Toronto-based FinTech startup Brim Financial has secured $85 million in Series C financing.
The round, announced today, was led by Export Development Canada, with support from Vistara Growth and existing backers White Owl Group, Epic Ventures, and Zions Bank.
Brim plans to use this capital to fuel its United States (US) expansion. The firm intends to expand its US presence, invest in product development, form “strategic alliances,” and ramp up hiring to support these goals.
Brim’s Series C marks a big round amid tough market conditions, especially for FinTech.
Founded in 2017, Brim is a certified credit card issuer that sells technology infrastructure to help other financial institutions—including banks, FinTech firms, credit unions, and large companies—launch and run their own credit card and loyalty programs for their customers more efficiently.
Since its $25-million CAD Series B round three years ago, Brim has inked partnerships with Mastercard and TrueNorth and rolled out its credit-card-as-a-service platform to clients like Laurentian Bank, Western Canada’s Affinity Credit Union, Canadian Western Bank, and Air France-KLM.
Brim also cracked Deloitte’s 2023 Technology Fast 50 list of Canada’s fastest-growing tech companies in the number 20 spot. According to Brim, its Series C round comes “on the back of strong revenue growth, increasing market share, and expansion into the business and commercial segments.”
“Brim has all the elements for success—an innovative product, rapid growth, and a visionary management team,” EDC senior vice president Guillermo Freire said in a statement.
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The startup’s Series C financing marks a sizeable round amid challenging fundraising market conditions, especially for FinTech firms.
Brim already has a presence in the US, where it serves mid-market banks and works with Mastercard and TrueNorth.
In a statement, Brim founder and CEO Rasha Katabi said the funding will help the company accelerate its international growth and execute its product roadmap, which involves focusing on platform automation and integrating open banking capabilities.
Feature image courtesy Brim Financial.
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