Financial technology is about improving upon traditional ways of doing finance: Rendering paperwork digital, converting the manual into the automated, and lowering barriers to access alternative investment and loan options.
Fintech is also about reducing friction at every touchpoint, and that includes ensuring that products and services work together seamlessly.
One way to achieve such seamless integration is through partnering with other fintechs, especially ones who already have scale and customers.
With synergistic integration at the heart of growth at the intersection technology and finance, Fintech.ca looks at some examples of Canadian firms collaborating with major players in the space.
CapIntel and CIBC
A Canadian financial technology platform that improves day-to-day workflow efficiency and fund analysis for wealth professionals forged a partnership with the Canadian Imperial Bank of Commerce’s Private Investment Counsel.
CapIntel says that CIBC Asset Management—which manages nearly $200 billion worth of assets—has already experienced benefits of improved efficiency with the platform’s support already. Next, an extended partnership will see CapIntel’s capabilities reach to the Private Investment Counsel.
“With this partnership, CPIC investment counsellors will have streamlined access to position their full suite of offerings, facilitating better conversations with clients and delivering tailored solutions to meet their financial needs,” stated David Scandiffio, chief executive of CIBC Asset Management.
CPIC’s team of Counsellors will leverage CapIntel’s fund comparison and analysis tools to prepare custom proposals and present clear recommendations, according to James Rockwood, CEO of CapIntel.
“As one of CapIntel’s first and longstanding partners, CIBC has experienced firsthand the difference that CapIntel can make in day-to-day processes, client relationships and investment outcomes,” he said. “This partnership is a testament to the value of CapIntel’s platform to add much-needed efficiency to the advisor workflow and transform the advisor-client experience.”
CapIntel says 12,000 advisors across North America use its platform.
Earlier this year, the company unveiled an integration with Manitoba fintech Conquest Planning, as well as one with SEI, a global provider of technology and investment solutions for the financial services industry.
Brim Financial Taps Mastercard
Toronto’s Brim Financial announced a partnership with Mastercard to help financial institutions and fintechs roll out credit card programs using Brim’s platform-as-a-service.
Brim will also embed Mastercard’s open banking capabilities across its end-to-end platform.
“There is significant momentum happening now in the U.S. market when it comes to innovating credit card infrastructure across consumer, small- and medium-sized business and commercial segments,” stated Rasha Katabi, Founder and CEO of Brim Financial. “This partnership with Mastercard will be transformational for companies seeking a sophisticated, modern credit card platform to better serve their customers.”
Brim’s Credit-Card-as-a-Service platform is designed to accelerate deployment and empower institutions to run and evolve their product platforms per customer and market needs.
The inclusion of Mastercard’s open banking capabilities within the Brim platform adds to its suite of embedded payments capabilities designed to deliver solutions for companies looking to launch and run commercial and consumer credit cards.
Brim’s platform was ranked by Aite-Novarica Group as best-in-class for product capabilities in its analysis of the global landscape of Credit-Card-as-a-Service providers.
The Canadian fintech was also recognized on Deloitte’s 2023 Technology Fast 50 list.
Bold Commerce Integrates PayPal
Long before the Covid Pandemic swept the world, Bold Commerce was already one of Winnipeg’s fastest-growing and best-funded financial technology startups.
Years after securing a $22 million Series A round from Whitecap Venture Partners and Round13 Capital, the Manitoba fintech is still maintaining momentum.
Ehe ecommerce solutions provider announced the launch of a “checkout accelerator” that directly integrates checkout into marketing experiences such as videos, emails, and more.
The goal is to increase conversion rates, average order value, and customer lifetime value by introducing curated purchase and upsell opportunities at the point of highest shopper interest, according to a statement from Bold.
The accelerator also aims to simplify the process by introducing upsells directly in the shopping cart before and after the order is placed, encouraging shoppers to add more items.
The platform leverages PayPal Complete Payments to accept a variety of payment options, including PayPal, Venmo, PayPal Pay Later solutions, and credit and debit cards.
Nuvei Partners Up
Nuvei has established several partnerships this year, such as a recent one with San Francisco’s Plaid.
The Montreal-based fintech also announced a collaboration with Microsoft.
The agreement will see Microsoft leverage Nuvei’s agile payments tech in the Middle East and the Africa region, benefiting from Nuvei’s knowledge of local markets to optimize payments for recurring billing and individual transactions across the titan’s longstanding Office and Xbox product ranges.
Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and risk management that minimizes false declines, according to Nuvei CEO Philip Fayer, as well as Nuvei’s ability to offer relevant local alternative payment methods to each market through a single integration.
Fayer says Nuvei and Microsoft are committed to extending their partnership across additional markets, as well as other products—including Dynamics 365, a business applications technology suite that drives operational efficiency and improves enterprise resource management.
“As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship,” he said.
Connecting businesses to customers across 200 markets, 150 currencies, and more than 600 alternative payment methods, Nuvei provides technology and insights for partners to succeed locally and globally with one integration.
With high-profile investors, shares in Nuvei on the Toronto Stock Exchange are up 3% over the past year.