Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Payments, Transfers, Rewards
Brim Financial Announces $85 Million Series C to Expand
Financing | April 8, 2024
Brim Financial's $85M Boost Sets Stage for Fintech Expansion
Brim Financial, a Toronto-based credit card platform and payment automation pioneer, has announced an impressive $85 million Series C funding to help Brim's aggressive expansion into the U.S. market and beyond.
See: Fintech Card Space is Growing: Brim Financial, Float, Caary Capital, Jeeves, Neo Financial
- Spearheaded by EDC Investments, the $85 million Series C funding includes key participants like Vistara Growth, White Owl Group, pic Ventures, and Zions Bank. This funding is a testament to Brim's significant revenue growth, market share increase, and expansion into new segments.
- Brim’s modular platform and scalable product suite have set new benchmarks in financial technology, enabling partners to significantly reduce market entry time while minimizing costs and challenges associated with developing advanced capabilities.
- Since its Series B round, Brim has forged transformative partnerships with Mastercard and TrueNorth, integrating open banking capabilities and launching its Credit Card-as-a-Service (PaaS) to banks and major brands like Air France-KLM, enhancing the fintech infrastructure in North America.
- Brim's ascent as one of the fastest-growing enterprise technology companies has been confirmed by Deloitte’s Technology Fast 50™ in North America, with its Credit-Card-as-a-Service heralded for outstanding product capabilities.
Rasha Katabi, CEO and Founder of Brim:
“This funding will accelerate Brim’s growth and fuel our international expansion. We will continue to execute on our robust product roadmap, focus on platform automation, and integrate open banking capabilities. Brim aims to redefine the credit card and payment infrastructure landscape and empower our customers to succeed in a rapidly changing environment.”
See: OneVest’s Rapid Expansion Powered by a $17M Funding Round led by OMERS Ventures
Open Banking Integration
By leveraging open banking APIs, Brim aims to enhance the flexibility, efficiency, and personalization of its credit card and payment infrastructure offerings. This integration allows for a seamless exchange of financial data between Brim’s platform and other financial institutions, under user consent, enabling a host of innovative features:
- Customers can expect more personalized credit card offers and payment solutions tailored to their financial behavior and needs. This could include dynamic interest rates, rewards programs based on spending habits, and instant credit adjustments.
- With access to a comprehensive view of their financial data across multiple institutions, users can better manage their finances directly from Brim’s platform. This might involve tracking spending, setting budget goals, and receiving insights on financial health.
- The integration can streamline the credit approval process by providing lenders with a more holistic view of an applicant's financial situation, potentially leading to faster credit decisions and more competitive lending rates.
See: Open Banking: Revolutionizing Financial Data Sharing
- Brim can introduce innovative payment solutions that utilize financial data to offer more efficient ways to pay and transfer money. This could include real-time payments, lower transaction fees, and improved security features.
- Open banking opens the door for Brim to expand its suite of financial services, potentially offering investment advice, savings products, and insurance, all personalized based on the user’s financial data.
Outlook
The Series C funding of Brim Financial is a significant indicator of the fintech sector's vitality and Brim's potential trajectory towards innovative disruption. Brim Financial's integration of open banking is set to make credit card and payment services more accessible, customizable, and aligned with individual financial goals, thus redefining the credit card and payment infrastructure landscape for the better.
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
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PayPal’s Legal Win Helps Shape Future of Digital Wallets
PayPal | April 2, 2024
Image: Freepik
PayPal secures victory against CFPB in digital wallet fee disclosure case
As reported by Reuters, PayPal wins a legal battle against regulatory attempts by the Consumer Financial Protection Bureau (CFPB) to impose traditional fee disclosure regulations on digital wallets. This decision sets a significant precedent for the financial technology industry.
See: PayPal Invests $5M of PYUSD Stablecoin into Startup ‘Mesh’
The case, centered on the application of the so-called “prepaid rule” to digital wallets, confirming the need for regulatory frameworks that accommodate the unique characteristics of modern financial tools.
- Washington D.C.-based U.S. District Judge Richard Leon issued a ruling on Friday stating that the regulation mandating prepaid card providers to follow a particular format for disclosing fees associated with actions like withdrawals and balance inquiries does not extend to digital wallets.
- The court dismissed a key aspect of the Consumer Financial Protection Bureau's (CFPB) regulations, which sought to treat digital wallets similarly to traditional prepaid accounts, mandating detailed fee disclosures. PayPal argued that these rules did not accurately reflect the nature of digital wallet services, ultimately winning the case.
- This ruling is a significant win for the entire fintech sector, advocating for regulations that better match the innovative services offered. It reiterates the importance of developing legal frameworks that support the growth of digital finance without imposing outdated or ill-fitting requirements.
- The decision is expected to influence how consumers are informed about the fees associated with digital wallets, potentially leading to more tailored and clear disclosures that reflect the actual usage and benefits of these services.
Conclusion
Good for PayPal and the entire fintech sector. Should encourage a broader discussion on how digital financial services are governed.
See: CFPB Eyes Digital Payment Regulation for Big Tech
As the digital payments space continues to evolve, this case will likely serve as a reference point for future legal and regulatory considerations, ultimately shaping the future of financial technology.
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
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SWIFT Launching CBDC Solution Within 2 Years (to Compete with BRICS)
CBDC | March 28, 2024
Image: Connecting Digital Islands: Swift CBDC Sandbox Phase 2 Results
SWIFT's CBDC Solution to Transform Cross-Border Transactions
In a recent release, SWIFT has announced plans to launch a new platform within the next 12 to 24 months that aims to integrate CBDCs with the existing financial system to potentially streamline and secure digital currency transactions across borders.
- Under the guidance of Nick Kerigan, SWIFT's head of innovation, the platform's development involved a six-month trial with a 38-member group comprising central banks, commercial banks, and settlement platforms. This collaboration marks one of the largest global efforts on CBDCs and "tokenised" assets to date.
- A key objective of the trial was to ensure interoperability among different countries' CBDCs, even those built on diverse underlying technologies. This approach aims to mitigate the risk of payment system fragmentation and enhance the efficiency of complex trade and foreign exchange payments.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
- The trials demonstrated that financial institutions could leverage their existing infrastructure to engage with CBDCs, signaling a seamless transition towards digital currency adoption without the need for extensive system overhauls.
- With the trials deemed a success by participants, SWIFT has outlined a roadmap to transition the initiative from experimental to operational stages, aiming for product launch within the next 12 to 24 months. This timeline aligns with the anticipated rollout of major economy CBDCs, positioning SWIFT to maintain its dominance in the bank-to-bank communication network.
- View the Connecting Digital Islands: Swift CBDC Sandbox Phase 2 Results
Tom Zschach, Chief Innovation Officer at Swift:
“Swift is a community – a convener of and for our industry – and I’m delighted that we’ve been able to facilitate these critical innovation experiments and show that institutions can continue to use much of their existing infrastructure alongside new, innovative technologies. Fragmentation is a challenge for the entire industry, and ensuring interoperability between networks is vital to addressing this while also enabling new technologies to scale and reach their full potential.”
Outlook
By fostering interoperability among a diverse range of digital currencies and leveraging its extensive global network, SWIFT is poised to facilitate a more interconnected and fluid financial ecosystem.
See: Federal Reserve on U.S. CBDC and Global Comparison
As the world's central banks continue to advance their digital currency initiatives, SWIFT's innovative platform could play a crucial role in shaping the future of global finance. How will Swift's CBDC global payment platform compete with BRICs recently announced CBDC initiative?
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
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Ryan Reynolds-Backed Canadian Fintech Nuvei Buyout Talks
Payments | March 24, 2024
Image: Freepik/ArthurHidden
Nuvei Corp, a Canadian payments processor backed by Hollywood actor Ryan Reynolds, is reportedly in advanced talks with private equity firm Advent International for a buyout
As reported in the WSJ and Bloomberg, Nuvei and Advent International are at an advanced stage of negotiation, with a potential deal that would transform Nuvei's market standing and strategic direction. While the outcome remains uncertain, following the announcement, Nuvei's stock surged towards a seven-month high, reflecting the market's optimistic view of the buyout's potential to unlock value and accelerate growth.
See: Ryan Reynolds Backs Canadian Fintech Firm Nuvei (and Tells a Story)
Star Influencers and Innovating B2B Payments
In April 2023, Hollywood actor Ryan Reynolds endorsed Nuvei, bringing his signature blend of entrepreneurial acumen and star power to the fintech firm. His track record of successful investments adds a layer of credibility and visibility to Nuvei's operations. Reynolds' involvement has not only spotlighted Nuvei's innovative payment solutions but also underscored the company's potential as a lucrative investment opportunity in the fintech space.
On October 5, 2023, Nuvei launched its enhanced payments solution for B2B payments in Canada to facilitate efficient, secure, and comprehensive payment processes for businesses. The new solution integrates seamlessly with enterprise resource planning (ERP) systems, offering Card-Not-Present and account-to-account processing, Level 3 processing, and a proprietary accounts receivable solution. These advancements aim to simplify workflows, enhance back office efficiencies, and shorten invoice-to-cash cycles for B2B commerce.
See: How Permissioned DeFi Will Transform Global Payments
B2B payments are a key growth area for Nuvei, reflecting the company's success in supporting partners and customers with leading payment solutions in the U.S. and its ambition to expand these capabilities internationally.
Why This Matters
The potential buyout of Nuvei Corp., coupled with Ryan Reynolds' strategic investment and the launch of an innovative B2B payments solution is amplifying visibility and investor interest. It signals a growing trend of private equity interest in fintech, suggesting a robust outlook for the sector's future.
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
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Stripe’s Total Payment Volume Passed $1 Trillion in 2023
Payments | March 20, 2024
Image: Freepik/natanaelginting
Stripe reported robust cash flows and revenue in 2023
With its total payment volume surpassing $1 trillion in 2023, Stripe's trajectory offers valuable insights into the future of digital payments and fintech innovation.
- Stripe's total payment volume reached a milestone of $1 trillion in 2023, as it expands influence in the fintech space. This growth represents a 25% increase in payment volume, translating to $800 billion in 2022 and an additional $200 billion in a single year, demonstrating Stripe's capacity to scale and capture growth market share.
- With a fee structure starting at 2.9% plus a 30-cent charge for domestic card-based transactions, Stripe's revenue and generated cash flow from the increased payment volume is substantial. The company reported being "robustly cash flow positive in 2023" and expects to maintain this trend in 2024, indicating strong financial health and operational efficiency. This financial stability reduces the immediate need for public fundraising through an IPO.
See: Stripe Expands Its Issuing Platform with a New Charge Card Program for Fintech Startups
- Stripe has successfully retained large accounts over time, with 100 companies processing $1 billion or more annually through its platform. This customer base contributes to approximately 10% of Stripe's total payment volume, highlighting its ability to serve and retain high-value clients.
- Stripe's "Revenue and Finance Automation" segment is projected to reach a $500 million annual run rate, showcasing the company's ability to diversify its offerings beyond payment processing. This diversification strategy enhances Stripe's value proposition and opens new revenue streams.
IPO Outlook
Stripe's ability to innovate, scale, and diversify its offerings while maintaining financial health is impressive. It's decision to delay its IPO suggests a strategic approach to going public. By waiting for the optimal moment, Stripe can continue to strengthen its market position, diversify its revenue streams, and potentially increase its valuation.
See: Rising Threats: The Global Impact of Push Payment Fraud
Stripe's decision to delay may be influenced by current market conditions, including investor sentiment, market volatility, and the performance of recent IPOs. When the company does decide to go public, it will be on its terms and at a time that maximizes benefits for its stakeholders.
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
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Mastercard and MetaMask Unveil Web3 Payment Card
Blockchain Payments | March 12, 2024
Image: Unsplash/Vadim Artyukhin
Mastercard has teamed up with MetaMask to test the first blockchain-powered payment card
With Mastercard recently ending its partnership with Binance, this new partnership with MetaMask introduces an entirely on-chain payment card, issued by Baanx, designed to allow MetaMask's extensive user base—boasting over 30 million monthly active users—to utilize their cryptocurrencies for everyday purchases across any Mastercard-accepting locations. This is a truly decentralized web3 payment solution that will bridge the gap between crypto assets and conventional spending habits.
See: Signals by Mastercard: Trends to Watch in the Future of Payments
Both Mastercard and Visa have been engaging with public blockchain developers and self-custody wallet providers, indicating a growing interest in blockchain technology within traditional financial frameworks. Also see: PayPal's blockchain vision as a new rail
Is This Similar to Visa's Partnership with Transak?
Recently, Visa partnered with Transak to facilitate cryptocurrency withdrawals in 145 countries. The partnership uses Visa Direct to enable real-time card withdrawals, allowing users to convert 40 different digital assets from wallets like MetaMask into local fiat currencies accepted at over 130 million merchant globally where Visa is accepted.
While Mastercard's initiative with MetaMask focuses on creating a blockchain-powered payment card for spending crypto on everyday purchases, Visa's partnership with Transak emphasizes the ease of converting cryptocurrencies into fiat currencies for withdrawals and payments across a vast number of countries. Both initiatives will help grow mainstream adoption of cryptocurrencies, yet they cater to different aspects of the user experience.
See: Visa and MasterCard Set to Decrease Average Interchange Fee to Under 1% in Canada
Mastercard's approach integrates crypto spending into daily financial activities, whereas Visa and Transak's collaboration enhances the liquidity and accessibility of cryptocurrencies by simplifying the conversion process to fiat, highlighting the diverse pathways through which the financial industry is embracing digital assets.
Why It Matters
By enabling the use of crypto for everyday transactions, this partnership expands the utility of digital assets. As incumbent financial giants like Mastercard continue to embrace blockchain, we can expect further innovations that bridge the gap between conventional banking and the morphing world of decentralized finance.
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
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Borderless Banking: The Role of Fintech in Simplifying Cross-Border Money Transfers for Canadians
March 7, 2024
Cross border money transfers
In the contemporary era of globalization, where individuals are increasingly engaged in international transactions and endeavors, the necessity for seamless cross-border financial services has become paramount. For Canadians, conducting transactions across borders has historically been associated with cumbersome processes, high fees and long waiting times. However, with the advent of financial technology (fintech) solutions, the landscape of cross-border money transfers is undergoing a transformative shift, offering Canadians newfound convenience and efficiency. This article explores the nuanced role of fintech in simplifying cross-border finance facilities for Canadians like this money transfer platform, shedding light on its various dimensions without bias.
Challenges of Traditional Cross-Border Transactions
Traditional methods of conducting cross-border transactions have long been plagued by various challenges; for example, banks and traditional financial institutions typically impose high fees and unfavorable exchange rates on international transfers, which can significantly diminish the value of the transferred amount. Moreover, the process is often time-consuming, requiring several business days for the funds to reach their destination. Additionally, stringent regulatory requirements and compliance procedures further exacerbate the complexity of cross-border transactions, leading to frustration among consumers.
Fintech Disruption: Revolutionizing Cross-Border Money Transfers
Fintech companies have emerged as disruptors in the financial services industry, introducing innovative solutions that address the pain points associated with traditional cross-border transactions. Leveraging advancements in technology, fintech platforms offer Canadians a more streamlined and cost-effective means of transferring money across borders. These platforms typically utilize digital channels and cutting-edge algorithms to facilitate swift and secure transactions at competitive exchange rates. Moreover, they empower individuals with greater control over their financial transactions, fostering financial inclusion and empowerment.
Real-Time Transfers and Competitive Exchange Rates
One of the most significant advantages offered by fintech platforms is the ability to conduct real-time cross-border transfers. Dissimilar to traditional banks which often take several days to process international transactions, fintech solutions enable instantaneous transfer of funds, providing users with greater flexibility and convenience. Furthermore, fintech companies often offer competitive exchange rates that are more favorable compared to traditional financial institutions, allowing Canadians to maximize the value of their transferred funds. Additionally, they leverage data analytics and machine learning to constantly optimize exchange rates and enhance user experience.
Transparency and Visibility
Fintech platforms prioritize transparency and visibility, providing users with comprehensive insights into the entire transfer process. Through intuitive user interfaces and mobile applications, Canadians can track the status of their transactions in real-time, ensuring peace of mind and confidence in the reliability of the service. Additionally, fintech companies disclose all associated fees upfront, eliminating hidden costs and surprises for consumers. They also provide detailed breakdowns of exchange rates and fees, empowering users to make informed decisions. Moreover, fintech platforms employ encryption and secure authentication protocols, safeguarding personal and financial data throughout the transfer process, further enhancing transparency and trust.
Compliance and Regulatory Compliance
While navigating the regulatory landscape can be daunting for traditional financial institutions, fintech companies excel in ensuring compliance with regulatory requirements. Through robust compliance frameworks and sophisticated risk management systems, fintech platforms uphold the highest standards of security and regulatory adherence. This commitment to compliance instills trust and credibility among users, further enhancing the appeal of fintech solutions for cross-border money transfers. Furthermore, fintech firms collaborate closely with regulators to adapt to evolving regulatory environments and ensure continued compliance.
Enhanced Accessibility and Convenience
Fintech platforms prioritize accessibility and convenience, catering to the diverse needs of Canadian consumers. Unlike traditional banks, which may impose restrictive eligibility criteria or require physical visits to physical branches, fintech solutions are typically accessible online or through mobile applications. This accessibility transcends geographical boundaries, allowing Canadians to initiate cross-border transfers from the comfort of home or on the go. Moreover, fintech companies offer multilingual support and intuitive interfaces, making the transfer process seamless and user-friendly for individuals of all backgrounds.
Conclusion
In conclusion, the advent of fintech has revolutionized the landscape of cross-border money transfers for Canadians, offering myriad benefits including real-time transfers, competitive exchange rates, transparency and enhanced accessibility. By harnessing the power of technology and innovation, fintech platforms have effectively addressed the challenges associated with traditional methods of conducting international transactions.
See: Citi’s Top 10 Insights on Cross-Border Payments 2023
As fintech continues to evolve and proliferate, Canadians can look forward to further advancements that promise to make cross-border banking simpler, more efficient and additionally cost-effective.
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
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