Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Press Releases
Nmbr Raises CAD $7.6M for Embedded Payroll in Canada
Funding Announcement | Sep 24, 2024
Image: Freepik
Nmbr Secures $7.6 million Seed Funding to Embed and Simplify Payroll Solutions for Canadian Businesses
Canada's first specialized embedded payroll software provider, Nmbr, announced seed funding of CAD $7.6 million to transform embedded payroll solutions for Canadian businesses. Funds will be used to expedite development of it's API-based payroll solution to help companies to customize their own payroll solutions in weeks instead of years, improving operational efficiency and customer retention. Panache Ventures, Golden Ventures, Motivate Venture Capital, and Luge Capital led the round, while RBCx served as a strategic banking partner.
Jamie Rosenblatt of Golden Ventures:
“We invested in Nmbr because of the team’s deep industry expertise and their dedication to supporting businesses across Canada. Their solution is a game-changer for businesses of all sizes. We believe Nmbr will deliver substantial value to employers while driving efficiency and innovation in the payroll sector.”
The Power of Embedded Payroll Automation
Developed by Simon Bourgeois (CEO), Drew Millington (CRO), and Kevin Langlois (CTO), Nmbr's integrated payroll platform gives Canadian companies an easy way to include payroll features into their daily operations. This option significantly reduces the complexity, time and costs needed to develop customized payroll infrastructure from scratch.
Various research studies show that traditional payroll systems are often overly manual, inefficient, and prone to errors that can cost firms up to 30% in processing time. Nmbr's integrated payroll solutions can improve the overall experience of employees who can access their pay stubs, tax information, and benefits at any time using a self-service portal and mobile access, promoting transparency, openness and employee participation.
See: Embedded Finance: Banking Meets the Customer
Automated payroll solutions can save 50% of processing time by helping companies reduce tax compliance risks and cut admin costs with automated tax filings, real time updates on changing tax laws, and best practice procedures. This avoids costly penalties and lost productivity, and aims for a smoother, error free payroll run.
Simon Bourgeois, Co-founder and CEO:
"We’re incredibly grateful to our investors for their support and belief in our mission to empower Canadian businesses with embedded payroll solutions. We’ve seen these systems thrive in the U.S., and we’re excited to bring this proven model to Canada."
Looking Ahead
Nmbr's initial clients are from various sectors, such as financial services and technology where their goal is to include payroll features directly into products like employee benefits administration, AP/AR automation, and scheduling.
See: 12 Market Entry Approaches for Fintech Startups
The embedded payroll model has demonstrated its effectiveness in the United States, and the Canadian market is ripe for similar advancements.
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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[CSA for Comment]: Modernizing Continuous Disclosure for Investment Funds
Regulation | Sep 19, 2024
Image: Freepik/pressfoto
CSA Proposes Key Amendments to Enhance Investment Fund Transparency
The Canadian Securities Administrators (CSA) have proposed key amendments to modernize the continuous disclosure framework for investment funds for 120 day comment closing Jan 17, 2025. The changes are meant to simplify reporting and reduce regulatory burden and improve the quality of disclosed information for investors while aligning with global standards.
Top Takeaways
- The proposal reduces the volume of repetitive information in the Annual Management Report of Fund Performance (MRFPs) and eases the burden on fund managers while still providing investors with relevant and concise updates.
- Use a simplified financial reporting statement that reducing regulatory duplication while ensuring investor information needs are still met.
See: CSA’s 2024 Investor Index. What Fintechs Need to Know
- Instead of semi-annual portfolio updates, funds are to provide enhanced quarterly updates to provide investors more timely insights, greater transparency, and more data access.
- Align Canadian regulations with global to nurture cross border investment opportunities and ensure Canadian funds remain competitive globally.
Why It Matters?
The CSA changes are timely given the growth and diversification of Canada's investment fund market. They prioritize efficiency and openness and will lessen the regulatory burden while improving investor safety at the same time.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Loop Raises $6.4M CAD for SMB Global Finance Platform
Bank On Loop | Sep 17, 2024
Image: Loop Team/Linkedin
Loop Brings Total Funding to $10M CAD To Build Global First Financial Platform for Small and Medium Businesses
Loop, a Toronto-based fintech company, announced today that they have secured an additional $6.4 million CAD in its most recent investment round, bringing its total fundraising to more than $10 million CAD. This investment will help Loop accelerate its objective to establish the first 'global by default' financial services platform geared to small and medium-sized companies (SMBs), enabling them to handle cross-border payments, currency conversion, treasury management, and international financial operations. Key investors in this round of fundraising included Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures, and Conconi Growth Partners.
See: How the Global Remote Workforce is Changing the Model Work Mindset
Cato Pastoll, CEO and co-founder of Loop (NCFA Advisor):
“Modern companies are built to operate globally, yet the process of setting up banking services to conduct business in a foreign market in order to send, receive and manage money is an expensive and challenging barrier to overcome for businesses.”
Overview of Loop's Journey
- Lending Loop (2015-2021): Lending Loop was co-founded in 2015 by Cato Pastoll and Brandon Vlaar, as Canada's first licensed peer-to-peer (P2P) lending platform, supporting small businesses with marketplace loans from a network of investors. This strategy was about making it easier for SMBs to source inexpensive loans while allowing investors to earn profits by supporting local businesses.
- Rebranded to Loop (2022): In 2022 Lending Loop rebranded itself as "Loop" and expanded its services beyond lending. Understanding that businesses face challenges beyond financial matters when operating on a global scale, Loop took on the task of addressing issues impacting SMBs, such as facilitating cross border payments, managing currency exchanges and treasury operations.
See: Open Banking: Revolutionizing Financial Data Sharing
- Bank on Loop (2024 to present): As Loop continued to grow, the company leaned further into its mission to create a "global-by-default" financial services platform for SMBs. Now branded as Bank on Loop, the company aims to provide businesses with streamlined tools to manage international finance operations. Loop's services have gained traction with Canadian businesses, as it fills a gap left by large banks that often overlook the needs of SMBs with global services.
Raif Barbaros, Partner at Mistral Venture Partners:
“Although most US and Canadian exporters are SMBs, they are grossly underserved by the large banks, especially in cross-border banking. Loop’s innovative platform is unlocking global growth opportunities for these businesses. We’ve doubled down on our investment because we believe in the overall thesis, as well as the Loop team to lead this transformation. We’re excited to support their continued success."
Why It Matters
By streamlining banking services and reducing costs for businesses expanding globally, Bank on Loop is positioning itself as the go-to solution for global financial management.
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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UK Proposes Bill to Recognize Crypto as Personal Property
Crypto Regulation | Release | Sep 13, 2024
Image: Freepik/rawpixel.com
UK Parliament Introduces Bill to Recognize Bitcoin as Personal Property
A new bill called The Property (Digital Assets etc.) Bill was tabled in the UK to recognize Bitcoin, NFTs, and other digital assets as personal property under English and Welsh law. If approved, the bill will provide digital assets legal clarity and provide more legal protection against fraud, theft, and disputes. It will also help judges weigh complex situations involving digital assets like divorce settlements.
Justice Minister Heidi Alexander said:
"It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."
Strengthening Legal Protections and UK's Global Competitiveness
In the UK today, digital assets are in a legal gray area making it challenging for owners to prosecute fraudulent claims or theft. One of the main goals of the Property (Digital Assets etc.) Bill is to improve safeguards for crypto owners, offering the same legal rights to traditional property holders, which was one of the UK Law Commission's recommendations, the need for a clear legal handling of digital assets.
The bill's legal framework would also establish clearer guidelines for resolving digital asset disputes. For example, in a divorce proceeding where digital possessions like as Bitcoin are frequently divided, the new legal categorization will make it easier for judges to identify asset ownership and distribution. This will provide more confidence in cases involving digital assets and streamline the legal process.
See: The Complexities of Auditing Digital Assets
The UK hopes to draw more companies and investors to its digital asset industry by being one of the first countries to offer explicit legal status for digital assets. The government views this bill as a way for the country to maintain its competitive edge in the international financial and technology markets.
Conclusion
Lawmakers around the world should take notice of the UK's Property (Digital Assets etc.) Bill. It's passing would provide stronger legal protections, and clearer dispute resolution outcomes that may serve as an example for other countries looking to add clarity and confidence.
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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Luge Capital Expands Fintech Investment with $96M Fund II
Funding | Release | Sep 9, 2024
Image: Karim Gillani, Laviva Mazhar, David Nault (Left to right, Luge Capital)
Luge Capital Secures $96M to Drive Canadian and U.S. Fintech Innovation
Toronto and Montreal - September 9, 2024 — Luge Capital, a venture capital firm focused on early-stage fintech startups, has closed $96 million for Luge Capital Fund II, its second fund. With this additional cash, the company hopes to continuing backing fintech companies that are revolutionizing the financial services industry in Canada and the US.
See: 2023 Canadian Insurtech: What You Need To Know
Luge Capital's most recent funding campaign establishes it as a key participant in supporting fintech innovation in Canada, with institutional support from prominent Canadian companies including CDPQ, Desjardins, and BDC Capital. Notably, Venture Ontario, Alberta Enterprise Corporation (AEC), and AAF Management have made fresh investments, indicating a rising interest in the potential of fintech to transform financial institutions. With its two funds now managing over $180 million in total assets, Luge Capital is well positioned to make larger investments in Canada's developing fintech industry.
Catalyzing Canada’s Fintech Growth
Canada has been steadily gaining global recognition as a growing fintech hub, with cities like Toronto, Montreal, and Vancouver leading the way. Luge Capital’s latest fund will target early-stage startups with the potential to create new financial products, streamline services, and increase accessibility to finance.
According to Karim Gillani, General Partner at Luge Capital, the new fund comes at a critical moment:
"Fintech makes up only 3% of the total financial services market, but the potential for growth is enormous. Our second fund, now at $96M, represents the next step in our long-term strategy to back Canadian founders who are transforming this industry."
For NCFA members, this capital is an important addition to the fintech scene that will spur innovation and attract more investment from both local and foreign firms.
Strategic Partnerships with Canadian Investors
Luge Capital's ability to get commitments from large Canadian institutional investors reflects the increasing trust in the country's fintech sector. The inclusion of Venture Ontario and Alberta Enterprise Corporation (AEC) as additional strategic partners demonstrates the growing importance of provincial institutions in fostering domestic fintech innovation.
See: Q&A with Fintech Investor David Nault, Co-Founder & General Partner, Luge Capital
Steve Romanyshyn, President and CEO of Venture Ontario, commented on the partnership:
“Ontario is home to some of the world’s most innovative fintech startups. Luge’s expertise in identifying and supporting high-potential companies aligns perfectly with our goal of ensuring Ontario continues to be a global fintech hub.”
Similarly, AEC's participation will help Luge expand into Alberta's burgeoning tech community. Kristina Williams, CEO of AEC:
“We’re excited to see the positive impact Luge Capital will have on Alberta’s startups and broader economy. Their expertise in fintech will bring new opportunities to the region.”
Early Investments and Team Expansion
Luge Capital has already made four substantial investments from its second fund, with more to come. One significant investment is in Montreal-based inscora, a business that automates cyber risk assessments and sales tools for the insurance industry. Luge is expanding its portfolio of innovative Canadian and American fintech startups, with three additional investments set to be revealed soon.
See: Fintech Investor Interview with Karim Gillani, General Partner, Luge Capital
To support its expanding portfolio, Luge has brought on Ha Duong as VP of Finance and Operations, leveraging his extensive experience in venture capital. The firm is also looking to hire a new investment team member based in Alberta, further strengthening its commitment to supporting fintech ecosystems across Canada.
Conclusion
Congratulations to the entire team at Luge Capital! The company is well-positioned to continue driving growth and innovation for the next generation of fintech entrepreneurs.
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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Halal Mortgage Financier, Manzil, Crosses $50 Million
Fintech | Milestone Release | Aug 21, 2024
Image: Freepik/pch.vector
Manzil Surpasses $50 Million Milestone in Halal Mortgage Financing
Manzil, a Canadian fintech startup has reached a key milestone for Canada's Islamic finance sector by transacting over $50 million of Shariah-compliant mortgage financing, demonstrating the growing demand for Halal financial solutions, as more Muslims seek homeownership options that are consistent with their religious beliefs.
See: Halal Mortgages Emerging in Canada’s Housing Market
The company was founded in 2017 by Dr. Mohamad Sawwaf, and after a couple of years of R&D officially launched in 2020 to meet the unmet needs of Canada's Muslim community seeking Shariah-compliant financial products. The company provides solutions like Islamically compliant investment alternatives and Halal mortgages. Notably, Manzil raised $1.91 million in seed funding in 2022 to grow the platform. Manzil offers Canadian Muslims easily accessible and legally acceptable home finance options with products like Ijara (lease-to-own model), and Murabaha (a cost-plus agreement).
What is Halal Mortgage Financing?
The concept of Islamic (halal) mortgage financing is based on Shariah (Islamic law), which forbids giving or receiving interest (Riba). Halal mortgages guarantee that financial dealings are 'interest-free' to maintain their religious beliefs, as opposed to conventional mortgages that work through leasing or profit-sharing arrangements.
See: Unleashing Financial Potential: The Quiet Revolution of Fintech Inclusion
The demand for Islamic Finance in Canada is growing. Statistics Canada indicates that the number of Muslims in Canada has been increasing over time, and that growth has increased the need for financial services that adhere to Shariah. Globally, Islamic finance is expected to reach USD 3.69 trillion by 2024. Prominent fintech, Wealthsimple also launched a Shariah compliant world equity index ETF.
Outlook
The fact that Manzil has financed more than CAD 50 million in halal mortgages is just the start of the growing demand in Canada for Shariah compliant financial solutions. As the first Islamic fintech and leader in Canada, Manzil is supporting the way for Muslim Canadians to become home owners, participate in ethical banking, and be more financially included.
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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Syngrafii and MetaDolce Partner for Advanced e-Signatures
Partnership | Aug 14, 2024
Image: Tablets with MetaDolce iinked Sign
Syngrafii Partners with MetaDolce to Expand Its e-Signature Solutions Worldwide
Syngrafii, a leader in innovative e-signature technologies, has announced a strategic partnership with MetaDolce Technologies, a global provider of biometric and mobile data capture solutions. The partnership aims to expand adoption of Syngrafii's advanced e-signature solutions, including its flagship product, iinked Sign™.
A Strategic Alliance
MetaDolce Technologies is known for its global reach, having provided solutions in over 100 countries across a variety of sectors such as law enforcement, healthcare, and border protection. MetaDolce's incorporation of Syngrafii's e-signature technologies into their devices satisfies the demanding standards of modern organizations and governments who require comprehensive, secure, and compliant solutions. By integrating Syngrafii’s iinked Sign™ into its product lineup, MetaDolce will enable a new level of security and non-repudiation for remote signings.
See: Court Debates Emoji as Binding Contract Signatures
Matthew Gibson, CEO, and co-founder of Syngrafii:
"This collaboration marks a significant milestone in addressing the evolving digital signing needs of governments and enterprises. MetaDolce’s expertise in biometric solutions complements our mission to deliver the highest levels of compliance and security in e-signatures."
Raising the Bar
In the competitive e-signature market, businesses and governments are looking for solutions that provide increased security together with convenience. Offering innovative products like the Video signature RoomTM and the LongPen® remote signature equipment, which have raised the bar for compliance and non-repudiation, Syngrafii has been at the forefront of this industry.
Moshe Meppen, CEO of MetaDolce Technologies:
"Syngrafii’s continuous innovation in real-time video signing and biometrically accurate electronic signatures makes them the perfect partner as we look to enhance our product offerings. Our combined technology will provide unmatched security and efficiency for clients requiring robust e-signature solutions."
Implications for Businesses and Governments
With the partnership, companies and government organizations will have access to a more complete e-signature solution that meets high legal compliance standards and seamlessly connects with current biometric systems.
See: Metacrime in the Metaverse
This is especially important in fields where safe identity verification is essential, like law enforcement, healthcare, and border security. It is anticipated that the incorporation of Syngrafii's technology into MetaDolce devices will improve consumer safety, expedite workflows, and lower the possibility of fraud, especially in situations involving remote signing.
Outlook
This partnership between Syngrafii and MetaDolce Technologies is well-positioned to lead in the evolving e-signature market, delivering enhanced security and efficiency to their clients worldwide.
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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