We are very excited to announce our continued support of Rasha Katabi and the entire team at Brim Financial through a significant investment in this Series C round, including conversion of our initial investment in 2022.
Vistara Managing Partner, Randy Garg, who also joins the Board of Directors, comments “Since our initial involvement, we have been impressed by the pace at which the Company has been able to sign and implement new customers including large financial institutions, credit unions and corporates, while also driving forward meaningful new partnerships. Credit card programs continue to be a core product offering for financial institutions and Brim’s platform ensures that their customers can provide digital-first and high-quality experiences to end users. Their product leadership and best-in-class platform has been recognized by customers, third-party analysts, and most recently Mastercard, who has announced a go-to-market partnership with the company to drive additional pipeline and growth for both organizations. We are thrilled to be a part of the organization as they continue to drive meaningful growth and play a key role in the modernization of credit card technology platforms.”
Brim Financial Secures $85 Million in Series C Funding to Fuel Global Expansion
Significant investor interest fueled by Brim Financial’s robust revenue growth and momentum across its customer portfolio from enterprise wins
TORONTO, April 3, 2024 – Brim Financial (“Brim”), a leading fintech infrastructure company transforming the credit card platform and payment automation space, today announced the closing of an $85 million Series C funding round on the back of strong revenue growth, rapidly increasing market share and expansion into the business and commercial segments.
Led by Export Development Canada (“EDC”), this round included strong participation from Vistara Growth alongside return investors White Owl Group, Epic Ventures, and Zions Bank. This landmark financing will fuel Brim’s U.S. expansion strategy, including extending its market reach, accelerating product development and forging strategic alliances.
Brim’s modular platform and highly scalable product suite fully empowers financial institutions, fintechs and large international brands to run and evolve their product platforms to meet their customer and market needs. Brim’s leading technology enables these partners to significantly decrease time to market while reducing the cost and challenges associated with building and maintaining advanced capabilities independently.
“This funding will accelerate Brim’s growth and fuel our international expansion,” said Rasha Katabi, CEO and Founder of Brim. “We will 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 successfully closing the firm’s Series B funding round, Brim has:
- Entered into a transformational partnership with Mastercard, including integration of its open banking capabilities to modernize credit card infrastructure in the U.S.
- Formed a strategic partnership with TrueNorth to deliver Credit Cards-as-a-Service platform to financial institutions and fintech customers in North America.
- Successfully rolled out credit-card-as-a-service (PaaS) to banks, credit unions, and major international brands, including Laurentian Bank, Affinity Credit Union, CWB, and Air France-KLM.
- Expanded strong momentum in the U.S. market with middle-market U.S. banks.
“Brim has all the elements for success – an innovative product, rapid growth and a visionary management team,” said Guillermo Freire, Senior Vice-President, Mid-Market Group, EDC. “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.”
The company intends to significantly ramp up hiring across all functions to support product and customer growth. To learn more, please visit brimfinancial.com.
About Brim
Brim Financial is one the fastest growing enterprise technology companies, according to Deloitte’s Technology Fast 50™ in North America. Brim’s Credit-Card-as-a-Service has been recognized as best-in-class for product capabilities by Aite-Novarica Group in their analysis of global Credit-Card-as-a-Service providers. Brim’s robust platform and feature-rich products deliver a broad suite of payment solutions for Businesses and Consumers as well as comprehensive Enterprise Workflows for issuers. To learn more, visit www.brimfinancial.com.
About Vistara Growth
Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in. For more information, visit vistaragrowth.com
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