Brim Financial raises $85m in Series C funding round

The funding round for the credit-card-as-a-service company was led by EDC Investments

Brim Financial, the Canadian Credit-Card-as-a-Service (CCaaS) organisation, has bagged $85 million in a Series C funding round led by EDC Investments. 

The round also featured participation from Vistara Growth alongside returning investors Epic Ventures, Zions Bank, and White Owl Group.

Founded in 2015, Toronto-based Brim Financial provides embedded banking and finance solutions, personal and business credit cards, payment solutions and customer engagement and analytics tools.

The company plans to use the new cash injection to fuel its US expansion plans and extend its market reach. The firm says the funds will also help it to forge new strategic alliances and hire more staff.

Brim’s CCaaS offering has gained the company a lot of recognition. As well as being named on Deloitte’s 2023 Fast Growth 50 Canada, it was also placed 138 in Technology Fast 500 North America, both of which are judged on company revenue.

This new round of funding will continue to help Brim expand. Brim commented that since its Series B round in 2021, which saw the company raise $25m, it has successfully introduced its CCaaS offering to numerous banks, credit unions, and multinational corporations. The firm has notably signed partnerships with Canadian Western Bank (CWB), banking tech vendor Mambu, and international airline KLM among others.

Brim joins a growing list of Canadian firms raising money through funding rounds. Towards the end of 2023 Nova Credit raised $45m, and earlier this year Float raised $50m.

Rasha Katabi, CEO and founder of Brim, said: “This funding will accelerate Brim’s growth and fuel our international expansion and allow us to continue to execute on our robust product roadmap, focus on platform automation, and integrate open banking capabilities. Brim aims to redefine the credit card and payment infrastructure landscape and empower our customers to succeed in a rapidly changing environment.”

Since their Series B round, Brim have also partnered with TrueNorth, a professional services organisation that implements digital solutions for the financial services industry.

Commenting at the time, TrueNorth chief executive officer Alex Gonikman said: “Through this partnership, TrueNorth will co-invest in creating dedicated Brim delivery expertise, as well as assets and accelerators, including pre-integrations, methodologies and best practices to increase project predictability and speed to market.”

Image: Brim Financial

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.