Connect with us

Headlines

Brim Financial Raises $25M Series B to transform the way people bank and shop

Editor

Published

on

TORONTO, March 16, 2021 /PRNewswire/ – Brim Financial (Brim), a Canadian next-generation Fintech company and certified credit card issuer, today announced the close of a $25M Series B, co-led by Desjardins Group and US-based EPIC Ventures with strong participation from Canadian and US based investors including goeasy Ltd., White Owl and Impression Ventures.

Brim’s state-of-the-art technology stack and credit cards infrastructure leverages the company’s ability to directly access the payment rails as an issuer, enabling Brim to deliver a fundamentally transformative ecosystem of financial products for consumers and businesses.

The Series B financing will bolster Brim’s Platform as a Service (PaaS). Brim’s B2B2C strategy enables any bank, credit union, fintech or large commercial partner to seamlessly roll out Brim’s financial products platform, credit cards and integrated buy-now pay-later solutions, mobile and digital banking, and behavior-driven customer engagement, all embedded with a best-in-class globally open loyalty and rewards ecosystem available in real-time at all merchants worldwide. With Brim’s Platform as a Service, partners have the ability to customize every element of the platform and leverage Brim’s end-to-end services, on a modular and turnkey basis.

Our technology stack powers banking, loyalty and integrated e-commerce on a single platform, with the customer experience at the center of it all” said Rasha Katabi, CEO and Founder of Brim Financial. “Today’s digital environment has brought a new sense of urgency for institutions to assess how they will interact with their customers. We are well positioned to be at the forefront of this transformation that’s shaping the way we live, connect and engage for decades to come, and we’re excited to be working with investors who share the same vision.”

Brim has expanded beyond the direct-to-consumer space enabling large partners to leverage their digital first platform, suite of credit cards and financial products, and a globally open rewards and e-commerce ecosystem. Brim seamlessly integrates buy-now pay-later capabilities in all of its revolving consumer and business credit card products, providing ultimate flexibility for customers with a uniquely and strongly differentiated ecosystem.

“We’re thrilled to be part of Brim’s next chapter. There is tremendous potential in the industry, both in Canada and in the US, and Brim is uniquely positioned to deliver a significant and much needed transformation.” said Ryan Hemingway, Managing Director at EPIC Ventures. “Brim is combining banking and commerce like we haven’t seen in North America.”

Merged with its scalable technology platform, Brim has the largest open loyalty and rewards ecosystem as Brim’s technology stack directly leverages the global payment network. Brim’s Loyalty and Rewards are live at all points of sale globally, both in physical stores and online.  Any merchant can be live and part of the ecosystem in less than 3 minutes.

“Brim’s platform delivers industry-leading payments technology to their customers at an astonishing pace,” Martin Brunelle, Vice-President, Growth, Acquisitions and Development at Desjardins Group.  “Desjardins has earmarked $100 M to invest in technology companies and investment funds who can support our different business units in their digital transformation needs.  We’re very excited to be partnering with Brim.”

With its platform built entirely from the ground up and directly on the global payment network, Brim is positioned to transform the future of the credit card industry and digital banking products with the world’s largest open loyalty and rewards ecosystem. Brim has notably on-boarded hundreds of merchants to its rewards ecosystem since its launch, and rapid expansion will continue to be a key focus for the company going forward.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Federal Budget 2021: Ottawa adds $1B to broadband fund for rural, remote communities

Editor

Published

on

By

The federal government will add $1 billion to a fund for improving high-speed communications in rural and remote areas of Canada, bringing the total to $2.75 billion by 2026, the Liberals said Monday in their first full budget since the pandemic began last year.

The money is going to the Universal Broadband Fund, which is designed to support the installation of “backbone” infrastructure that connects underserved communities to high-speed internet.

It’s one of many government and private-sector initiatives that have gained urgency since the pandemic began, as Canadians became more dependent on internet service for applications ranging from e-learning to daily business operations.

Ottawa says the additional money will keep it on track to have high-speed broadband in 98 per cent of the country by 2026, and 100 per cent by 2030.

Money spent on high-speed communications will be good for a recovering economy, said Pedro Antunes, chief economist at the Conference Board of Canada, a non-partisan think-tank.

The latest data from Statistics Canada says there were about five million people working from home during the pandemic, up from about two million prior to that, Antunes said in an interview.

“That’s a quarter or so of the workforce,” he added. “And I think a fair number of those people are going to continue to work from home, at least in some part-time way.”

Improved connections to high-speed broadband and mobile communications will add to the productive capacity of the economy overall, especially as it reaches beyond Canada’s cities, Antunes said.

He said there’s been a “real issue” with economic growth outside major urban centres and the improved connectivity “is something that can help stimulate that.”

The Universal Broadband Fund was initially mentioned in the 2019 budget, though specifics were not available until last November’s fiscal update.

The $1-billion top-up to the broadband fund announced today is in addition to $1.75 billion promised to the fund by the federal government’s November fiscal update.

Continue Reading

Headlines

COVID-19: What you need to know for April 19

Editor

Published

on

By

Provincewide

  • Per today’s government report, there are 4,447 new cases in Ontario, for a total of 421,442 since the pandemic began; 2,202 people are in hospital, 755 of them in intensive care, and 516 on ventilators. To date, 7,735 people have died.
  • According to data from the Ministry of Health and Long-Term Care, there are 40 outbreaks in long-term-care facilities, 36 confirmed active cases of positive residents, and 127 confirmed active cases of positive staff. To date, there have been 3,755 confirmed resident deaths and 11 confirmed staff deaths.
  • Per the government’s report on Ontario’s vaccination program, as of 7 p.m. yesterday, Ontario has administered 66,897 new doses of COVID-19 vaccines, for a total of 3,904,778 since December 2020. 3,212,768 people have received only one dose, and 346,005 people have received both doses.

Continue Reading

Headlines

Federal budget 2021 highlights: Child care, recovery benefits, OAS increases – everything you need to know

Editor

Published

on

By

The federal government’s first budget in more than two years certainly looks the part: At 739 pages, it is a hefty document chock full of billions in new spending.

Those funds will be spread among a number of key groups – students, seniors, parents and small-business owners, to name a few – as Ottawa looks to bolster Canada’s recovery from COVID-19 but also plan for life beyond the pandemic.

To that end, the deficit is projected to hit $354.2-billion in the 2020-21 fiscal year, which just ended – better than expected about five months ago, given the economy’s resilience over the winter months. It is estimated to fall to $154.7-billion this fiscal year, before dropping further in the years to come as pandemic spending recedes from view.

Here are some of the highlights from Monday’s budget.

The budget outlines tens of billions of dollars in federal subsidies for a national child-care program, a promise the Liberal Party has made in some form since the early 1990s. Child-care supports became a point of national debate during pandemic lockdowns as parents with young children struggled to juggle work and family responsibilities.

In total, the government proposes spending as much as $30-billion over the next five years, and $8.3-billion each year after that, to bring child-care fees down to a $10-a-day average by 2026. The proposal, which requires negotiation with the provinces and territories, would split subsidies evenly with those governments and targets a 50-per-cent reduction in average child-care fees by the end of 2022.

The federal program is largely modelled on Quebec’s subsidized child-care system, implemented in the 1990s in an effort to increase women’s access to the labour market. Since then, labour participation rates for women aged 25 to 54 in the province have grown to exceed the national average by four percentage points.

Continue Reading

Chat

Trending