Brim Financial raises USD 85 mln in Series C funding

Thursday 4 April 2024 10:23 CET | News

Canada-based fintech infrastructure company Brim Financial has secured USD 85 million in a Series C funding round.


The funding was led by EDC Investments and saw participation from Vistara Growth, alongside return investors White Owl Group, Epic Ventures, and Zions Bank. This funding is aimed at supporting Brim's US expansion strategy, which includes extending its market reach, accelerating product development, and forming strategic alliances.

Brim's platform offers modular and scalable solutions for financial institutions, fintechs, and large brands in the credit card and payment automation space. The company aims to help its partners meet customer needs efficiently and reduce time to market and costs associated with building and maintaining advanced capabilities. In the company press release, official representatives from Brim stated that the funding will accelerate the company's growth and international expansion. Specifically, Brim plans to focus on platform automation and integrate Open Banking capabilities to redefine the credit card and payment infrastructure landscape.


Previous developments from Brim 

Following its Series B funding round, Brim has partnered with Mastercard to modernise credit card infrastructure in the US through Open Banking integration. Additionally, a strategic partnership with TrueNorth was formed in March 2024 to deliver a Credit Cards-as-a-Service platform to financial institutions and fintech customers in North America.

TrueNorth and Brim Financial’s strategic collaboration focused on offering improved consumer, small and medium-sized business (SME), and commercial credit card solutions to banks, fintechs, as well as brands in North America. TrueNorth offers a comprehensive suite of services, including advisory, implementation, and systems integration, with the company being committed to delivering enhanced digital solutions that ensure client performance in the evolving financial landscape.

The two companies are set to invest in joint go-to-market and co-innovation efforts, and in developing an integrated delivery organisation that can offer the scale and flexibility to support Brim’s market expansion. The collaboration with TrueNorth follows Brim Financial’s partnership with Mastercard from December 2023, when the two companies joined forces to optimise and modernise credit card infrastructure for customers and clients in the US.

Brim has successfully rolled out its credit-card-as-a-service (PaaS) to banks, credit unions, and major international brands, expanding its presence in the US market. Officials from EDC expressed confidence in Brim's success, citing its product, rapid growth, and capable management team. The company plans to ramp up hiring across all functions to support product and customer growth.

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Keywords: funding, investment, fintech, Open Banking
Categories: Banking & Fintech
Companies: Brim Financial
Countries: Canada
This article is part of category

Banking & Fintech

Brim Financial

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