Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, released a blueprint that will guide the operations of the new Canada Innovation Corporation (CIC).
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
Canadian POS Financing on the Move: Financeit Acquires Simply Group’s Consumer Loan Business
FinanceIt | Release | Jun 26, 2023
Unsplash Sidekix Media, renovating kitchen
FinanceIt acquires Simply Group's consumer loan business
- Strategic Acquisition:
- Financeit’s acquisition of Simply Group's consumer loan business, including SNAP Home Finance and EcoHome Financial, signals a dynamic expansion in the point-of-sale (POS) financing sector in Canada.
- By integrating Simply Group's proficiency in home improvement financing and its $3 billion track record, Financeit is positioned to deliver an enriched merchant and consumer experience, while accelerating innovation in financing solutions.
- The merger brings together a combined strength of over 180 professionals, unlocking potential for a transformative impact on home improvement dealers and end-users.
- Leveraging Simply Group’s technology and dealer experience, along with Financeit's established market presence, the consolidated entity aims to revolutionize the home improvement consumer lending space with advanced products and services.
See: Empowering the Next Iteration of Consumer Finance
Michael Garrity, CEO of Financeit:
We’re thrilled to announce another milestone in our growth journey as we focus on expanding our market footprint and our enduring commitment to the Canadian POS financing market. The Simply Group Loan Business team has consistently showcased deep industry expertise, remarkable market agility, and an array of competitive products and services for dealers. By combining our two businesses, we are confident that we can create a transformative impact on the lives of home improvement dealers, helping them drive business growth.
View the release --> 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, 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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Canada’s First-Ever Tech Talent Strategy: Unpacking Canada’s Groundbreaking Immigration Announcement
Immigration, Refugees and Citizenship Canada | Release | Jun 27, 2023
Image: Unsplash/Ksenia Makagonova
Canada's Minister of Immigration, Refugees and Citizenship, Sean Fraser, has unveiled the country's first-ever Tech Talent Strategy at Collision 2023, a leading North American tech conference.
The strategy includes aggressive measures designed to attract top tech talent and fuel innovation in Canada's high-growth industries, thus fostering job creation and future growth.
Key measures include:
- Creation of an open work permit stream for visa holders (for US H-1B specialty occupation visa holders), along with study or work permit options for their family members.
- Development of an Innovation Stream under the International Mobility Program, allowing highly talented individuals to receive employer-specific or open work permits for up to five years.
- Return to the 14-day service standard for work permits under the Global Skills Strategy.
- Promotion of Canada as a destination for digital nomads.
- Creation of a STEM-specific draw under category-based selection in the Express Entry program.
- Significant enhancements to the Start-up Visa Program, including more spots, extended duration work permits, and prioritizing applications backed by venture capital, angel investor groups, and business incubators.
See: Welcome to the third largest tech-hub in North America
The Innovation Stream will be launched by year's end
The new H1-B specialty occupation visa holder work permit will be available from July 16, 2023.
Changes to the Start-up Visa Program will also be implemented later this year.
Canada's tech sector, which employed nearly 720,000 Canadians and accounted for over 44% of all private R&D spending in 2021, is poised to benefit from this strategy. The country's attractiveness to immigrant entrepreneurs and its robust tech talent growth have been globally recognized, reflecting the strategic intent of Canada's Tech Talent Strategy.
Read the press release --> 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, 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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Digital Transformation in Capital Markets: TSX Launches New ‘Venture Forward’ Junior Exchange Market
Stockhouse | Jon Brown | Jun 16, 2023
In a bid to reinvigorate the public market for early-stage companies, the TSX Venture Exchange (TSXV) is expediting the launch of a digital-focused 'Venture Forward' junior market.
- The key take-away from this development is the Exchange's effort to modernize and adapt to the needs of the evolving business landscape.
- The new platform aims to streamline and reduce the costs of public listing for newer companies, while also offering investors access to unique businesses and alternative asset classes.
- The venture forward exchange promises to offer a digital-first user experience and a streamlined oversight model, with the goal of allowing management teams to focus more on building their businesses. It is quoted saying, “Entrepreneurs will benefit from new ways to access the public market, accelerated review times and lower costs. Investors will benefit from new opportunities to fund unique businesses.”
See: OpEd: No, Crypto Exchanges Are Not Like Stock Exchanges | New Approaches May Help Solve Old Problems
- Implications:
- By providing a faster, cheaper route for younger companies to raise capital and list publicly, the Venture Forward exchange could potentially boost entrepreneurship and innovation. It is also likely to increase investor interest in early-stage businesses, spurring economic growth and diversification. Furthermore, the exchange's commitment to digital transformation suggests a broader trend in the industry towards leveraging digital technologies to increase efficiency and access.
Loui Anastasopoulos, CEO of the Toronto Stock Exchange and Global Head, Capital Formation for TMX Group:
Venture Forward is a key component of our ongoing strategy to push the evolution of our unique and powerful capital formation ecosystem, serve the needs of modern stakeholders, and sharpen our competitive edge in an increasingly borderless capital market landscape.
View more --> here
View the original release --> 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, 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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Ninepoint Unveils Web3 Innovators Fund
Ninepoint Partners | Release | Jun 3, 2023
Toronto-based investment management firm Ninepoint Partners has launched the Ninepoint Web3 Innovators Fund, formerly the Ninepoint Bitcoin ETF
- The Fund aims to provide investors with exposure to emerging technologies like Web3, blockchain, and digital asset-enabled internet, offering capital appreciation through a diverse portfolio of equity and equity-related securities.
- Ninepoint anticipates an expanding investment universe as more leading companies in these sectors go public. This trend is expected to benefit the Fund, increasing diversification across industries and enhancing the potential for long-term success.
See: 10 Most Innovative Companies in 2023: Blockchain, Crypto, Metaverse, Web3
- The Ninepoint Web3 Innovators Fund offers exposure to digital assets, including Bitcoin, through indirect ownership via other listed Canadian cryptocurrency ETFs and shares in public companies in the digital asset space.
- The Fund also aims to invest in top-tier companies leveraging Web3 technologies to transform their business, believing that the enterprise adoption of Web3 will unlock significant value, similar to earlier phases of the World Wide Web.
Continue to the full article --> 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, 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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Vault Launches Comprehensive Online Financial Platform Backed by $5M CAD Funding Raise
Vault | Release | May 16, 2023
Vault announces its official launch and widespread availability across Canada. The all-in-one online financial platform for small-to-medium sized business (SMBs)
- Vault, the comprehensive online financial platform, has announced its official launch in Canada, providing a one-stop financial solution for small to medium-sized businesses (SMBs) and entrepreneurs. The platform offers a wide range of financial products and services, all with no monthly or annual fees or minimum balances. This includes local accounts in multiple currencies, real-time currency exchange, free domestic and international bank transfers, and more.
- Co-founded by Saud Aziz and Ahmed Shafik, Vault has a future-focused vision to reshape the financial experience for Canadian SMBs. The platform is set to include additional services like lending, savings products, payment automation, and more complex FX products in the near future.
- Vault also announces the ability to purchase investment products, including GICs that will earn highly competitive rates. The company is committed to extending its product and service offerings and has plans to include lending, savings products, payment automation and more complex FX products later this year.
- Backed by angel investors from industry-leading companies and securing CAD$5,000,000 in funding co-led by Fin Capital and Gradient Ventures, Vault has substantial support. It is collaborating with regulated financial institutions to ensure customer account safety and security.
See: Founded in Canada, Fintech NorthOne Closes CA$92.1 Million Series B to Serve Small Businesses in the U.S.
Ahmed Shafik, Co-founder of Vault:
My co-founder, Saud Aziz, and I have parents who are small business owners, and we experienced first-hand the antiquated banking services that constrained their ability to freely manage how they spend, move and manage their money, all while enduring excessive fees. We founded Vault to change this. Today, entrepreneurs and SMBs owners have a cheaper and easier way to manage their businesses financial needs - all without the need to visit a branch and backed by 24/7 customer service.
View the original release --> 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, 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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Superintendent of Financial Institutions took further action on the Silicon Valley Bank Canadian Branch
OSFI Release | March 15, 2023
The Superintendent of Financial Institutions took additional action to protect creditors of the Silicon Valley Bank’s Canadian branch by taking permanent control of its assets. In addition, the Ontario Superior Court of Justice granted a winding up order in respect of the institution.
- On March 12, the Superintendent took temporary control of the assets held by Silicon Valley Bank’s Canadian branch in Toronto after the California Department of Financial Protection and Innovation shut down the bank, which is headquartered in Santa Clara, California, and appointed the FDIC as its receiver.
See: With SVB Now Done. What’s the Impact for Canadian Tech?
- Winding up order: The winding up order under section 10.1 of the Winding-up and Restructuring Act begins an orderly, court-supervised process to restructure the branch as a result of the newly created, full-service U.S. Federal Deposit Insurance Corporation (FDIC) “bridge bank” – Silicon Valley Bridge Bank, N.A. – in a way that best serves the interests of its creditors and will allow operations of the Silicon Valley Bank to continue in Canada.
- The process is intended to facilitate an orderly transition of the Canadian branch of Silicon Valley Bank to the FDIC Bridge Bank. PriceWaterhouseCoopers Inc. has been appointed by the court to oversee the transition. As the court order has been granted, OSFI no longer has an active role in the resolution of this matter.
Continue to the full article --> 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, 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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Finance Canada Publishes the Canada Innovation Corporation Blueprint for $2.6 Billion Over 4 Years
Department of Finance Canada | Release | Feb 16, 2023
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, released a blueprint that will guide the operations of the new Canada Innovation Corporation (CIC).
- In creating the CIC, the government is following through on its Budget 2022 commitment to establish an innovation agency to drive Canadian business investment in research and development (R&D) and foster economic growth. The CIC will operate with an initial budget of $2.6 billion over four years, and is expected to begin its operations in 2023.
See: OpEd: Should the Canadian Government Fund VC?
- Canadian businesses do not invest in R&D to the same degree as their global peers, which weakens Canada’s economic competitiveness and reduces opportunities for Canadian workers. Canadian businesses—including those operating in established commodity-based and manufacturing industries—need enhanced support to make R&D investments that will generate new and improved globally competitive products, processes, and services.
- The CIC will help Canadian businesses across all sectors and regions to innovate, commercialize, grow, and create good jobs in a changing global economy.
- Using best practices established by similar agencies around the world, the CIC will be an operationally independent, outcome-driven organization, that will work with the private sector to provide targeted support to new and established Canadian firms by delivering funding and advisory services.
See: Is productivity, wealth creation and competition at the forefront of Canada’s growth agenda?
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance:
“The global economy is changing, and with smart investments today, we can help create more good jobs for Canadian workers. By supporting Canadians and Canadian businesses in turning their new ideas and technologies into new products, services, and growing businesses, the Canada Innovation Corporation will help build a stronger and more innovative Canadian economy.”
Continue to the full article --> here
Download the 16 page PDF Blueprint --> 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, 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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