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
Walnut Insurance Raises $4.6M for Embedded Tech Expansion
Funding Announcement | Release | Aug 8, 2024
Image: Freepik/Racool studio
Walnut Insurance Secures $4.6M to Rollout Embedded Insurance Products
Walnut Insurance announced today the successful completion of its current investment round, raising $4.6 million to expand its embedded insurance tech platform for insurers, brokers, and enterprise businesses. The round was led by NAventures, the corporate venture capital arm of the National Bank of Canada, and also included TELUS Global Ventures, Diagram Ventures, Portage, and Highline Beta.
Diagram has recently broadened its strategy beyond its venture studio model to include external financing. Walnut is one of the first in Diagram's portfolio to benefit from this change, signalling their belief in their team's ability to deliver for investors. Their insurance distribution strategy reduces marketing costs as insurance products are distributed via partner channels, such as financial institutions and commercial businesses, who embed offerings directly on their own platforms.
See: Ontario’s FSRA Spearheads Insurance Innovation with Direct Access Model
Adrien Niblock, CPO and Co-founder of Walnut:
"The insurance industry has yet to complete its digital transformation, with many insurers and brokers still operating in traditional, non-digital fashions. We aim to leapfrog traditional digitization and support a modern API-enabled embedded distribution strategy. Our embedded insurance platform captures distribution, supports insurers and brokers with embedded-first infrastructure, and delivers products to our customers in a compliant manner. This funding allows us to expand our technology stack, scale our operations, and bring innovative insurance solutions to both insurers and businesses looking to drive new revenue streams."
Differentiation and Key Advantages
- Partners can use Walnut's platform to quote and enroll clients in nearly any insurance product in real time through advisor-driven procedures, headless via API, or co-branded consumer experiences.
- Walnut can integrate insurance solutions into a wide variety of digital ecosystems in less than 90 days, which is considered quick compared to other solutions that can take years to setup.
See: Inscora Secures $2M to Revolutionize Cyber Insurance
- Improved risk management, access to untapped markets, and profit sharing instead of upfront marketing expenses.
- Reduced attrition, stronger client relationships and higher Average Revenue Per User (ARPU).
- Specialty focus on loan and debt protection products which is timely in the current macroeconomic climate.
James Povitz, Principal at NAventures:
“We are proud to support Walnut in their next phase of growth. Our ongoing investment and partnership reflect our confidence in their vision and execution.”
Conclusion
Strong support from NAventures and other notable investors puts Walnut in a good position to grow its embedded insurance platform and provide insurers and large companies with an efficient way to distribute insurance.
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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Inscora Secures $2M to Revolutionize Cyber Insurance
Funding | Release | Aug 6, 2024
Inscora's Founders (Image provided by Luge Capital)
Montreal Fintech Inscora Announces $2M in Funding Led by Luge Capital
Montreal, QC – Aug 6, 2024 – Inscora, a Montreal-based fintech that provides automated cyber risk assessment and sales enablement tools to cyber insurance brokers, has secured $2 million in funding. The financing round was led by Luge Capital and also included Desjardins Capital, Accelia Capital, Inovia Capital, and cybersecurity angel investors.
Highlights
Inscora was co-founded by:
- Gabriel Tremblay, a repeat cybersecurity entrepreneur who previously co-founded Delve Labs (acquired by Secureworks);
- Pierre-David Oriol, former VP of Product at Delve Labs; and
- Guillaume Raymond, former Director of Engineering at digital health company Dialogue (acquired by Sunlife).
See: Blakes: Cybersecurity Trends in Canada: A 2023 Perspective
Inscora's platform empowers insurance brokers with a innovative cyber brokerage approach that increases customer value, calculates better risk-adjusted premiums, and leads to higher sales conversions. The company is already collaborating with a select group of insurance industry players as part of an early trial program. Core benefits and platform capabilities include:
- Accurately and effortlessly assess a company's cyber risk profile
- Assist customers in incorporating the latest cybersecurity best practices
- Drastically speed up the cyber insurance application process
The use of proceeds will fund team expansion, continuous platform improvements, and product launch in both Canada and the U.S.
Gabriel Tremblay, CEO and Co-Founder of Inscora:
"We have spent our careers developing products that help organizations protect themselves against cyber attacks. Inscora represents a unique opportunity to apply this expertise to the ever-evolving field of cyber insurance and improve the efficiency of insurance brokers as well as the security posture of the insured clients. We are thrilled to have the support of such esteemed investors to help us now go to market."
See: Luge Capital Secures $71M in Second Fund’s First Close
David Nault, General Partner at Luge Capital:
"We have seen, first hand, how complex purchasing cyber insurance can be and the lack of tools available to the insurance industry to guide clients to implement stronger security measures within their organizations. Inscora is solving both of these important issues to support the ever-evolving cyber insurance industry."
Contact Information
For more details, please contact:
Gabriel Tremblay
CEO Inscora inc.
Email: contact-media@inscora.com
Website: https://inscora.com
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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Go Alberta New Equity Crowdfunding Portal Launches
Launch Release | Jul 18, 2024
Image: GO Alberta, Equity crowdfunding portal
A New Equity Crowdfunding Portal Dedicated to Servicing Albertan Small Businesses has Launched
July 17, 2024, Calgary AB - A new equity crowdfunding portal, Go Alberta, has announced it's launch, and is aimed at helping Alberta's small businesses. Throughout the province, small and medium-sized businesses (SMEs) will be able to access a community-driven finance solution. Go Alberta's goal is to empower local companies by introducing them to a variety of investors so they can raise the capital they require to expand and prosper. By democratizing investment options, this platform enables regular Albertans to contribute to and profit from the success of regional businesses.
See: Equity Crowdfunding Demystified: Insights from Wefunder and Equivesto
There are numerous of benefits to raising an equity crowdfunding campaign, such as:
- Offers an innovative and accessible way for companies to obtain capital, particularly those that are having trouble obtaining traditional finance.
- Gives Albertans the opportunity to support via investment the economic development of their local communities.
- Investors benefit when the companies they support develop and succeed, fostering a win-win situation in support of local economies.
Equity Crowdfunding Regulations
In Alberta and across Canada, equity or investment crowdfunding is governed by laws that safeguard investors and encourage SMEs to raise cash responsibly. National Instrument 45-110 (NI 45-110), which describes the Start-Up Crowdfunding Registration and Prospectus Exemptions, is the main regulatory framework.
See: CCA Launch Crowdfunding Genome and Ecosystem Report 2024
Key Provisions of NI 45-110
- Businesses can raise up to CAD 1.5 million within a 12-month period.
- An offering document outlining the company, the securities being issued, and the intended use of the proceeds must be prepared by issuers.
- Accredited investors may contribute up to CAD $25,000 per offering, while non-accredited investors may invest up to CAD $2,500 per offering, with an annual cap of CAD 10,000.
- Crowdfunding portals need to comply with operating guidelines and register with the appropriate provincial securities regulator.
Alberta Considerations
- Local companies may be able to take advantage of certain Alberta-specific local exemptions.
- To maintain accountability and transparency, companies and portals need to comply with all reporting requirements set by the Alberta Securities Commission.
Advocacy for Equity Crowdfunding
Equity crowdfunding provides a crucial option in the present funding environment, when the volume of traditional venture capital funding has decreased. Many prospective SMEs struggle to get the capital they need since traditional venture capital funding frequently favours larger, more established enterprises. Go Alberta fills in this void by:
See: Innovating Crowdfunding with Bitcoin’s Network
- Providing businesses with access to a broader pool of potential investors - a diversification of funding sources.
- Empowering businesses to raise capital independently of the volatile venture capital markets.
- Encouraging a diverse range of businesses, including those in early stages, to innovate and grow with a supportive investor community approach.
Conclusion
Equity crowdfunding is a movement to democratize investment in local communities. By connecting businesses with passionate investors, Go Alberta is paving the way for a more vibrant and resilient local business ecosystem.
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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Vena Solutions Achieves Elite Centaur Status $100M ARR
Milestone Release | Jul 15, 2024
Image: Freepik
Canadian finance startup, Vena Solutions, has announced that its annual recurring revenue (ARR) has surpassed $100 million USD, awarding it the esteemed Centaur classification, which is granted to privately held SaaS companies who generate $100 million USD in annual revenue.
- Vena's ARR milestone highlights the company's strong annual growth, which is being driven by a rise in the demand for its financial planning and analysis (FP&A) products. Serving more than 1,800 companies in a variety of industries, Vena has proven its scalable solutions, broad market appeal, and just closed a record setting quarter.
- Vena is dedicated to innovation and recently released an AI-powered tool, Vena Copilot. With the use of Microsoft Azure Open AI technology, this application improves FP&A skills and gives finance teams access to increased operational efficiency and strategic insights.
- Vena actively promotes a lively community by putting on events like Excelerate Finance, providing free online courses, and starting programs like Vena Academy. These initiatives support the development of an informed user base and improve client interactions.
See: Are you a Pig, Gazelle or Bear? Beyond Unicorns, Zoology of startups
Hunter Madeley, CEO at Vena:
“Achieving this designation represents an exciting milestone on the amazing journey we’re enjoying with our customers and partners as we transform the office of finance and empower FP&A teams everywhere. From our founding days, we’ve believed that the most impactful organizations in the world have always been those that best leverage the power of data and their people in pursuit of a clear and meaningful mission. Our platform makes that possible and we are so grateful to have played our part in the success our customers realize every day. This achievement reflects the deep and abiding commitment of our employees as we build a culture and company focused on helping our customers plan to grow. We still have so much more to do, but it’s nice to take a beat and celebrate this latest milestone together.”
Some Notable Canadian Unicorn Fintechs
Canada's fintech landscape includes several unicorn companies, as published in Failory.
- Wealthsimple: One of the most well-known fintech unicorns in Canada, Wealthsimple is renowned for its user-friendly investing platform.
- Neo Financial: Known for its innovative financial products and quick expansion, this company attained unicorn status with a valuation of more than $1 billion.
- FreshBooks: Achieving unicorn status with a robust market presence, this cloud-based accounting software provider serves small and medium-sized enterprises.
See: How Fintechs Can Integrate AI for Efficiency Gains
- Figment: Thanks to its ground-breaking platform, this unicorn-status company specializes in Web3 staking, and blockchain infrastructure.
- eSentire: With a valuation of more than $1 billion, this cybersecurity solutions company has attained unicorn status.
- Axelar: With its strong platform, the company has achieved unicorn status by offering decentralized communication solutions for blockchain ecosystems.
Conclusion
This accomplishment is a major milestone for Vena Solutions, demonstrating that Canadian fintech firms can compete and flourish internationally. Vena is well-positioned for continued growth and success with a focus on innovation and consumer value.
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 Announces £7.3 Billion to Unlock Green Private Investment
Funding | Jul 10, 2024
Image from press release: UK's National Wealth Fund
UK Announces Major Boost for National Wealth Fund
On July 9, 2024, the UK government has announced intentions to invest £7.3 billion in funds to the National Wealth Fund for economic development and sustainability. The goal is to unify major financial institutions under a single plan and stimulate private investment, especially in the green and growing industries.
Realignment of Financial Institutions
The British Business Bank and the UK Infrastructure Bank will be merged into the National Wealth Fund as part of the new project. The goal of this realignment is to produce a more unified investment strategy that capitalizes on these institutions' advantages to attract significant private sector investment. The announcement coincided with the launch of this enormous project, which took place at No. 11 Downing Street with the gathering of the National Wealth Fund Taskforce by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds.
See: Green Fintech 2.0 Shows Progress in the UK
Dame Amanda Blanc, the CEO of Aviva, C.S. Venkatakrishnan of Barclays, and Mark Carney, the former governor of the Bank of England, are among the prominent individuals on the task group, which is chaired by the Green Finance Institute. Their combined experience is anticipated to direct the strategic allocation of the extra £7.3 billion, which will be overseen by the UK Infrastructure Bank to enable prompt investments.
Rachel Reeves, Chancellor of the Exchequer:
"This new Government is getting on with the job of delivering economic growth. We need to go further and faster if we are to fix the foundations of our economy to rebuild Britain and make every part of our country better off. Britain is open for business – and the work of change has begun."
See: Fintech Can Combat Corporate Greenwashing
Ed Miliband, Energy Security and Net Zero Secretary
"Our Mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change."
Conclusion
Strong public-private partnerships will be essential to achieving the new National Wealth Fund's potential to transform the UK's economic environment, with specific plans expected to be unveiled at the next international investment summit. This bold plan aims to establish the UK as a leader in innovation and green sectors while also promoting economic growth.
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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Robinhood Acquires AI Platform Pluto Capital Inc
M&A | Investing Services | Jul 8, 2024
Robinhood and Pluto (Image: Robinhood)
Robinhood Acquires AI Platform Pluto to Democratize Personalized Financial Advice for All Investors
Robinhood recently announced the acquisition of Pluto Capital inc., an AI-driven investment advice platform, which has the potential to democratize finance by providing personalized investment strategies and real-time analytics to a broader audience.
Pluto's AI Driven Feature Set
- Pluto uses leading large language models (LLMs) with access to real-time personal and international financial data to effectively process and interpret market data. As a result, Robinhood users will be able to spot trends and opportunities more quickly, giving them a competitive advantage.
- Pluto's algorithms examine variables including past performance, investing objectives, and risk tolerance to personalize individualized investment plans to each unique customer profile. With the help of this function, users of Robinhood can obtain suggestions that are highly tailored to their own financial needs.
- Real-time updates and insights are provided to investors, facilitating well-informed decision-making for portfolio optimization. Customer portfolios can be continuously improved for better results, balancing growth and risk in accordance with personal preferences, with the help of AI-driven analysis.
See: Robinhood Acquires Bitstamp Crypto Exchange for $200 M
Mayank Agarwal, VP of Engineering, Robinhood:
“We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood. They have built an impressive platform that is highly regarded in the financial services industry. Importantly, their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI powered tools to our customers.”
Democratizing Financial Information for Retail Investors
Access to optimized personal financial portfolios previously only exclusively available to richer clients—will become more accessible to a wider audience with the integration of Pluto's AI capabilities into Robinhood's ecosystem. There will be other noteworthy effects from this levelling of the playing fields:
See: SEC Issues Wells Notice to Robinhood Over Crypto
- More people will be able to engage in the financial markets more actively since they will have access to advanced investment instruments and guidance.
- Retail investors will have access to the same superior information and insights as larger investors (i.e. institutions), enabling them to make more confident and well-informed investment decisions.
- By making sophisticated financial instruments more accessible to a larger group of people, the disparity between affluent and less affluent investors may be reduced.
Outlook
Pluto's advanced AI capabilities will be integrated, giving every day investors access to tools and insights that were previously only available to their richer clientele. This will promote financial inclusion and will help lessen gaps in investment returns. With AI technology developing at a rapid pace for retail investors, Robinhood is well positioned to capture the value by enabling complex investment tools available to all investors.
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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Balance Invests $10M to Launch Trust Company in Canada
Balance | Release | Jul 3, 2024
Image: Balance
Balance Commits $10 Million to Register Balance Trust Company
Balance, the biggest and oldest custodian of digital assets in Canada, has announced the incorporation of Balance Trust Company as a special purpose trust under the Loan and Trust Corporations Act (Alberta). The company has committed $10 million in regulatory capital into a wholly-owned subsidiary. By offering fiat custody, digital asset custody, collateral management, and escrow services, this new subsidiary hopes to qualify as a custodian in both the US and Canadian markets.
See: Balance Commits to Alberta, Relocates to Calgary
This milestone follows over a year of meticulous preparation, including financial audits, SOC 2 Type 2 certification, and system penetration tests. Balance has also strengthened its insurance programs and added key leadership positions, including a CFO and Chief Compliance and Risk Officer.
Leadership and Governance
The board of directors of Balance Trust Company comprises industry veterans:
- George Bordianu: Co-founder, President, and CEO of Balance.
- Alex McDougall: Co-founder and CIO of Bicameral Ventures, President and CEO of Stablecorp.
- James Slazas: Founding partner and CEO of DARMA Capital.
- Colin Pyle: EVP of Strategy and Corporate Development at RFA Capital Holdings.
- Jean Desgagné: Former President and CEO of the Canadian Depository for Securities (CDS).
Significance of Milestone
Setting up the Balance Trust Company is an important milestone for several reasons:
See: 2023 BIS Survey: CBDC and Crypto Trends Revealed
- Balance is now in a position to provide really localized services in the Canadian market, reducing the dependency on the US for tech and custodians.
- At the moment, Balance uses its digital asset custody solutions to safeguard assets valued at over $2.5 billion. Once the Balance Trust Company is registered, Balance will expand to offer fiat custody, collateral management, and escrow services.
- By becoming a qualified custodian in both the US and Canada, balance will surely expand it's footprint in regulated North American markets.
George Bordianu, co-founder and CEO of Balance:
“Canadian regulated entities are still forced to this day to use US custodians or Canadian custodians leveraging US-based technology. We’re laser-focused on bringing a truly local solution to the ecosystem and are grateful to the team at the ATBF for their help and guidance in achieving this mission and for granting us this letters patent."
See: Canada’s Proposed Mutual Fund Crypto Regulations 2024
Conclusion
Balance Trust Company will be able to assist investment broker-dealers, advisers, and issuers of public ETFs and mutual funds after it is registered and qualified as a custodian.
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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