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
CIBC Innovation Banking Backs DealMaker’s Growth
Funding | Oct 23, 2023
Image: Unsplash/qinghill
CIBC is providing financial backing and advisory support to propel DealMaker's accelerated expansion across North America, marking a pivotal step in the company's growth journey.
- CIBC Innovation Banking extends its financial and advisory support to DealMaker, acknowledging the impressive scale at which the company continues to grow.
- The company's innovative approach has not gone unnoticed, as it was recently selected to join Google’s for Startups Accelerator program. This program is expected to advance DealMaker’s AI innovation in the fintech space, further solidifying its position as a leader in the industry.
See: William Shatner Feature-length Documentary Reaches $790,000 Equity Crowdfunding Goal (less than a week)
- DealMaker, founded in 2018 by Rebecca Kacaba and Matt Goldstein, has been making strides in modernizing the shareholder issuance space.
- The support from both CIBC Innovation Banking and Google is instrumental in DealMaker’s mission to build the most sophisticated capital markets tool, integrating AI capabilities for ease of use for both investors and issuers. (Source: Business Wire)
DealMaker is poised for continued growth and innovation in the fintech space, backed by strategic financing and support from CIBC Innovation Banking and Google.
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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Experian Launches Smart Money™ Digital Checking Account
Personal Finance | Oct 5, 2023
Image: Experian
Experian, a global leader in consumer and business credit reporting, unveils the Experian Smart Money™ Digital Checking Account & Debit Card
The account is a financial tool designed to help people improve their credit scores without going into debt and with everyday financial management. This means when you use this account to pay certain bills like your utilities, rent, or phone bill, Experian will notice and give your credit score a little boost. It's like getting gold stars for paying your bills using this account!
Included in the account is access to Experian Boost®, a tool that identifies eligible bill payments, such as utilities and telecom, and adds them to consumers’ Experian credit file, potentially amplifying their credit scores.
See: The AI Revolution in Personal Digital Banking
Imagine you're a student and you pay your rent using the Experian Smart Money account. Experian Boost sees this and gives your credit score a little bump up because you paid your bill. Or think about your monthly electric bill. If you pay it with the Smart Money account, Experian Boost will again see this and might lift your credit score a bit. It’s like a friend who tells everyone how good you are at paying your bills, making others trust you more with money.
Simple Steps to Better Credit
Experian is doing something really nice here. They're making it easy for people to get a better credit score just by paying their bills with the new Smart Money account. This isn’t just a new bank account. It's a way to help people show they're good with money, which can help when they want to do things like buy a house or a car in the future. Interested in learning more? here
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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Visa Announces $100 Million Generative AI Initiative
AI | Oct 5, 2023
Visa Ventures to Lead the $100 Million Fund
Visa, the global payments company, has made a strategic move into the field of generative AI. In an effort to support startups in this growing sector, Visa has launched a $100 million venture fund. The aim is to explore the potential of generative AI, which can revolutionize commerce. This move aligns Visa with other major companies, such as Microsoft and Google, who also recognize the opportunities in AI.
The initiative will be spearheaded by Visa Ventures, the global corporate investment arm of Visa, which has been investing in and partnering with innovative companies in payments and commerce since 2007.
Generative AI, an emerging subset of AI, is built on Large Language Models (LLMs) and is capable of generating text, images, or other content from extensive sets of existing data when provided with prompts. Jack Forestell, Chief Product and Strategy Officer at Visa Inc., emphasized that while generative AI has predominantly been utilized for tasks and content creation, its impending influence will not only reshape our daily lives and work but will also instigate meaningful changes in commerce that necessitate comprehensive understanding and exploration.
See: Visa’s Solutions for the Creator Economy and Fintech Opportunities for Tomorrow’s Digital SMBs
David Rolf, Head of Visa Ventures:
With generative AI’s potential to be one of the most transformative technologies of our time, we are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed startups building across generative AI, commerce, and payments.
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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ZayZoon raises $34.5M in Series B, Championing EWA for SMBs
Funding | Sep 29, 2023
Image: Unsplash/Fabian Blank
ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round.
- Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders.
- ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company's primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face.
- Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards
See: Redefining Payday: Earned Wage Access (EWA) Insights from Harvard Study
- ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year.
- Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts year-over-year. Their expanding clientele includes household names such as Dunkin’, McDonald’s, and Amazon Warehouses. This growth underscores the rising demand for EWA and employee engagement platforms, particularly among the SMB sector.
Darcy Tuer, Co-Founder and CEO of ZayZoon
This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses. Not only does ZayZoon act as a substantial competitive advantage for the business, but it helps the millions of Americans living paycheck to paycheck get by between paydays and plan for the 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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Elevate Acquires CIX, Boosting Canada’s Startup Scene
Release | Sep 27, 2023
Elevate's Acquisition of CIX is A Testament to Canada's Flourishing Startup Ecosystem
Canada's startup landscape has always been a vibrant tapestry of innovation, ambition, and collaboration. At the heart of this ecosystem, organizations like the Canadian Innovation Exchange (CIX) have played pivotal roles in spotlighting the nation's most promising startups and bridging the gap between innovators and investors. As a long-time community partner and admirer of CIX, the National Crowdfunding & Fintech Association of Canada (NCFA) is thrilled about this acquisition announcement.
NCFA & CIX: A Journey Together
Over the years, NCFA has had the privilege of walking alongside CIX, celebrating its successes, and learning from its vast experiences. Our partnership has been rooted in mutual respect and a shared passion for fostering innovation in Canada. We've watched CIX grow, evolve, and transform into Canada's largest startup awards program and investment conference. Their annual curation program has consistently showcased the crème de la crème of Canadian startups, attracting attention from North American VCs, corporates, and private equity investors.
See: Clay Financial Closes $1.7 Million Pre-Seed to Offer Home Equity Sharing AltFi Product in Canada
Both Elevate and CIX have been champions of innovation, tirelessly working to provide startups and scaleups across Canada with the resources, platforms, and opportunities they need to thrive. This acquisition promises to amplify the efforts of both organizations, creating a synergy that will undoubtedly benefit the entire Canadian startup ecosystem.
Lauren (Prev Linton) Crerar, Executive Director, CIX:
I am thrilled that CIX is joining Elevate. This acquisition creates a powerful synergy of shared values and vision for propelling Canada’s top startups to new heights. I look forward to working with Lisa and the amazing Elevate team.
The Road Ahead
With Elevate at the helm, the future of CIX looks brighter than ever. Elevate's reputation as a hub for world-class innovators, combined with CIX's legacy, promises a future filled with more opportunities, collaborations, and success stories. As Elevate CEO Lisa Zarzeczny aptly put it, this acquisition will strengthen the tech ecosystem's engagement throughout the year, further supporting startups and scaleups from coast to coast.
See: Ontario’s FSRA Spearheads Insurance Innovation with Direct Access Model
For NCFA, this development reiterates our commitment to the Canadian fintech and funding communities. We will continue to support, collaborate, and grow alongside our partners, ensuring that Canada remains at the forefront of global innovation.
The 17th annual CIX Summit will take place March 26 & 27 at The Design Exchange
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 Secures $71M in Second Fund’s First Close
Capital | Sep 26, 2023
Image: Luge Capital GPs, Karim Gillani and David Nault
Luge Capital, a trailblazer in fintech-focused venture capital, has unveiled a significant milestone: the first close of its second fund, Luge Capital Fund II, amassing CA$71 million.
MONTRÉAL – September 26, 2023 – With an ambitious target of $100 million for the fund, this announcement is set to reverberate across the fintech investment landscape.
Since its launch in 2018, Luge Capital has been synonymous with innovation, backing early-stage startups in Canada and the U.S. that are led by transformative founders. Their inaugural fund of roughly $85 million saw investments in 21 pioneering companies, including standout names like Flinks, Plooto, and Owl.
The second fund promises to be even more impactful. Not only will it continue the legacy of its predecessor, but it's also broadening its investment horizons. Luge is setting its sights on verticalized fintech startups that intersect with major industries and is also venturing into the realm of ESG-focused fintech startups.
See: Browse AI Secures US$2.8M Seed Funding: Vancouver Tech Startup’s Success
Several prominent investors have returned, such as CDPQ, Desjardins, BDC Capital, and Sun Life, showing their continued trust in Luge's vision, while simultaneously attracting new investors such as Inovia Discovery Fund I, further solidifying the fund's promising trajectory.
Karim Gillani, General Partner at Luge Capital:
“Financial services impact the lives of every person, from opening a bank account and making payments to buying insurance and making investments. Yet large institutions are finding it challenging to modernize their legacy technology. By investing in high-calibre fintech founders who are solving the industry’s biggest problems, Luge is helping to drive innovation across the financial services that are the lifeblood of the economy and account for 20 percent of the GDP in the U.S. and in Canada.”
Luge Capital's team (2023)
To delve deeper into Luge's vision and strategy, NCFA Canada sat down with David Nault, General Partner at Luge Capital, for an interview.
Expanding the Investment Horizon
NCFA: With the expansion of the investment scope to include verticalized fintech startups and ESG startups, what specific areas or challenges within these sectors are you most excited about?
David: "In terms of vertical fintech, we're keen on industries like construction, agriculture, healthcare, and transportation that intersect with fintech. Traditional industries often lag in innovation. Embedding fintech solutions, such as financing and payments, can unlock new opportunities. For instance, fintech can assist farmers in accessing new markets or using AI to decide on selling their harvests. As for ESG, we're looking at efficient data gathering and reporting to help companies fulfill their ESG commitments."
Investment Strategy and Criteria
NCFA: Are there specific criteria or milestones that startups need to meet to qualify for larger initial investments?
David: "The size of our initial investment hinges on the business's unique attributes. For larger commitments, we typically seek early signs of traction and a clear demonstration of product-market fit."
NCFA: How do you decide on the size of the initial investments for startups from Fund II, especially since they're expected to be larger than those from the first fund?
David: "The hardest question you can ask a VC is how they decide when to invest. The second hardest question is “how much?” It all starts with the founders and whether we have conviction on their ability to execute. Once we are convinced of that, we analyze a 2-year financial model of the business to understand how much capital is required to deliver on the key growth milestones that we believe will deliver strong value to the company. In short, how much do they need and will it bring them to the right milestones?"
Partnerships with Large Financial Institutions and Future Vision
NCFA: From the investments made from Luge Fund I, what have been some key learnings influencing Fund II?
David: "Our top results come from our strongest founders. We're now more focused on partnering with ambitious founders. For Fund II, we're planning to onboard team members earlier, and we've already begun recruiting for both investment and operations roles."
NCFA: How do partnerships with large financial institutions, especially LPs, enhance the value proposition for the startups you invest in?
David: "Our strategic LPs, being large financial institutions, offer brand reputation, vast distribution, and strong financial backing. We bridge our portfolio companies with these LPs for potential partnerships. While partnering isn't a strict criterion, we aim for win-win scenarios. Our LPs often view our portfolio companies as potential investment opportunities."
Final Thoughts and Recommendations
NCFA: What advice would you offer to fintech founders?
David: "Raising VC money isn't a business model. Focus on product and revenue. When raising capital, prioritize investor value over valuation. And never run out of money!"
NCFA: What’s your favourite book that you suggest all founders/investors should read?
David Nault: The Power Law by Sebastian Mallaby, which really puts into perspective what it takes to make a venture fund successful.
Obviously Awesome! by Canadian author April Dunford
Zero to One by Peter Thiel
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Fintech's Bright Future
With the announcement of Luge Capital Fund II and the insights from David Nault, it's evident that Luge Capital is poised to make significant waves in the fintech sector. Their commitment to innovation, combined with the support of their esteemed investors, promises a bright future for fintech startups in North America, and here at NCFA we wish everyone at Luge Capital continued success.
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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Hear, Speak See No Evil: ChatGPT’s Latest Features!
AI | Sep 25, 2023
Image: Unsplash/Keren Fedida
OpenAI Announces that ChatGPT Can Now Speak and Listen & Process Images. New Features to Rollout to 'Pro Customers' Within 2 Weeks
1. The Power of Voice in Fintech
Gone are the days when interactions with financial platforms were limited to typed commands. With the advent of sophisticated voice technology, businesses can now offer a more intuitive and personalized user experience. Imagine querying your financial dashboard using voice commands or authorizing transactions with a simple spoken phrase. The possibilities are endless.
See: FCA’s Emerging Regulatory Strategy for Big Tech and Artificial Intelligence
To name but a few checkout below and unlock your imagination:
- Voice-Activated Financial Assistants: From checking account balances to setting up payments, voice commands streamline operations, especially for those who prefer hands-free interactions or have accessibility needs.
- Interactive Financial Education: Voice interactions can make financial literacy sessions more engaging, allowing users to ask questions and receive real-time responses.
- Voice-Powered Transactions: With advancements in voice recognition security, the future might see us authorizing payments or transfers using just our voices.
- Financial Planning and Advisory: Consumers can discuss their financial goals and plans with ChatGPT, which can then provide insights, suggestions, or even generate financial projections based on the input.
- Customer Support: With voice capabilities, ChatGPT can serve as a 24/7 customer support assistant for financial services, answering queries, guiding users through processes, or even troubleshooting issues.
- Financial Product Recommendations: Based on voice interactions and understanding of user needs, ChatGPT can recommend suitable financial products, such as loans, insurance, or investment opportunities.
2. Interact with Visuals Intelligently
See: Morgan Stanley is Launching a Wealth Management AI Chatbot
The integration of image capabilities in fintech platforms is not just about viewing pictures. It's about understanding and analyzing them. This feature can revolutionize several financial processes:
- Invoice Processing: Small businesses can simply snap a picture of an invoice, and advanced AI systems can extract, categorize, and process the data, reducing manual entry errors and saving time.
- Visual Data Analysis: Financial charts or graphs can be shown to AI systems for instant analysis, making it easier for businesses to spot trends or anomalies.
- Document Verification: With image recognition, businesses can quickly verify the authenticity of financial documents, contracts, or identification, enhancing security and reducing fraud.
- Expense Tracking: Consumers can take pictures of their receipts, and ChatGPT can extract the data, categorize expenses, and update their budget or financial tracking apps.
- Visual Data Analysis: Businesses can show ChatGPT financial charts or graphs, and the assistant can provide a summary or analysis, highlighting trends or anomalies.
3. Implications for Small Businesses and Consumers
For small businesses, these advancements can lead to more efficient operations, reduced costs, and improved customer interactions. Automated invoice processing, instant data analysis, and voice-activated customer support can give small businesses an edge in a competitive market.
See: CEO Views on AI in Deals Amid Economic Shifts
Consumers stand to benefit from a more personalized and interactive financial experience. Whether it's voice-powered transactions, visual expense tracking, or interactive financial advisory sessions, the modern consumer is set to experience fintech like never before.
The (Exciting) Road Ahead: Buckle Your Seat Belt (and Expect Regulatory post-signs)!
While the potential of voice and image capabilities in fintech is immense, it's crucial for businesses to approach their integration with caution. Ensuring data privacy, maintaining the security of voice and image data, and continuously refining AI models for accuracy will be paramount.
In conclusion, as fintech continues to break barriers and redefine financial interactions, the integration of voice and image capabilities heralds a new era of innovation. For businesses ready to embrace these changes, the future promises unparalleled growth and opportunities.
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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