Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Category Archives: Research
Rural Cash Access Adapts as Bank Branches Close
Bank of Canada Staff Report | March 27, 2025
Image: Canadians' access to cash in 2023 (Bank of Canada, Staff Research)
Digital Services, Mobile banking vans, and Non-bank Owned ATMs Are Filling Gaps Left By Traditional Banks
On March 21, 2025 the Bank of Canada's staff published a cash-related study called 'Canadians Access to Cash in 2023' (16 page PDF) that confirms what most folks especially fintechs and financial institutions (FI) know. That is banks and credit unions are quietly closing branch locations across Canada, particularly in rural and remote areas.
See: Bank of Canada Releases New Guidance for PSPs
The report compares a snapshot taken in Q4 of 2019 and compared it with Q4 in 2023, four years later, and found that 561 branches were shut down, along with more than 900 bank-owned ATMs (automatic teller machines). Now even though the banks and credit unions are closing hundreds of ATMs, private companies or white-label ATMs, fintechs, and innovative alternatives have moved in to fill the gap to provide access to cash for people who rely on them.
“The infrastructure for accessing cash may look stable on the surface, but the underlying delivery models have changed significantly.”
Decline in FI-Owned Infrastructure (2019 Q4 to 2023 Q4)
| Type | 2019 Q4 | 2023 Q4 | Change |
| Bank branches | 5,921 | 5,699 | –222 |
| Credit union branches | 2,984 | 2,645 | –339 |
| FI-owned ABMs | 21,538 | 20,604 | –934 |
| White-label ABMs | 38,863 | 39,660 | +797 |
The table above is sourced from the BoC's staff research report and shows that white-label ATMs, typically not located in retail stores and not affiliated with any financial institution, now make up approx two-thirds of all automatic teller machines in Canada. While they offer convenience, they often come with higher fees and lack the services or security that bank owned ATMs provide.
Impact on Rural Access
In many rural or remote communities where branches and ATMs have been removed, residents now have to travel further to access basic financial services. Credit unions which often serve smaller populations, have reduce the number of branches at a steeper percentage drop than major banks.
See: Canada Post Launches Postal Banking With KOHO
While a growing number of Canadians are transitioning to online banking, those that still rely on cash such as seniors, some small businesses, and those with limited internet access, are faced with rising challenges to access basic banking services.
What’s Filling the Gap?
Some innovative partnerships and initiatives are expanding access through digital and community-based models.
📮 Canada Post + Koho
Earlier this month, Canadian fintech Koho and Canada Post formed a partnerships and launched postal banking services via the My Money Account, a digital spending and savings account managed through the KOHO app. So citizens living in rural or remote areas that live near a post office will be able to load cash, access funds, and manage their money at their local post office and users can deposit cash at over 6,000 Canada Post locations. The service is expected to rollout nationally this year 2025 and is specifically targeting rural, remote and indigenous communities.
🚐 Desjardins Mobile Banking Units
While we've never stepped in one, reports online show that Desjardins has launched mobile banking branches, which are fully equipped vehicles that travel to underserved regions of Quebec. These mobile branch units offer in-person banking services, including deposits, withdrawals, bill payments, and consultations. The approach is proving effective in areas where internet access is limited and/or digital adoption is low.
💻 Digital Financial Services
Digital banking platforms like EQ Bank, Koho, and Wealthsimple Cash are also helping Canadians open accounts, pay bills, and send e-transfers, all remotely. Most of these services offer secure ID verification tools that don't require a branch visit, so they are an ideal fit for communities lacking traditional brick-and-mortar infrastructure.
See: BoC Research on Digital Dollar’s Impact on Economy
Digital banks have become a reliable alternative for delivering a growing suite of financial services at lower rates than traditional banks providers.
Outlook
As the number of physical banking locations and ATMs decline in rural communities, the alternative solutions will be used more and more. From white label ATMs to postal banking services and mobile branch units, are now part of the financial infrastructure of rural Canada.
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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Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Global Innovation Regulation 2024 Rankings
Research | March 25, 2025
Image: Global Regulation Index, Innovate UK
Innovate UK Report on 2024 Global Regulation Rankings - Who's Getting It Right?
Last summer, the UK’s national innovation agency, ranked 21 countries on how well their regulators support innovation in sectors like AI, fintech, and health tech. Rather than focusing on the number of innovative policies, competition, or economic growth, the 2024 Global Regulation Index (64 page PDF) looks at how adaptable, collaborative, and forward-thinking each country is when it comes to modern regulation.
How the Rankings Were Built
Countries were scored based on a combination of public data, policy analysis, consultation activity, and expert review. This means the rankings capture both measurable outputs and qualitative factors, such as how willing a government is to try new ideas or adjust outdated rules.
See: UK to Cut Regulatory Red Tape to Boost Tech and Growth
The report scores each country on 37 metrics across five core pillars that reflect how regulators engage with emerging (tech) innovations. In brackets is each pillar's weight to reflect its importance in calculating a country's final score, normalized on a 100 point scale.
- Adaptability (27.5%) – How responsive the regulatory environment is to change
- Clarity & Reliability (20%) – How understandable and stable the rules are
- Collaboration (20%) – How well regulators engage with innovators and stakeholders
- Experimentation (20%) – How often pilot programs or sandbox trials are used
- Entrepreneurship Support (12.5%) – How much the system enables startups to grow
Weighted Contribution Rankings by Country
All 21 countries examined received a total score out of 100, based on weighted contributions from the five categories mentioned above.
See: Innovative Approaches to Smarter Regulation
Here's the full list:
2024 Global Regulation Index – Summary Data Table
| Rank | Country | Overall | Adaptability | Clarity | Collaboration | Experimentation | Entrepreneurship |
|---|---|---|---|---|---|---|---|
| 1 | Singapore | 86.6 | 23.6 | 14.6 | 18.3 | 20.0 | 10.1 |
| 2 | The Netherlands | 83.5 | 20.3 | 15.5 | 18.4 | 19.6 | 9.8 |
| 3 | United Kingdom | 83.0 | 20.0 | 15.2 | 18.9 | 19.3 | 9.6 |
| 4 | Australia | 79.4 | 18.3 | 15.0 | 19.0 | 17.9 | 9.3 |
| 5 | South Korea | 78.8 | 17.9 | 14.3 | 17.7 | 20.0 | 8.9 |
| 6 | Germany | 78.2 | 19.6 | 15.6 | 19.1 | 14.3 | 9.6 |
| 7 | Canada | 77.2 | 17.1 | 15.4 | 15.4 | 20.0 | 9.4 |
| 8 | United States | 76.5 | 19.0 | 14.8 | 13.5 | 19.6 | 9.5 |
| 9 | Austria | 75.1 | 18.6 | 15.5 | 13.2 | 19.3 | 8.5 |
| 10 | United Arab Emirates | 73.1 | 20.9 | 13.8 | 16.5 | 13.6 | 8.4 |
| 11 | Finland | 72.0 | 21.3 | 16.1 | 15.8 | 9.3 | 9.5 |
| 12 | Japan | 69.0 | 16.0 | 13.1 | 16.0 | 14.3 | 9.7 |
| 13 | Switzerland | 68.7 | 14.7 | 16.5 | 15.0 | 15.0 | 7.5 |
| 14 | Norway | 68.3 | 14.7 | 14.1 | 13.9 | 19.3 | 6.4 |
| 15 | France | 67.8 | 18.6 | 15.2 | 11.2 | 14.3 | 8.6 |
| 16 | Sweden | 67.0 | 18.5 | 14.3 | 16.5 | 8.6 | 9.1 |
| 17 | Denmark | 66.6 | 14.9 | 16.2 | 12.7 | 13.2 | 9.6 |
| 18 | Israel | 65.1 | 16.7 | 15.1 | 10.9 | 13.9 | 8.4 |
| 19 | China | 57.3 | 13.0 | 9.3 | 13.1 | 14.6 | 7.3 |
| 20 | Brazil | 54.1 | 10.1 | 12.9 | 12.9 | 10.7 | 7.5 |
| 21 | Mexico | 49.8 | 10.9 | 12.9 | 13.3 | 5.7 | 7.1 |
Ranking Insights
Based on the data and rankings, a country will perform well in this study if they perform highly across the board, from clarity and adaptability to how much they support startups. That's what helps Singapore come out on top. They didn't have the highest score in a single area but they did well on all five, and their consistency makes it the most balanced and reliable regulatory environment for innovation in the study.
South Korea is another good example. It led the rankings in policy clarity and did well in startup support too. With solid scores in adaptability and experimentation, it climbed to second overall. So it's not just about trying new things but about doing them well, consistently, and at scale.
See: Balancing Fintech Innovation and Regulation
The United States had high marks for adaptability and experimentation, which makes sense given its size and diversity of its innovation economy but it scored lower in collaboration and reliability. Likely because it's such a complex regulatory system and federal and state rules often overlap, so it can mean uncertainty and slower timelines for businesses.
Further down the list, sizable economies like France, Germany, and Japan received middle rankings. While their regulations are generally stable and clear they haven't moved as quickly to adapt or test new ideas. A steady approach is predictable but it can hinder innovation when new technologies and/or industries appear.
At the lower end, countries like India, Brazil, and Nigeria scored high in entrepreneurship support (a lot of energy and activity for their startup ecosystems). But they struggled with clarity, coordination, and the ability to keep up with change. The talent and ambition are there but the policy foundation to support it, may be lacking.
Canada Ranks Top in Experimentation But...
Canada’s story is different. It ranked first in the world for regulatory experimentation (actually tied for first rank together with Singapore and South Korea), which means regulators are doing more testing, piloting, and sandboxing than anyone else. That's got to be a positive sign, as it shows willingness to study new approaches whether it's for digital assets, open banking or AI oversight. But experimentation only accounts for a fifth of the overall score and that alone isn't enough.
See: The Crisis Canada and Fintech Can’t Afford to Waste
In other areas like adaptability, clarity, and support for entrepreneurs, Canada lands more in the middle of the global rankings. The real challenge is moving from testing ideas to turning them into clear, national rules that help startups scale and compete. Right now, overlapping rules across provinces and slow implementation timelines are still a barrier for many. So while Canada is active on the front end of innovation, it hasn’t yet turned those efforts into major economic or competitive advantages.
Why This Matters
Good innovation policy isn’t just about making new rules. It’s about building systems that let businesses grow, take risks, and move forward without getting stuck in red tape. Canada's report ranking shows that regulators are starting in the right place by asking questions, running pilots, and listening to industry. But in other countries, those early steps turn into action more quickly. If Canada wants to keep up, it needs to make its rules clearer, reduce overlap between provinces, and move faster to turn pilot programs into policies that business can rely on at scale.
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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Support NCFA by Following us on Twitter!Follow @NCFACanada |
GPR 2025 Shows Rise of Wallets BNPL and Real-Time Payments
Payments Data | March 18, 2025
Worldpay's GPR 2025 Breaks Down the Past, Present, and Future of Consumer Payments
Image: GPR 2025 (worldpay report cover)
Worldpay has dropped their annual 10th Global Payments Report 2025 (83 page PDF report), which always contains reams of great data research and insights on how more and more people are using digital payments around the world, while cash becomes less common. The future of payments is towards real-time, mobile transactions combined with innovative fintech-driven solutions. Global payments are evolving worldwide.
Five Quick Hits
1. The reality is digital payments are taking over. In 2014, just 34% of e-commerce payments were digital but by 2024 that number almost doubled to 66%. By 2030, the report forecasts nearly 80% of all online transactions will be digital, driven by mobile wallets, account-to-account transfers, and buy now, pay later (BNPL) service transactions. In physical store locations, the same trend is happening where digital transactions have gone from just 3% in 2014 to 38% today (2024) and are expected to reach 53% by 2030.
See: The Diverging Paths of CBDCs, Privacy, and Global Payments
2. Cash is quickly disappearing but it’s not gone yet. 10 years ago, cash purchases represented 44% of in-store payments worldwide. Today, it's dropped to just 15%, and by 2030, it will likely shrink to 11%. Having said that, cash is stickier in some countries, such as parts of Latin America, Africa, and Asia where consumers still rely on cash for everyday purchases. Meanwhile cash has already almost disappeared entirely in countries like Sweden and Norway.
3. Real time payments and account-to-account transfers are changing the way people transfer money. For example, government backed national payment systems like UPI, Pix, and BLIK in countries like India, Brazil, and Poland respectively are expected to reach $3.8 trillion globally by 2030, making them a key trend in digital payments.
4. BNPL is still growing fast, as the opportunity to split payments into installments without a credit card is catching on across industries. BNPL transactions have grown from just $2.3 billion in 2014 to $342 billion today and are expected to reach $580 billion by 2030, a huge volume especially in retail and e-commerce.
5. Even though digital wallets are growing fast, credit cards are still holding strong at 45% of global transactions today. Banks and payment networks are introducing new features like Click to Pay and Visa Flexible Credential to keep credit cards relevant in an increasingly digital world. By 2030, credit card transactions are expected to remain relevant at 56% of global payments.
Global Payment Trends
The table below shows how key payment metrics have evolved and where they are headed in the coming years. Download the full worldpay GPR 2025 report for regional and country by country payment metrics here.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
| Metric | 2014 (Past) | 2024 (Present) | 2030 (Future Projection) |
| Global Digital Payments Share (E-com) | 34% | 66% | 79% |
| Global Digital Payments Share (POS) | 3% | 38% | 53% |
| Mobile Share of E-commerce Transactions | 19% | 57% | 64% |
| Global E-commerce Value | $1.2 trillion | $6.8 trillion | $10.8 trillion |
| BNPL Global E-commerce Value | $2.3 billion | $342 billion | $580 billion |
| Global POS Transaction $ Value of Cash | $16.1 trillion | $5.6 trillion | $5 trillion |
| Cash Share of Global POS Payments | 44% | 15% | 11% |
| Credit Cards Share of Global Transactions | 56% | 45% | 56% |
| Global Smartphone Users | 1.2 billion | 4.2 billion | 6.1 billion |
Why It Matters
While cash usage continues to decline, fintech innovations in payments such as digital wallets, real time payments, BNPL services, and government-backed national payment infrastructure are driving the future of how consumers will pay and transfer funds.
See: Loop & EQ Bank Launch Multi-Currency Card for Canadian SMEs
Digital is most certainly taking over, by 2030 most transactions whether online or in store will be digital. These changes are happening to meet the needs of evolving societies and changing economies prioritizing inclusion, convenience, and speed. Just follow the money and you'll see.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Crypto Regulation | April 15, 2025 Trump Repeals IRS Crypto Reporting Rule. Here's Why Fintechs in Canada Should Pay Attention On April 10, 2025, U.S. President Trump signed a bill cancelling a key IRS crypto reporting rule that would have required decentralized finance (DeFi) platforms to report customer transactions to the tax agency. See: UK FCA Plans Full Crypto Licensing Regime by 2026 The IRS' rule was called "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which expanded the scope of traditional broker definitions to include DeFi apps like Uniswap and Metamask, and had an effective date of February 28, 2025. However, the IRS provided a transition period given the reporting complexities involved, so the rule was set to apply to digital asset sales occurring after January 1, 2027. But with Trump's bill nullifying the IRS rule, the implementation is now cancelled and the rule is officially gone. What does this mean for fintechs, crypto startups, and regulators in Canada? What Changed? The IRS crypto reporting rule was part of a broader push to increase tax compliance among crypto users but industry argued that it wasn't manageable because DeFi platforms don't control their user's data. ...
Markets and Economy | April 15, 2025 Jamie Dimon’s 2024 Letter Outlines Global Risks and Advice for Leaders On April 7 2025, CEO Jamie Dimon of JPMorgan Chase published his annual 2024 letter to shareholders (58 page PDF), which is widely read by business and policy leaders around the globe. This year's edition, his messages are especially urgent. He describes a world of rising risks, and big decisions ahead with profound implications that stretch beyond simply Wall Street. Below are 5 insights that fintech founders, investors and Canadian decision makers need to know: 1. The U.S. Dollar’s Strength is At Risk “History has shown that as countries become weaker, their currency loses reserve currency status.” Dimon issued a clear warning that's rarely said out loud by execs of America’s biggest banks. That is the U.S. dollar’s global dominance is fading because it's strength relies on TRUST in U.S. institutions, alliances, and policy, BUT that trust is now eroding. Last week, the U.S. dollar dropped significantly reaching a 3 year low against major global currencies. The decline is largely due to the Trump administration's escalating tariffs and trade tensions on imports from several countries, such as China, Canada and European nations. ...
Financing | April 14, 2025 Plaid’s $575 Million Series D Signals a Deeper Strategy in Fintech Data and Embedded AI Financial infrastructure provider, Plaid, announced on April 3 2025, that they raised $575 million Series D at a valuation of $6.1 billion valuation led by Frank Templeton, BlackRock, Fidelity, and others including existing investors such as NEA and Ribbit Capital. While the valuation is significantly lower than it's 2021 peak of $13.4 billion, Plaid's latest round is a story of consolidation of it's role at the heart of embedded finance, and not of decline. Plaid is a backbone of embedded finance with a footprint that spans more than 8,000 apps, including many widely used fintech tools and providers in Canada and the U.S. For Canadian fintech companies, this raise hints at where industry is heading and who will control its most critical pipes. A Profitable Platform in a Tough Market Unlike most fintech firms still chasing break-even, Plaid finished off 2024 with positive operating margins, strong ash flows and a 25% yoy revenue increase. In Plaid's letter to shareholders, 2025, CEO and Cofounder Zach Perret explained that it has a usage based billing model where Plaid earns revenue when an ...
Leadership | April 14, 2025 Why Embracing Uncertainty Can Help Founders Gain Insight (During Chaos) In an economic climate where geopolitical tensions are high and markets volatile with inflation spikes and policy u-turns, founders and innovators that embrace uncertainty can gain an edge. Uncertainty isn't a side effect of innovation, it's the starting line. Inspired from Deepak Chopra's recent article on the power of uncertainty, this article looks at the impact of embracing the unknown and how it can sharpen decision-making, unlock creativity, and help build resilience during times of rapid change and uncertainty. Key Actionable Insights 1. Uncertainty Isn't the Enemy...It's the Edge Chopra argues that trying to eliminate uncertainty kills creativity. When everything is 'the exact same', it breeds complacency. We've all experienced this. During some routine periods, a founder may feel that time is passing by very quickly. Yet during times of great change, novelty, innovation, a founder may feel that time is going by slowly. Fintech leaders who stay agile during times of ambiguity can separate themselves from those who stall in the face of uncertainty. Put differently, successful founders don't just survive during chaos, they scan for signals of change/chaos that others can miss, often ...
April 14, 2025 If you’re running a crowdfunding campaign, visibility is key. Without the right SEO strategy, potential backers may never find your project. Below is a practical, research-backed guide to improving your campaign’s visibility through SEO. 1. Understand Your Audience First Start by knowing who you’re targeting. This helps shape your keywords, content, and messaging. Build a profile of your ideal backer Use keyword research tools like Google Trends or Ahrefs Read forum discussions and questions from your audience The more specific your understanding, the more relevant your content becomes. 2. Focus on Search Intent, Not Just Keywords Group your keywords based on what users are looking to do: Informational: “how to launch a crowdfunding campaign” Transactional: “support [campaign name]” Navigational: “[brand name] Kickstarter page” Use these keywords naturally in: Headings and subheadings Meta descriptions Blog updates and campaign FAQs Image alt text Write for people first, then optimise for search engines. For more insight into how keyword strategy aligns with intent and structure, consider following this website, which outlines foundational SEO practices that support long-term visibility. 3. Build a High-Converting, SEO-Friendly Landing Page Don’t treat your landing page as just a pitch. Make it SEO-ready: Clear, keyword-rich headline ...
Financing | April 11, 2025 OneVest Secures $20M in Series B to Build the Future of WealthTech in North America On January 29, 2025, Calgary and Toronto-based fintech firm OneVest announced the close of a $20 million Series B round, led by Salesforce Ventures and joined by Allianz Life Ventures, TIAA Ventures, and returning backers like OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners. See: OneVest’s Rapid Expansion Powered by a $17M Funding Round led by OMERS Ventures OneVest estimates that $84 trillion of wealth will be passed down from Baby Boomers to Gen X and Millennials over the coming decades, creating a massive opportunity and challenge for financial institutions. OneVest's platform is positioned to offer financial institutions, such as banks, insurers, asset managers and RIAs, a module tech platform to build or upgrade their wealth management services. Companies ca upgrade outdated infrastructure by plugging in only the components they need, reducing time and cost to market. Amar Ahluwalia, CEO of OneVest: “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the U.S. and ...
Regulation | April 10, 2025 SEC Says Some Fully Backed, Payment-Only 'Covered Stablecoins' Aren’t Securities On April 4, 2025, the U.S. Securities and Exchange Commission (SEC) issued a statement that clarified some U.S. dollar-backed stablecoins may not be considered securities. While the statement was welcomed and creates some breathing room for crypto and fintech projects, the announcement ignited an internal debate at the SEC and many are wondering what's next. Covered Stablecoins The SEC said certain U.S. dollar-backed stablecoins (referred to as 'Covered Stablecoins') are not considered securities if they have all of the following characteristics: Stablecoin must maintain a 1:1 fixed value equal to the U.S. dollar, without fluctuations Each stablecoin must be fully backed by an equivalent amount of high quality assets such as U.S. Treasury bills, cash, or cash equivalents that can be redeemed on demand. These assets must be held in custody and verified regularly No expectation of profit - cannot be promoted as an investment or marketed in a way that leads buyers to expect profit from simply holding the token See: U.S. Senate Moves to Regulate Stablecoins No voting rights, control over the issuer, or shares in any profit or management decisions (no governance) ...
Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
Economy | April 10, 2025 Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure. Strategic Pause, Not for Everyone While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors. Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization. See: Klarna Delays IPO As Markets React to Trump’s Tariffs After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider ...
Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
Crypto Regulation | April 15, 2025 Trump Repeals IRS Crypto Reporting Rule. Here's Why Fintechs in Canada Should Pay Attention On April 10, 2025, U.S. President Trump signed a bill cancelling a key IRS crypto reporting rule that would have required decentralized finance (DeFi) platforms to report customer transactions to the tax agency. See: UK FCA Plans Full Crypto Licensing Regime by 2026 The IRS' rule was called "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which expanded the scope of traditional broker definitions to include DeFi apps like Uniswap and Metamask, and had an effective date of February 28, 2025. However, the IRS provided a transition period given the reporting complexities involved, so the rule was set to apply to digital asset sales occurring after January 1, 2027. But with Trump's bill nullifying the IRS rule, the implementation is now cancelled and the rule is officially gone. What does this mean for fintechs, crypto startups, and regulators in Canada? What Changed? The IRS crypto reporting rule was part of a broader push to increase tax compliance among crypto users but industry argued that it wasn't manageable because DeFi platforms don't control their user's data. ...
Markets and Economy | April 15, 2025 Jamie Dimon’s 2024 Letter Outlines Global Risks and Advice for Leaders On April 7 2025, CEO Jamie Dimon of JPMorgan Chase published his annual 2024 letter to shareholders (58 page PDF), which is widely read by business and policy leaders around the globe. This year's edition, his messages are especially urgent. He describes a world of rising risks, and big decisions ahead with profound implications that stretch beyond simply Wall Street. Below are 5 insights that fintech founders, investors and Canadian decision makers need to know: 1. The U.S. Dollar’s Strength is At Risk “History has shown that as countries become weaker, their currency loses reserve currency status.” Dimon issued a clear warning that's rarely said out loud by execs of America’s biggest banks. That is the U.S. dollar’s global dominance is fading because it's strength relies on TRUST in U.S. institutions, alliances, and policy, BUT that trust is now eroding. Last week, the U.S. dollar dropped significantly reaching a 3 year low against major global currencies. The decline is largely due to the Trump administration's escalating tariffs and trade tensions on imports from several countries, such as China, Canada and European nations. ...
Financing | April 14, 2025 Plaid’s $575 Million Series D Signals a Deeper Strategy in Fintech Data and Embedded AI Financial infrastructure provider, Plaid, announced on April 3 2025, that they raised $575 million Series D at a valuation of $6.1 billion valuation led by Frank Templeton, BlackRock, Fidelity, and others including existing investors such as NEA and Ribbit Capital. While the valuation is significantly lower than it's 2021 peak of $13.4 billion, Plaid's latest round is a story of consolidation of it's role at the heart of embedded finance, and not of decline. Plaid is a backbone of embedded finance with a footprint that spans more than 8,000 apps, including many widely used fintech tools and providers in Canada and the U.S. For Canadian fintech companies, this raise hints at where industry is heading and who will control its most critical pipes. A Profitable Platform in a Tough Market Unlike most fintech firms still chasing break-even, Plaid finished off 2024 with positive operating margins, strong ash flows and a 25% yoy revenue increase. In Plaid's letter to shareholders, 2025, CEO and Cofounder Zach Perret explained that it has a usage based billing model where Plaid earns revenue when an ...
Leadership | April 14, 2025 Why Embracing Uncertainty Can Help Founders Gain Insight (During Chaos) In an economic climate where geopolitical tensions are high and markets volatile with inflation spikes and policy u-turns, founders and innovators that embrace uncertainty can gain an edge. Uncertainty isn't a side effect of innovation, it's the starting line. Inspired from Deepak Chopra's recent article on the power of uncertainty, this article looks at the impact of embracing the unknown and how it can sharpen decision-making, unlock creativity, and help build resilience during times of rapid change and uncertainty. Key Actionable Insights 1. Uncertainty Isn't the Enemy...It's the Edge Chopra argues that trying to eliminate uncertainty kills creativity. When everything is 'the exact same', it breeds complacency. We've all experienced this. During some routine periods, a founder may feel that time is passing by very quickly. Yet during times of great change, novelty, innovation, a founder may feel that time is going by slowly. Fintech leaders who stay agile during times of ambiguity can separate themselves from those who stall in the face of uncertainty. Put differently, successful founders don't just survive during chaos, they scan for signals of change/chaos that others can miss, often ...
April 14, 2025 If you’re running a crowdfunding campaign, visibility is key. Without the right SEO strategy, potential backers may never find your project. Below is a practical, research-backed guide to improving your campaign’s visibility through SEO. 1. Understand Your Audience First Start by knowing who you’re targeting. This helps shape your keywords, content, and messaging. Build a profile of your ideal backer Use keyword research tools like Google Trends or Ahrefs Read forum discussions and questions from your audience The more specific your understanding, the more relevant your content becomes. 2. Focus on Search Intent, Not Just Keywords Group your keywords based on what users are looking to do: Informational: “how to launch a crowdfunding campaign” Transactional: “support [campaign name]” Navigational: “[brand name] Kickstarter page” Use these keywords naturally in: Headings and subheadings Meta descriptions Blog updates and campaign FAQs Image alt text Write for people first, then optimise for search engines. For more insight into how keyword strategy aligns with intent and structure, consider following this website, which outlines foundational SEO practices that support long-term visibility. 3. Build a High-Converting, SEO-Friendly Landing Page Don’t treat your landing page as just a pitch. Make it SEO-ready: Clear, keyword-rich headline ...
Financing | April 11, 2025 OneVest Secures $20M in Series B to Build the Future of WealthTech in North America On January 29, 2025, Calgary and Toronto-based fintech firm OneVest announced the close of a $20 million Series B round, led by Salesforce Ventures and joined by Allianz Life Ventures, TIAA Ventures, and returning backers like OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners. See: OneVest’s Rapid Expansion Powered by a $17M Funding Round led by OMERS Ventures OneVest estimates that $84 trillion of wealth will be passed down from Baby Boomers to Gen X and Millennials over the coming decades, creating a massive opportunity and challenge for financial institutions. OneVest's platform is positioned to offer financial institutions, such as banks, insurers, asset managers and RIAs, a module tech platform to build or upgrade their wealth management services. Companies ca upgrade outdated infrastructure by plugging in only the components they need, reducing time and cost to market. Amar Ahluwalia, CEO of OneVest: “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the U.S. and ...
Regulation | April 10, 2025 SEC Says Some Fully Backed, Payment-Only 'Covered Stablecoins' Aren’t Securities On April 4, 2025, the U.S. Securities and Exchange Commission (SEC) issued a statement that clarified some U.S. dollar-backed stablecoins may not be considered securities. While the statement was welcomed and creates some breathing room for crypto and fintech projects, the announcement ignited an internal debate at the SEC and many are wondering what's next. Covered Stablecoins The SEC said certain U.S. dollar-backed stablecoins (referred to as 'Covered Stablecoins') are not considered securities if they have all of the following characteristics: Stablecoin must maintain a 1:1 fixed value equal to the U.S. dollar, without fluctuations Each stablecoin must be fully backed by an equivalent amount of high quality assets such as U.S. Treasury bills, cash, or cash equivalents that can be redeemed on demand. These assets must be held in custody and verified regularly No expectation of profit - cannot be promoted as an investment or marketed in a way that leads buyers to expect profit from simply holding the token See: U.S. Senate Moves to Regulate Stablecoins No voting rights, control over the issuer, or shares in any profit or management decisions (no governance) ...
Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
Economy | April 10, 2025 Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure. Strategic Pause, Not for Everyone While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors. Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization. See: Klarna Delays IPO As Markets React to Trump’s Tariffs After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider ...
Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
Resources for Canadian Resiliency and Competitiveness
NCFA | March 4, 2025
Image: Freepik
Resources for Canadian SME Businesses to Improve Resiliency and Competitiveness
In the face of economic uncertainty and the challenges posed by tariffs and trade tensions, Canadian businesses must adapt, innovate, and strengthen their resilience. The National Crowdfunding & Fintech Association (NCFA) is committed to equipping entrepreneurs, small businesses, industry leaders and individuals with the tools, strategies, and insights to build and improve resiliency and competitiveness.
See: Fintech reports and research
This resource hub provides access to expert guides, financial strategies, actionable frameworks and insights to help you stay competitive and sustainable. Whether you need support in managing cash flow, re-evaluating supply chains, or understanding new trade regulations, our curated growing list of select resources to keep you informed and prepared.
1. A Guide for Canadian Businesses on Tariffs and Trade Challenges - Weathering the Storm
This guide is packed with practical steps to help small and medium-sized businesses in Canada deal with the impact of tariffs and trade uncertainty. It covers ways to manage cash flow, adjust pricing, strengthen supply chains, and improve operations to stay competitive. The strategies are designed to be easy to apply and cost-effective, helping businesses adapt and thrive in a changing trade environment.
🔷Source: TRBOT World Trade Centre
📖 Length: 32 pages
🔗Download Here: Weathering the Storm Guide (32 pages)
2. A Blueprint for Canada’s Economic Future – Complacency to Competitiveness
This report looks at the challenges holding back Canada’s economy and lays out steps to boost competitiveness. It focuses on improving tax policies, expanding trade beyond the U.S., and making smart investments in infrastructure and talent. The goal is to help businesses and policymakers create a stronger, more resilient economy for the future.
🔷Source: Toronto Region Board of Trade
📖 Length: 12 pages
🔗Download Here: Complacency to Competitiveness Report
3. How Businesses Can Handle Tariffs and Trade Policies
This guide explains four key ways businesses can deal with tariffs and trade restrictions. It walks through how to figure out where your company might be affected, how to adjust your pricing, and how to change your supply chain if needed. It also looks at the bigger picture, including how tariffs could impact your suppliers and what to do to stay ahead of competitors who might be facing the same issues.
🔷 Source: Oliver Wyman
📖 Length: 5-minute read
🔗 Read Here: Four Ways to Navigate Tariffs and Trade Policies
4. Fintech Companies That Are Changing How Businesses Handle Trade
Many businesses struggle with the high costs and complex processes of international trade. This article introduces six fintech companies that are creating digital solutions to make trade easier. These companies help businesses track payments, manage their cash flow, and reduce paperwork when trading across borders. Some of them are also working with banks to make financing more accessible for small and medium-sized businesses that need better payment options for global trade.
🔷 Source: Trade Finance Global
📖 Length: 7-minute read
🔗 Read Here: 6 Interesting Trade Finance Fintechs and What They Are Doing
5. Business Resources on Trade and Tariffs
This resource center is designed for businesses that need current information on tariffs and trade policies. It includes reports, analysis, and guides on how businesses can adjust their pricing, find new suppliers, and reduce risks from tariffs. It also provides insights into how different industries are being affected by changing trade rules, so businesses can prepare for what’s ahead.
🔷 Source: PwC
📖 Length: Various articles available
🔗 Explore Here: Tariffs and Trade Policy Resource Centre
6. Export Resources for Canadian Fintech Companies
Fintech businesses looking to expand into international markets can access a range of helpful tools and guides. FintechCanada.io resource hub provides information on how to successfully enter new markets, navigate regulations, and grow a business beyond Canada. It includes insights from experts, case studies from companies that have expanded globally, and the latest news on international fintech trends. The platform also offers detailed overviews of key global fintech markets, such as the United Kingdom, helping businesses understand where and how to expand.
🔷 Source: FintechCanada.io
📖 Length: Multiple articles and reports
🔗 Explore Here: Export Resources for Canadian Fintechs
7. Exporting Resources for Canadian Businesses
Businesses looking to expand into international markets can access a range of tools and guides to help them navigate the exporting process. BDC's export resource hub includes step-by-step guides, financing options, and tools to calculate costs and manage risks. It covers key topics like how to create an export plan, understand trade regulations, and find new opportunities in global markets. Businesses can also access tools like the Canada Tariff Finder to estimate costs and a checklist to ensure they are ready to start exporting.
🔷 Source: Business Development Bank of Canada (BDC)
📖 Length: Multiple guides and tools
🔗 Explore Here: BDC Exporting Resources
8. Toolkit: Trading Internationally and Winning with Fintech
This toolkit helps businesses understand how financial technology (fintech) can make international trade easier. It explains how fintech solutions can simplify processes like finding new markets, checking overseas partners, calculating import taxes, and reducing risks in global trade. The toolkit offers resources and fintech options tailored to different stages of a business's export journey. It also discusses new trends in global trade finance and what they mean for businesses aiming to grow internationally.
🔷 Source: Confederation of British Industry (CBI)
📖 Length: Approximately 2-minute read
🔗 Access Here: Toolkit: Trading Internationally and Winning with Fintech
9. Supporting Canadian Exporters Through U.S. Tariff Challenges
The Trade Commissioner Service (TCS) offers assistance to Canadian businesses dealing with recent U.S. tariffs, which include a 10% duty on energy products and a 25% duty on other goods from Canada. The TCS provides support in understanding the impact of these tariffs, identifying new markets, and connecting with relevant contacts to address challenges. Additionally, they offer resources for export diversification and self-serve tools to help businesses navigate these disruptions. The Government of Canada has also implemented a remission framework to support affected businesses and workers.
🔷 Source: Trade Commissioner Service (TCS)
📖 Length: Approximately 5-minute read
🔗 Access Here: Supporting Canadian Exporters Through U.S. Tariff Challenges
10. Tariff-Proofing Canadian Businesses with Intellectual Property
This article explains why Canadian businesses should protect their ideas, brands, and inventions, especially with possible U.S. tariffs. It recommends that companies review their intellectual property (IP) to see what needs protection and secure patents not just in Canada, but also in the U.S. and other countries. Doing this helps businesses stay competitive even when trade rules change. It also covers the benefits of registering trademarks internationally through systems like the Madrid Protocol, which makes it easier to protect brands in multiple countries.
🔷 Source: Gowling WLG
📖 Length: Approximately 5-minute read
🔗 Access Here: Tariff-Proofing Canadian Business: The Role of Intellectual Property
# # #
This is a growing list. Be sure to check again in the future if looking for helpful resources!
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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How Canadian Institutional Investors Voted on Climate 2024
Climate Report | Feb 27, 2025
Image: 2024 Canadian Climate Voting Record (Investors for Paris Compliance)
Institutional Investors in Canada Show Mixed Climate Commitments
The organization Investors for Paris Compliance recently published their 2024 Canadian Climate Voting Record (14 page PDF report), which tracks how Canadian institutional investors voted on climate-related shareholder proposals. While Canadian investor support for climate resolutions increased to nearly 65% in 2024, there's a global pullback on ESG reporting, making Canada's voting record stand out.
Global Pullback on ESG/Climate Reporting
Canadian investors have shown more support for climate resolutions but globally opinions on ESG investing are becoming more divided.
In the U.S., some states and asset managers are pulling back from ESG commitments due to political and regulatory pressure. According to Business Insider, BlackRock has softened its stance on ESG by removing diversity, equity, and inclusion (DEI) language from key documents, in response to growing criticism from certain investors, however they continue to emphasize sustainability.
In Europe, regulators are also adjusting their approach by proposing to ease sustainability reporting rules to reduce burdens on businesses and improve their global competitiveness. Despite this, many European institutional investors remain committed to net-zero goals.
What Types of Votes Are Taking Place?
The 2024 Canadian Climate Voting Record analyzed how institutional investors voted on climate-related shareholder proposals such as:
- Requiring companies to disclose how climate risks impact their business
- Encouraging companies to set clear, transparent, and scientifically based goals for reducing emissions
- Pushing for measurable actions to reduce carbon emissions and transition to cleaner energy
See: Planetary Health Check 2024 and Canadian Climate Tech
While only 4 climate resolutions were voted on at Canadian companies, Canadian investors voted on many resolutions at U.S. and global firms where they hold shares.
Who and How They Voted?
Some Canadian institutional investors are leading the charge, while others remain cautious.
Image: Summary of 2024 Climate Votes (Investors for Paris Compliance)
The top investors in support of climate shareholder proposals:
- All voted 100% in favour of climate resolutions: AGF Investments, NB Investments, Canada Post Pension Plan, IMCO, University Pension Plan, and NEI Investments
- Strong support: BCI (88.2%) and CDPQ (90%)
Many of Canada’s largest financial institutions had weaker records:
- Moderate support: TD Asset Management (70.6%), Ontario Teachers’ Pension Plan (75%), and CIBC (64.7%)
- Laggards: Manulife (41.2%), AIMCO (41.2%), and BMO GAM (47.1%)
- Least supportive of climate related resolutions: Canada Pension Plan (29.4%), RBC GAM (11.8%), and Scotia GAM (0%)
Select Takeaways
- While only 4 climate resolutions were voted on at Canadian companies, Canadian investors voted on many resolutions at global firms
- One issue that the report highlights is the lack of a unified policy on climate issues resulting in split votes among large asset managers like RBC GAM, Manulife, and Scotia GAM, where different portfolio managers voted inconsistently on the same resolutions
See: Canada’s Shift to Enhanced Climate Disclosures
- Canadian investors were more likely to support climate proposals at U.S. companies (65.8%) than at Canadian firms (55.5%), raising concerns about domestic engagement
Conclusion
With the 2025 AGM season approaching, will Canadian investors push for stronger climate commitments or continue their cautious approach?
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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Canadian Fintech Booms with $9.5B Despite Global Slump
Fintech Report | Feb 21, 2025
Despite a Global Fintech Downturn, Canadian Fintech Broke Records with $9.5B USD Investment
KPMG recently published their annual Pulse of Fintech report for H2'24, providing a global analysis of fintech funding (58 page PDF report). Globally, fintech investment in 2024 was $95.6 billion across 4,639 deals, which was the lowest level of funding in the last seven years. The combination of rising interest rates, geopolitical and economic uncertainty caused a significant decline in mergers and acquisitions (M&A) and private equity (PE) investments. Having said that, venture capital (VC) investment was pretty steady, and M&A starting showing signs of recovery by year end. One country however, stood amongst the global crowd. Yes, Canada's fintech sector recorded its strongest funding year ever, reaching a record-breaking $9.5 billion USD in total investment, particularly in private equity and payments technology.
Canada’s 2024 Fintech Surge
Even without these two massive deals, Canada’s fintech sector still posted $2.2 billion in total investment, almost 2X its 2023 total. Venture capital opened their wallets deploying $1.09 billion across 90 deals in 2024, up from $737.8 million across 103 deals in 2023. Worth noting that VC dollars spiked in the second half of the year with $744.9 million across 33 deals, more than double the year prior the amount deployed in H1.
Notable VC deals include Neo Financial ($260 million backed by prominent tech entrepreneurs), Blockstream ($210 million led by Fulgur Ventures), and Koho ($140 million backed by PROPELR Growth, Rockefeller Capital, and BDC) attracted significant funding rounds, underscoring strong investor interest in financial services and blockchain technology. Private equity played a big role in Canada's fintech boom, highlighting a shift towards later stage investments rather than early stage startup funding. See KPMG release on Canadian fintech in 2024
See: How Fintechs Are Tackling Financial Inclusion in Canada
Dubie Cunningham, Partner, Banking and Capital Markets, KPMG in Canada:
"Canada is punching above it’s weight in terms of fintech. From early stage all the way to the exit stage, the pipeline of startups is strong. The key lies in presenting solutions that address significant challenges faced by banks. If you possess a viable business model that demonstrates potential — regardless of current profit margins — there is a wealth of investment opportunities and a clear path to exit."
Slow Year for Global Fintech, But Signs of Recovery
Outside of Canada who bucked the trend, fintech investment declined across all major regions.
See: Tariff Trade War Hits Canada – What’s Happening
- The Americas led with $31 billion but this was still a large drop compared to $43 billion in 2023
- Europe, the Middle East, and Africa recorded $7.3 billion, the lowest since 2017
- Asia-Pacific fintech investment fell to $5.5 billion
Certain sectors remained strong despite the headwinds. Payments continued to dominate fintech investment, attracting $31 billion globally. Regulatory technology (regtech) enjoyed further growth, with $7.4 billion in funding. Digital assets, blockchain and cryptocurrency companies raised $9.1 billion. Investors prioritized strong revenue models with a clear path to profitability, particularly in AI driven financial services and cybersecurity.
Q4 M&A deal values almost doubled from Q3, suggesting that investors may be regaining confidence after a rather cautious 2024, such that 2025 could see an acceleration of acquisitions.
2025 Outlook
Cautiously optimistic. Interest rates have been coming down in major economies potentially unlocking fresh capital. AI financial services, cybersecurity, and digital identity solutions stand to benefit as financial institutions continue to integrate automation and fraud prevention tools into their ecosystem.
See: How AI is Shaping the Future of Financial Services in Canada
For Canada, in addition to automation and digital banking expansion, open banking regulations are moving closer to implementation, so expect new fintech startups to emerge driving another wave of investment.
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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The Top Trends from Forbes’ 2025 Fintech 50 List
Fintech Ranking | Feb 20, 2025
Image: 2025 Forbes Fintech 50 (Illustration by Óscar Raña for Forbes)
What We Can Learn from the Forbes Fintech 50 in 2025
Every year, Forbes publishes their annual ranking of the top Fintech companies. Checkout the Forbes Fintech 50 in 2025, showing fintech companies that continue to grow despite pressure on company valuations and a slowdown in investment in the sector. According to the judges who select and rank the top 50 at Forbes, this year there's been a rise of business-t0-business fintechs, as well as the increasing importance of fraud prevention and financial security companies.
| Category | Total Funding ($M) | # Companies |
| Payments | 4482 | 11 |
| Personal Finance | 3812 | 8 |
| Business to Business Banking | 3794 | 11 |
| Wall Street and Enterprise | 1892 | 9 |
| Insurance | 1742 | 4 |
| Blockchain and Cryptocurrencies | 1670 | 3 |
| Real Estate | 508 | 2 |
| Investing | 265 | 2 |
1. B2B Fintechs Strong Showing
More than half of the companies on the list provide fintech services to other businesses rather than consumers. Categories like Payments and B2B Banking are seeing strong growth as businesses turn to fintechs to automate and improve their operations, reduce costs and streamline regulatory challenges. Fintech goes well beyond innovative consumer digital banking, it's morphing into improving financial systems at scale. Wall Street & Enterprise fintechs are also playing an outsized role in modernizing financial infrastructure at the institutional level.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
The chart below illustrates the number of fintech companies in each category, emphasizing the dominance of business-focused fintechs:
Image: Total # of Fintech Companies by Category (Forbes Fintech 50, 2025)
The chart below shows the total funding received by fintech category, showing which categories are bucking the trend despite the downturn.
Total Funding by Fintech Category Forbes Fintech 50, 2025
Payments fintechs still lead the pack with over $4.4 billion in total funding. This aligns with their critical role in powering e-commerce and digital transactions worldwide.
2. Focus on Profitability Amidst a Funding Slump
In the early 2020s, fintech companies focused on rapid growth but times have changed and they are now after profitability and sustained growth. This year, 13 companies on the list reported official profits (up from just eight last year). Investors and businesses alike are prioritizing financial health over unchecked expansion.
See: CIX 2025 Fintech and AI Startup Award Winners
Even though global fintech funding fell from $144 billion in 2021 to $34 billion in 2024, most companies on this year’s Forbes Fintech 50 have shown resilience. Major players like Stripe and Ramp have adapted by pivoting, reducing costs while focusing on efficiency.
3. Fraud Prevention and Security Are More Important Than Ever
As digital transactions increase so do fraud risks. Security based fintechs are gaining traction as businesses need stronger protections against cyber threats and fraud. DataVisor, a company that uses advanced machine learning to detect fraudulent transactions experienced a 67% increase in revenue in 2024, reaching $50 million.
4. Lending Fintechs Comeback
Companies like Arc, Aven, and Imprint have made their way onto this year’s list, showing that the lending market is regaining investor confidence. Nova Credit, for example, previously fell off the list but re-emerged this year with a renewed focus on cash flow underwriting and a fresh approach to risk assessment.
5. One Canadian Contender, Relay
While much can be argued about the methodology of actually being selected for the Forbes Fintech 50 list. To be honest there are several significant Canadian fintechs that should be on the list but aren't for whatever reason, such as Wealthsimple. But Relay made it so something to cheer about.
See: Key Findings from 2025 Advanced Payments and Fintech Survey
They are a Toronto-based digital banking platform for small businesses and provide financial management tools that integrate with accounting software, making it easier for businesses to manage their money. In 2024, they raised $32.2 million in a Series B funding round, strengthening their market position and offerings.
Top Fintech Companies by Category
Here’s a closer look at a couple of standout fintech firms within each category:
Payments
- Stripe – A global online payments leader providing seamless transaction infrastructure for businesses
- DailyPay – Helps employees access earned wages before payday, improving financial flexibility for millions
Business-to-Business (B2B) Banking
- Relay – Canada’s only fintech on the list offering digital banking for small businesses
- Parafin – Uses marketplace data to underwrite loans, achieved 100% revenue growth in 2024
Wall Street & Enterprise
- DataVisor – Specializes in AI powered fraud detection, growing revenues by 67% in the past year
- Alloy – Provides identity verification solutions for financial institutions, automating compliance and security processes
Personal Finance
- True Link – Offers financial services for vulnerable populations including the elderly and those with disabilities
- Chime – A digital bank providing fee-free accounts and early direct deposits
Insurance
- Ethos – Makes life insurance more accessible with a fast, tech-driven application process
- At-Bay – A cyber insurance company that proactively monitors digital risks for clients
Blockchain & Cryptocurrencies
- Figure – Uses blockchain to offer home equity lines of credit and mortgage refinancing
- Fireblocks – Provides secure infrastructure for handling digital assets
Real Estate
- Aven – Introduces innovative financing solutions to make real estate investments more accessible
- Valon – A mortgage service provider making home loan management simpler and more transparent
Why This Matters
The 2025 Forbes Fintech 50 shows the race for scale is now about profitability with payments, security, infrastructure, and B2B services leading the way. For Canada, Relay’s presence on the list is promising but begs the question, why aren’t more Canadian fintechs on the list?
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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