Series B round co-led by Desjardins Group and US-based EPIC Ventures
Funding will accelerate the rollout of Brim Financial's full suite of digital payment products and the expansion of its rapidly growing Platform as a Service
TORONTO, March 16, 2021 /CNW/ - 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.
About Brim Financial
Brim brings ground-breaking innovation to the fintech space with a full product suite of consumer and business credit cards, consumer digital banking services, a globally open rewards and loyalty ecosystem, and financial products including buy-now pay later capabilities seamlessly integrated in all business and consumer revolving credit card products. Since launching the first suite of credit cards in Canada in mid-2018, Brim continued to grow their presence, rolling out a comprehensive B2B2C strategy, partnering with FIs, Fintechs and large corporates to enable end-to-end digital banking platforms. Brim enables B2B partners to launch a turnkey, digital-first financial platform and product suite with embedded open loyalty that revolutionizes the value proposition for consumers and businesses. Brim's tech stack merges Open Rewards/Loyalty in real-time and Brim's infrastructure is live at all merchants worldwide. Brim powers banking and integrated e-commerce on a single platform with the customer experience at the center of it all. Brim is headquartered in Toronto, Canada. To learn more, visit brimfinancial.com
SOURCE Brim Financial
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Your update on what’s going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!