FinTech News
Brim Financial Raises $85 Million as It Eyes Global Expansion
Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round.
About the round:
Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021.
According to Brim, the latest funding will be used to help it fuel a global expansion — with an emphasis on its U.S. business. The company also plans on accelerating product development and forming further strategic alliances.
About Brim:
Brim Financial is an enterprise technology company offering financial OS solutions. This includes online banking platforms, credit card-as-a-service support, and more. Thanks to the platform’s modular nature, institutions can also build a scalable product that suits them and their customers.
Since its Series B round, Brim has formed a partnership with Mastercard, rolled out credit card-as-a-service programs with the likes of Affinity Credit Union and Air France-KLM, and gained momentum among middle-market banks in the United States.
What they’re saying:
Announcing the Series C, Brim founder and CEO Rasha Katabi said, “This funding will accelerate Brim’s growth and fuel our international expansion. We will continue to execute on our robust product roadmap, focus on platform automation, and integrate open banking capabilities.” Katatbi continued, “Brim aims to redefine the credit card and payment infrastructure landscape and empower our customers to succeed in a rapidly changing environment.”
Additionally, EDC’s SVP, Mid-Market Group Guillermo Freire said of the investment, “Brim has all the elements for success – an innovative product, rapid growth and a visionary management team. With EDC’s investment, Brim will continue to be positioned as a market leader and drive its growth into new markets, bringing proven solutions to financial institutions and enterprises.”
My thoughts:
Looking at Brim’s site, it seems that the startup has a robust roster of offerings to help power banking and credit card products. This made me wonder why this was the first time I’ve personally heard of them. I can only assume that this has something to do with their Canadian roots.
With that in mind, between its existing partnerships and this new round of funding, the firm is clearly ready to expand its presence stateside. From what I’ve seen, they appear well positioned to do just that, despite growing competition. Meanwhile, with its Series C totaling $85 million, expect Brim’s Series D to qualify as a “mega-round” if all goes well.
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