an opportunity to build trust and retain merchants who are comparing payment services.
See: Stripe vs PayPal vs Adyen in Canada: 2026 Guide
Canadian fintechs serving small businesses can go further by combining payment acceptance with fee analysis, accounting and reconciliation. Competition is already expanding through providers such as SumUp's Canadian merchant offering. The opportunity for established processors and newer entrants is to show businesses what they're paying, where savings are available and how their services compare.
There are consequences for the other side of the transaction as well. Interchange is revenue for card issuers, including banks and fintechs offering credit card programs. Lower rates on qualifying transactions affect those economics, while acquirers and processors must decide how to compete for merchants without weakening their own margins.
Talking Point
Visa's expanded program gives more Canadian small businesses access to lower credit card interchange fees, while payment providers face renewed pressure to demonstrate value. Will greater pricing transparency and competition among payment fintechs help merchants capture more of the savings?
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
| | |
|---|---|---|
| | |
