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With $1.6mm Seed Raise, CAARY Appoints Senior Fintech Investment Strategist John MacKinlay as CEO to Lead U.S./Canada Equity Crowdfunding Campaigns
Caary Capital | May 25, 2021
Fintech startup CAARY has unveiled a corporate credit card for SMEs which is the first of its kind in the Canadian finance industry, allowing businesses to qualify based on funding and revenue as opposed to credit history.
TORONTO, May 25, 2021 (GLOBE NEWSWIRE) -- CAARY CAPITAL LTD. (“CAARY” or the “Company”) is pleased to announce that after raising a total of CAD $1,600,000 from accredited investors in Canada in an equity seed round, the Company has launched equity crowdfunding campaigns for Canadian and U.S. investors on FrontFundr and Fundable. In January 2021, senior fintech investment strategist John MacKinlay was appointed Chief Executive Officer of the Company to drive development of the product, its market, and partners, as well as to lead investment rounds and oversee early-stage commercialization of CAARY to build market share in the Canadian SME payments category, in which over CAD $40 billion is transacted annually. CAARY’s minimum viable product (“MVP”) is set to launch in July 2021, and has been developed to help Canada’s more than 1.2 million small and medium-sized businesses (“SMEs”) overcome common hurdles in business credit, expense management, and payments.
See: Fintech start-up Hardbacon secures $1.1 million thanks to equity crowdfunding
Mr. MacKinlay has over 25 years of experience in the banking sector, acting as a strategic advisor, senior executive, investor, and entrepreneur. After several years as a banker and Strategy Partner with PricewaterhouseCoopers (“PwC”), Mr. MacKinlay led the Banking Strategy Practice for IBM after they acquired PwC Consulting in 2002. Subsequently, he joined National Australia Bank (“NAB”) to lead Strategy & Corporate Development in the Americas. Subsequently, Mr. MacKinlay returned to PwC where he led and developed its Canadian Financial Services Advisory practice. In 2016, Mr. MacKinlay joined OMERS Platform Investments (“OPI”, the innovation arm of the OMERS pension fund) where he created the investment strategy for OPI’s Financial Services division and led their investments.
An overview of the CAARY solution (set to fully launch in September 2021) and its value proposition to Canadian SMEs is provided below.
Innovative Application Process: Canadian SMEs are often discouraged by the “black box” business credit card application process, which can take weeks to complete and generally requires a personal guarantee. CAARY primarily considers a SME’s cashflow and assets and never requires a personal guarantee, but can deliver same-day approval.
CAARY Mastercard®: Upon approval, virtual CAARY cards can be issued near-instantly for immediate use with unlimited supplementary cards. Physical cards are also available upon request.
Self-Serve Administration: SMEs will have the option to add/lock/remove cards at any time of day through an online dashboard. Permissions can also be adjusted for individual cards to include card-specific spending limits and merchant restrictions (e.g., by category or named merchants).
AI/ML-Driven Expense Management: Obviating the need to retain receipts and reconcile expenses each month, cardholders receive a notification via SMS, email, or the CAARY app each time a transaction is posted to their card. By responding to this notification with a picture of the receipt or invoice for that charge, CAARY uses an artificial intelligence (“AI”) and machine learning (“ML”) system which extracts the data and can transmit it to accounting platforms such as QuickBooks and Xero.
See: Understanding the Differences Between Crowdfunding Investing & Traditional Canadian Investments
Near-Instant Money Transfers up to USD $50,000: As an alternative to cheques and wire transfers, CAARY will offer SMEs the option to make near-instant transfers of up to USD $50,000 (~CAD $60,000) to business or consumer recipients through a linked bank account, even outside of Canada.
Continue to 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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