Mylo Raises $10M Series A From Major Canadian Financial Institutions
Pan-Canadian self-regulator takes steps to deepen its understanding of crypto assets 
Launch of Canada’s first B2B centralized digital platform for private placements
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
OSC makes doing business easier for market participants
OSC | Release | Nov 19, 2019
TORONTO, Nov. 19, 2019 /CNW/ - The Ontario Securities Commission (OSC) is moving forward with more than 100 specific actions to reduce burden for market participants doing business in Ontario's capital markets. As these changes are made, individuals and businesses regulated by the OSC can expect to see enhanced service levels, less duplication and a more tailored regulatory approach.
"The OSC has made major progress in reducing the burden for Ontario's market participants," says the Honourable Rod Phillips, Ontario Minister of Finance. "I want to commend Chair Maureen Jensen and her entire team for moving in short order to streamline regulations without compromising investor protection."
The changes will make it easier to start, fund and grow a business in Ontario, and make Ontario's markets more competitive. While these initiatives will benefit businesses of all sizes, the OSC has carefully considered opportunities to benefit small and medium-sized companies, which make up nearly 70 per cent of those regulated by the OSC, and smaller registrant firms, which make up nearly a third of Ontario registrants.
NCFA Advocacy on Burden Reduction:
March 1, 2019: NCFA Submission to the Ontario Securities Commission on Regulatory Burden
NCFA Letter to Ontario Economic Development on Burden (Jan 2019)
"We've taken a good look at our work to see how we can do things better," says Maureen Jensen, Chair and CEO of the OSC.
"Our progress in just under a year shows our commitment to working differently, and I would like to thank the Ministry of Finance for their support throughout this process."
Highlights include:
- Small and medium-sized businesses that are registrants will see clear service standards for compliance reviews, and, in appropriate cases, be able to hire a Chief Compliance Officer (CCO) who acts in that role for other, unaffiliated firms. Companies will see more support for raising capital in the public markets, through a confidential prospectus review process prior to announcing an IPO or other financing.
- Innovative businesses and startups will receive more flexibility in the OSC's approach to registration, resales in the secondary market, and other regulatory requirements. Individuals applying to be CCO of fintech firms will be assessed based on their qualifications and on their broader business experience, and how the experience aligns with the firm's business model. Startups seeking financing will see crowdfunding rules harmonized across the country.
- Large businesses will see duplicative filing requirements eliminated in investment funds and registration rules; delivery of documents, like prospectuses, electronically; and measures to facilitate the registration of multiple CCOs for large registrants with multiple lines of business. Public companies will have the ability to conduct at-the-market offerings without obtaining prior exemptive relief.
The 107 initiatives outlined in the report address 34 underlying concerns identified by staff during the consultation process. The initiatives will address those concerns by clarifying regulatory expectations, improving technology, enhancing coordination with other regulators, and providing greater support during regulatory interactions.
Several burden reduction initiatives have already been implemented by the OSC in 2019, including;
- removal of fees for delayed outside business activity filings in May,
- pre-file program for mining issuers' technical disclosure in June,
- removal of dated requirement for investment fund managers to apply to act as trustees in June, and
- flexible fees certification process for market participants in September.
Initiatives that fall entirely within the OSC's purview will be implemented within a year. Other changes will be addressed over a longer time frame, as they require legislative amendments, harmonization with other regulators, or long-term investments in technology, systems or expertise.
"I would like to express my deep gratitude to our dedicated Burden Reduction Task Force team for working diligently to land on more than 100 tangible ways we can reduce burden for our market," added Chair Jensen.
In November 2018, the OSC established the Burden Reduction Task Force to identify ways to enhance competitiveness for Ontario businesses and to reduce regulatory burden. Led by the taskforce, the OSC conducted extensive stakeholder consultation to gather feedback on areas for improvement. The OSC received 69 comment letters and 199 suggestions from market participants and investors on possible reforms. Each was carefully evaluated by staff on the basis of its impact, practicality and potential cost savings.
See: ‘Underwhelming’ financial services sector contributes to lagging productivity: report
This burden reduction initiative is a central component of the Ontario government's five-point plan for creating confidence in our capital markets which was addressed in the Government of Ontario's Open for Business commitment in 2018.
As part of the ongoing modernization process, the OSC's new Office of Economic Growth and Innovation will support long-term burden reduction efforts and provide a platform for ongoing feedback and dialogue with market participants.
The Reducing Regulatory Burden in Ontario's Capital Markets report can be found on the OSC's website.
View the original release --> here
Financial Post | Barbara Shecter | Nov 19, 2019
OSC's ‘burden reduction’ overhaul to save businesses millions
Businesses regulated in Ontario’s capital markets will save close to $8 million a year following implementation of a swath of new “burden reduction” reforms to be unveiled Tuesday by the Ontario Securities Commission.
The OSC overhaul is a central component of the Ontario government’s pledge to put an “open for business” stamp on the province. It consists of more than 100 specific actions, from simplified registration for large companies with multiple business lines, to the elimination of duplicative and arbitrary filings that don’t reflect the adoption of technology, to “tailored” rules for small firms.
The aim is “to make it easier to do business, but still be clear about the rules of the road,” OSC chair Maureen Jensen said in an interview.
The reduced costs have been calculated for only 21 of the 107 planned reforms so far, she said, adding that further savings could come from reduced fees if fewer regulatory services are required.
Jensen announced the creation of a burden-reduction task force last November, following the June election of Doug Ford’s Progressive Conservative government.
In its spring budget last year, the government laid out a five-point plan to “create confidence” in Ontario’s capital markets, which included the establishment of an Office of Economic Growth and Innovation at the OSC, and an emphasis on “economically focused rule making.”
The result is the OSC’s 108-page report to be released Tuesday, which lays out a plan to address 34 concerns gathered from industry players and investors, including making it easier to navigate the regulatory process and creating more tailored and flexible regulation for companies and investment firms of various sizes.
See: Competition Bureau weighs in on fintech: urgent action required
In a statement, Ontario’s minister of finance, Rod Phillips, praised Jensen and the OSC for “moving in short order to streamline regulations without compromising investor protection.”
NCFA Advocacy for Regulatory Change Supporting Canadian Fintech Innovation
NCFA's Submission to Finance Canada March 2018: Urgent need for regulatory change and government support
NCFA's Submission to Ontario Finance Minister Nov 4, 2017: Urgent need for regulatory change
More Advocacy Initiatives undertaken by NCFA
Investor advocates have been skeptical about the Ford government’s strong public views on regulation of the financial markets, fearing that the pro-business stance would be detrimental to the OSC’s mandate of investor protection.
But Jensen countered that the investor protection mandate was a guiding force in determining what changes were made to lighten the regulatory burden for companies, with members of the task force required to ask themselves whether any change they were considering would diminish investor protection.
“If the answer was ‘yes,’ (the proposed change is) not in this report,” she said.
Overall, she said lower regulatory costs for businesses should be good news for those firms and for investors, who inevitably find the cost of doing business passed on to them.
Continue to the full article --> here
Download the 108 pg OSC Burden Reduction Report --> 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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Release: Canadian securities regulators sign Fintech co-operative agreement with the MAS
Canadian Securities Administrators | Nov 12, 2019
Montreal and Singapore - Members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Monetary Authority of Singapore (MAS). The members are the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
The agreement extends the work of the CSA Regulatory Sandbox Initiative and the MAS Fintech and Innovation Group. Notably, it includes a referral mechanism for innovative businesses, and will enhance and clearly define information-sharing between these jurisdictions.
“This agreement with MAS will allow innovative businesses in Canada and Singapore access to new regulated markets,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Flexible regulatory environments with appropriate investor protection measures are best-placed to support the rapidly growing fintech industry.”
“Singapore and Canada are no strangers in fintech collaboration. MAS and Bank of Canada had collaborated on a project to explore cross-border payments transactions on blockchain. This co-operation agreement will strengthen our co-operation between the 2 countries, specifically in developing innovative solutions for the securities sector,” said Sopnendu Mohanty, Chief FinTech Officer, MAS.
The co-operation agreement exchange ceremony was held at the Canadian Pavilion at the Singapore FinTech Festival, which drew close to 50,000 people from around the world. The CSA was represented by Oumar Diallo, Director, Fintech and Innovation at the Autorité des marchés financiers, and H. Zach Masum, Manager, Legal Services at the British Columbia Securities Commission. MAS was represented by Jacqueline Loh, Deputy Managing Director (Markets & Development).
See:
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Singapore overtakes the US to become world’s most competitive country, WEF says
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Why Fintech Startups Love Singapore’s Hawk-Eyed Central Banker
For certain CSA members, the agreement with MAS will come into effect once all governmental approvals have been obtained.
View original release
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 “spare change” saving and investing app gets backing from National Bank and Desjardins Capital
Mylo | Ted Liu | Nov 5, 2019
Mylo Raises $10M Series A From Major Canadian Financial Institutions
Montreal, November 5, 2019 – Mylo, the Montreal-based fintech, has secured $10M in financing for its app that helps Canadians automate their saving and investing. The Series A
round was led by National Bank’s corporate venture capital arm, NAventures, with follow-on investment from Desjardins Capital, Ferst Capital Partners and Tactico. This brings the company’s total funding up to $14M.
“Mylo’s mission has always been to help Canadians achieve their financial goals. With over 450,000 Canadians creating accounts to save and invest on our platform in only two years, we know we’re on the right track,” said Mylo Founder and CEO, Phil Barrar. “This investment from important strategic partners lets us start the next phase of our mission. Our team is focused on building innovative new products to help Canadians overcome any financial roadblocks that stand in the way of their goals.”
The investment by National Bank reinforces the institution’s commitment to innovation.
“We see great alignment between Mylo’s mission and our own focus on providing individuals with the digital tools they need to manage their finances,” said Igal Ohayon, Director of Venture Capital at NAventures. “National Bank is well-positioned to support Mylo’s growth and contribute to Canada’s fintech ecosystem, while also working to strengthen its own offering.”
This fundraising marks two years of rapid growth for Mylo, boosted by the January 2019 launch of Mylo Advantage. The $3/month premium service includes access to registered accounts (TFSAs and RRSPs), socially responsible investing (SRI) options, next-day withdrawals and monthly cashback Perks from millennial-friendly brands like Netflix and Foodora.
“Investing in a TFSA is the smartest way for most Canadian millennials to save, yet only about 40% of us have one. Since launching Advantage, 9 out of 10 new users have opened a TFSA. This is just one example that illustrates how Mylo can help Canadians make better financial decisions, and we’re just getting started,” said Barrar.
In addition to developing new products, Mylo will use the new capital to hire actively across all departments, continue growing in Canada and expand internationally.
See: The state of Canadian FinTech in four charts
To learn more about Mylo, and begin saving and investing, visit mylo.ai.
Quick Facts
- Canadians need help saving. Average net saving for all Canadian households was $852 in 2018, and national average of debt was $23,496 in the first quarter of 2019 (not including mortgages).
- Canadian millennials particularly need help. Across Canada, it would take 13 years of full-time work for the typical Canadian millennial to save for a 20% down payment on an
average-priced home. - Our analysis found that a Canadian who invests consistently from the age of 25 to 65 could end up with nearly 50% more money by investing within a TFSA than with a nonregistered account. However, only around 40% of Canadian millennials have one.
- Millennials are twice as likely than baby boomers to consider environmental, social or governance (ESG) factors in their investing and are driving the rapid rise of SRI in
Canada, which now accounts for 50.6% of all Canadian assets under management.
View 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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IIROC Announces Crypto-Asset Working Group Members
IIROC | Andrea Zviedris | Oct 31, 2019
Pan-Canadian self-regulator takes steps to deepen its understanding of crypto assets
October 31, 2019 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today announced the members of its new Crypto-Asset Working Group. Chaired by Victoria Pinnington, IIROC's Senior Vice-President, Market Regulation, this group of individuals from various sectors will lend their wide breadth of expertise to advise on:
- any future proposed IIROC rules, guidance and other policy matters related to the regulation ofcrypto assets; and
- any potential impacts on investor protection and market integrity.
"It is important that IIROC continues to assess how regulatory requirements might be best tailored for crypto assets," said Pinnington. "This group of diverse industry members will better position IIROC to support industry transformation, while ensuring we deliver on our mandate to protect investors."
See: A Global Review Of The Regulatory Considerations Relating To Crypto-Asset Trading Platforms
The Crypto-Asset Working Group members are:
- Stephen Allcock (Questrade Financial Group)
- Pam Draper (Bitvo)
- Robin Ford (Robin Ford Consulting)
- Andrew Grovestine (Canadian Securities Exchange)
- François Lavallée (National Bank Financial)
- Julie Mansi (Borden Ladner Gervais LLP)
- Felix Mazer (Coinsquare)
- Linda Montgomery (Coinchange Financial/Blockstation)
- Brian Mosoff (Ether Capital Corp.)
- Souvik Mukherjee (Scotia Wealth Management)
- Laurence Rose (Omega Securities Inc./ 4C Clearing Corporation)
- Duncan Rule (CIBC)
- Phil Sham (Aquanow)
- Sean Shore (Canadian Compliance & Regulatory Law)
- Paul Stapleton (Fidelity Clearing Canada)
- Dino Verbrugge (DV Trading LLC)
- Joseph Weinberg (Paycase Financial)
- Robert Whitaker (Blockchain Intelligence Group)
- Lara Wojahn (Dominion Bitcoin Mining Company Ltd.)
See: NCFA Comments: CSA/IIROC Joint Consultation Paper 21-402: Proposed Framework for Crypto-Asset Trading Platforms
In March 2019, IIROC and the Canadian Securities Administrators (CSA) published a consultation paper seeking input from stakeholders on how regulatory requirements may be tailored for crypto-asset trading platforms operating in Canada.
About IIROC:
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
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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3iQ’s “the Bitcoin Fund” Receives Favourable Ruling From Ontario Securities Commission Panel
3iQ | Fred Pye | Oct 30, 2019
TORONTO--(BUSINESS WIRE)--3iQ Corp. (3iQ), a Canadian investment fund manager focused on disruptive technologies and the digital asset space, announced today that it has received a favourable ruling from its public hearing before a panel of the Ontario Securities Commission (OSC) regarding The Bitcoin Fund (the Fund). The OSC panel has directed the OSC Director to issue a receipt for a final prospectus of the Fund, a closed-end bitcoin fund that is expected to be listed for trading on a major Canadian stock exchange.
“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in bitcoin through a regulated, listed fund,” said Fred Pye, President & CEO of 3iQ. “We have addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. We intend to refile the prospectus as soon as possible as the next step in bringing this ground breaking fund to investors.”
“We look forward to offering retail investors exposure to this exciting new asset class within registered and traditional investment accounts” said Howard Atkinson, Chairman of 3iQ. “The performance and professionalism of our legal team at Osler and our audit team from Raymond Chabot Grant Thornton (RCGT) was critical to getting support from the panel.”
See:
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3iQ Presents Evidence at Public Hearing with Ontario Securities Commission
-
Stablecoins: Experience the Stability
-
Fintech Fridays Episode 32: Rallying behind Bitcoin with Frederick T. Pye
3iQ has had support from its partners over the past three years, including the development of an innovative bitcoin benchmark from VanEck’s MV Index Solutions, a regulated index provider and leader in developing cryptocurrency indices and data series.
“We were pleased to work closely with 3iQ in both the development of the index and in working with the regulators to address their concerns. We are obviously impressed with the determination and persistence of our Canadian partners,” said Jan van Eck, CEO of VanEck.
Gemini Trust Company LLC, a New York based cryptocurrency exchange and trust company, will act as custodian of the bitcoin in the Fund. “We are pleased to have selected Gemini as our digital asset custody solution in partnership with the Cidel Trust Company. The exceptional support from their teams has helped our Bitcoin Fund become a reality,” said Shaun Cumby, Chief Investment Officer of 3iQ.
“3iQ has carefully selected a team of professional partners with expertise in the digital asset industry to construct a safe and secure fund product for the Canadian market, and we are excited to be selected as their custodian,” said Cameron Winklevoss, President of Gemini. “As a New York Trust company we are required to store digital assets in a trusted, safe and compliant manner and will employ those principles to help 3iQ manage this innovative fund.”
3iQ expects to syndicate the offering as soon as possible and hopes to have the Fund listed and trading later this quarter.
About 3iQ Corp.
3iQ is a Canadian investment fund manager focused on providing innovative investment products. 3iQ currently manages two digital asset funds including the 3iQ Bitcoin Trust and the 3iQ Global Cryptoasset Fund, two private investment funds which hold bitcoin only and bitcoin, ether and litecoin respectively. These funds are eligible for investment by accredited investors in Canada or in reliance on other exemptions from the prospectus requirement. Founded in 2012, 3iQ is currently focused on disruptive technologies and the digital asset and blockchain space. Please visit www.3iQ.ca to learn more.
About MV Index Solutions – A VanEck Company
MV Index Solutions develops, monitors and markets the MVIS Indices, a focused selection of pure-play and investable indices designed to underlie financial products. They cover several asset classes including hard assets and international equity markets as well as fixed income markets.
MVIS is the index business of VanEck, a US-based investment management firm and provider of the VanEck Vectors ETFs. Approximately USD 13.58 billion in assets under management are currently invested in financial products based on MVIS Indices. Many of those products are the largest in their investment category. MVIS also develops and maintains customized indices for third parties that aim to track specific investment themes.
VanEck
Founded in 1955 by John C. van Eck, VanEck was among the first U.S. investment managers to help investors achieve greater diversification through global investing. Van Eck International Investors Gold Fund was launched in 1968 and was the first U.S. gold fund. Today the firm continues its tradition of responding to the needs of investors by offering innovative investment strategies in emerging markets equity and fixed income, natural resources and commodities, gold and precious metals, liquid alternatives, and other specialized, global asset classes. VanEck has offices around the world and manages approximately USD 50 billion in investors' assets.
About Gemini
Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store cryptocurrencies such as bitcoin, bitcoin cash, ether, zcash, and litecoin. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York Department of Financial Services and the New York Banking Law. Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. For more information, visit our website to learn about Gemini Custody and our other institutional products and services.
View 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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MindBridge announces collaboration with the Bank of Canada on AI and payment transactions
MindBridge | Roy Sarkar | Oct 23, 2019
Ottawa, Canada, October 23, 2019 – MindBridge Analytics Inc. has been selected by the Bank of Canada to be a part of the Bank’s ‘Partnerships in Innovation and Technology’ (PIVOT) program (PIVOT) in a proof-of-concept application of its artificial intelligence solution to spot abnormalities in payment transactions.
One of the Bank’s core functions is to provide funds-management services to the Government of Canada, itself, and its other clients. This funds-management involves the secure inflow and outflow of payments. Relevant and timely intelligence is a critical factor in effectively monitoring payment systems, as indicated by recent industry research.
Through this proof-of-concept application, the Bank will collaborate with MindBridge to leverage its proven AI platform to understand how artificial intelligence and machine learning can augment its existing controls, learn from historical transactions, monitor transactions, and block atypical activity when detected to further enhance the protection of payments.
‘We are excited to collaborate with the Bank of Canada through its innovative PIVOT program. Working alongside a leading central bank accelerates MindBridge’s capabilities in delivering impactful solutions in the financial sector and further demonstrates the extensibility of the MindBridge AI platform,” said Eli Fathi, MindBridge CEO.
Upon completion of this proof-of-concept, the Bank will publish a summary of this initiative.
See: Cyberattacks now cost small companies $200,000 on average, putting many out of business
Launched in 2018, the Bank of Canada’s PIVOT program builds on the Bank’s commitment to deepen its knowledge of leading-edge technologies and its engagement with innovators in Canada and globally. PIVOT aims to identify and solve unique business challenges that may not have a readily available commercial solution. It will also allow Bank staff to keep pace with emerging technologies and their applications and broaden relationships with the innovation and technology communities. For more information on the Bank’s PIVOT program, visit https://www.bankofcanada.ca/research/partnerships-in-innovation-and-technology-pivot-program/
View the press release --> here
You may like to know: The partnership with a major financial institution follows MindBridge bringing in $29.6 million in funding earlier this year. At least $14.5 million of that came from the federal government through its Strategic Innovation Fund (SIF) to support a $140.8 million project taken on by MindBridge, as the startup looks to develop a tool meant to help its client companies analyze their own data more effectively.
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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NEO and Silver Maple Ventures Inc. Introduce DealSquare to Disrupt Canadian Private Markets for the Better
DealSquare | Peter-Paul Van Hoeken | Oct 22, 2019
Launch of Canada’s first B2B centralized digital platform for private placements
Toronto, October 22, 2019 – NEO is pleased to introduce DealSquare, Canada’s first centralized platform to simplify private placements in Canada, by digitally connecting capital raisers to dealers and their investment advisor networks. DealSquare is a technology solution developed by NEO in partnership with Silver Maple Ventures Inc., the company behind Canada’s leading online B2C private markets investment platform, FrontFundr, DealSquare will support the entire private placement process from marketing investment opportunities and electronically managing the due diligence and subscription process, through to efficiently closing the deal.
By utilizing NEO Connect technology, exempt securities will be seamlessly integrated into client accounts and back office systems. With broader and more efficient access to private placement offerings, the costs and operational risks of raising private money will go down, ultimately expanding investment opportunities. It’s a win-win for capital raisers, dealers, investment advisors and investors.
Over the past ten years, investors have flocked to the private markets looking for superior returns and to add balance to their portfolios. However, despite the overall growth in private markets compared to public markets, asset managers and capital raisers of all sizes and stages are still limited in their ability to complete private placements without facing debilitating financial, operational and regulatory burdens. Private placements have also traditionally relied on friends, family and business relationships, inefficiently raising money from a very small subset of the investing community.
See: FrontFundr announces new chair of the board
DealSquare officially launched today, with three dealers immediately connected to the platform and six active private placement offerings.
“Private market investment continues to outpace the public markets; however, access to private offerings has been fragmented, marketed through word-of-mouth and transacted using archaic technology. Today, that changes,” stated Jos Schmitt, President and CEO, NEO. “Together with the team from Silver Maple Ventures, we are making access to private markets easier, more efficient and with less operational risk through DealSquare.
At NEO, our vision from day one has been to bring competition and innovation to all facets of the Canadian capital markets, including the private markets space. We are very proud to continue to deliver on our vision with the introduction of DealSquare. As of today, asset managers and capital-raising companies of all sizes can now partner with NEO to raise capital through multiple channels, whether through the public or private markets, on or off exchange.”
How DealSquare Works
Dealers connected to DealSquare can publish their approved deals to their investment advisors in an organized and centralized manner. They also have the option to open their deal rooms to other dealer networks. Due diligence teams can review all deal information in one place, then choose to approve an offering to be marketed to the advisor network. Registered advisors can download investor-ready documentation and share deal pages with their clients. Investment documents will be digitally executed on the platform, with reporting documentation instantly consolidated and organized. Upon closing, NEO Connect technology will be used to facilitate the electronic settlement of exempt securities into dealer
back office systems and client accounts.
“The private markets have been lagging the public markets with regards to access and efficiency in processing investments,” says Peter-Paul Van Hoeken, Managing Director of DealSquare. “With DealSquare, we simplify the private placement exchange and transaction between dealers and advisors in a fully digitalized and efficient online environment.
We are thrilled to partner with NEO on this opportunity. Our online capital raising and investment processing capabilities, combined with the NEO Connect technology, delivers a highly innovative and powerful private markets solution to the Canadian investment industry.”
See: Why Partnerships Are the Future for Fintech
Dealer and Investment Advisor Access to DealSquare
DealSquare is available to all Canadian investment dealers. Independent investment dealer Aligned Capital Partners Inc. is one of the first three dealers to pioneer DealSquare.. Investment advisors from these firms can request access to DealSquare to open a registered account and access, analyze and transact private market deals. For more information on how to register, please visit the DealSquare website
“We recognize this innovative solution will give our advisors access to private investment deals that will add opportunity and balance to their client portfolios,” said Christopher Enright, Founding Partner, President & Managing Director, Aligned Capital Partners.“ Like Aligned Capital, NEO is focused on providing efficient services and innovative solutions that put the needs and interests of their clients at the forefront. As a strategic partner they helped forge our relationship with DealSquare and we are proud to pioneer this private market deal platform.”
Digital execution will be enabled with the full roll-out of the DealSquare platform, expected during the first half of 2020. During the pilot phase, PDF documentation and manual execution will be faciliated by the DealSquare team.
Raising Capital on DealSquare
Any Canadian private or public company – large or small - can use the platform for private placement offerings. Asset managers can also leverage DealSquare to provide investors with innovative investment opportunities. Working with a dealer to market a private placement on DealSquare will provide broader reach to secure investment interest. A streamlined, electronic investment process will make it easier and more efficient for advisors to subscribe and invest on behalf of their clients. This will lead to a reduction in the cost of raising capital, as access and interest in the private investment opportunity goes up.
See: Debt vs. Equity Financing: Pros And Cons For Entrepreneurs
To learn more about how DealSquare connects Dealers, Advisors and Capital Raisers and how it makes it easy to find, analyze and share private market opportunities, please visit:
https://www.dealsquare.io/About
About DealSquare
DealSquare is a centralized digital platform that gives registered users the ability to efficiently find, analyze and transact private market deals. With the complete roll-out of the platform during the first half of 2020, this dealer-to-dealer platform will digitally support the private placement process: capital raisers publish their private placement opportunities; dealers complete their due diligence; and advisors electronically subscribe to a deal, with exempt securities seamlessly integrated into client accounts and back office systems utilizing NEO Connect technology. DealSquare is a joint initiative between NEO and Silver Maple Ventures to make private markets better and more efficient.
https://www.linkedin.com/company/dealsquaretech/ | https://twitter.com/dealsquaretech
About NEO
NEO or the NEO Group comprises Aequitas Innovations Inc. and its subsidiaries, a group of established fintech companies that provide capital markets infrastructure designed for and led by the industry. Our competition, innovation and advocacy enable change, for the better. NEO is currently home to two capital raising solutions, NEO Exchange, a progressive stock exchange that brings together investors and capital raisers within a fair and transparent environment, and NEO Connect, a technology platform that enables the distribution of financial assets not listed on a stock exchange. To learn more, please visit: https://www.aequitasneo.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, 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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