Toronto-based fintech startup Brim Financial announced in March 2021 that it has raised CAD 25M in a Series B funding round co-led by Quebec-headquartered Desjardins Group and US-based EPIC Ventures. Other funding round participants include goeasy, White Owl, and Impression Ventures.
About the startup
Rasha Katabi founded Brim Financial in 2017. Brim Financial’s Platform as a Service (PaaS) enables banks, fintechs, credit unions and large companies to innovate with flexibility and speed. With the help of their end-to-end digital platform, a suite of credit cards, financial products and embedded global rewards, its B2B partners can launch a turnkey white-labelled or co-branded platform in weeks. CEO Katabi said today’s digital environment has empowered many institutions to evaluate how they interact with customers. Brim Financial states it caters to both consumers and businesses. It is a certified credit card issuer that offers a range of consumer and business credit cards, including buy-now-pay-later competencies. It also provides digital banking services for consumers and open rewards and loyalty ecosystem, which it said is present in all of its credit card products.
The startup claims its tech and credit card infrastructure leverages its ability to directly access the payment rails as an issuer, enabling it to provide a vitally transformative ecosystem of financial products for consumers and businesses.
Brim had launched its first set of credit cards in Canada in mid-2018. Later, it started partnering with financial institutions, fintech companies, and large companies to enable end-to-end digital banking platforms. It also claims that merchants can join its open loyalty and rewards ecosystem in less than three minutes.
The startup said it has added hundreds of merchants to its rewards ecosystem since its inception, emphasising that quick expansion will continue to be a key focus for the startup going forward. It claims to be a company at the intersection of finance, technology and consumer experiences. Its team comprises highly skilled, passionate and innovative individuals possessing deep expertise in financial products and solutions and dedication to bring about positive change.
Martin Brunelle, VP of growth, acquisitions and development at Desjardins Group, highlighted the speed of Brim’s platform. Desjardins has reserved US$ 100M to invest in tech companies and investment funds that support Brim’s business units and its digital transformation needs.
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