TORONTO, May 25, 2021 (GLOBE NEWSWIRE) – CAARY CAPITAL LTD. (“CAARY” or the “Company”) is pleased to announce that after raising a total of CA $ 1,600,000 from accredited investors in Canada as part of an equity fundraiser, the company has launched equity crowdfunding campaigns to Canadian investors and FrontFundr and Financable. In January 2021, senior fintech investment strategist John MacKinlay was appointed CEO of the company to lead the development of the product, its market and its partners, as well as to lead investment cycles and oversee the commercialization of CAARY at early stage in order to gain market share. in the category of payments to Canadian SMEs, in which over C $ 40 billion is processed annually. CAARY’s Minimum Viable Product (“MVP”) is expected to launch in July 2021 and has been developed to help over 1.2 million small and medium-sized enterprises (“SMEs”) in Canada overcome common credit barriers to companies, expenditure management and Payments.
Mr. MacKinlay has over 25 years of experience in the banking industry, serving as a strategic advisor, executive, investor and entrepreneur. After several years as a banker and strategic partner at PricewaterhouseCoopers (“PwC”), Mr. MacKinlay led the banking strategy practice for IBM following the acquisition of PwC Consulting in 2002. He subsequently joined National Australia Bank (“NAB”) to lead Strategy & Corporate Development in the Americas. Subsequently, Mr. MacKinlay returned to PwC where he led and developed his Canadian financial services advisory practice. In 2016, Mr. MacKinlay joined OMERS Platform Investments (“OPI”, the innovation arm of OMERS pension fund) where he created the investment strategy for OPI’s Financial Services division and directed their investments.
An overview of the CAARY solution (slated for full launch in September 2021) and its value proposition for Canadian SMEs is presented below.
Innovative application process: Canadian SMEs are often put off by the “black box” business credit card application process, which can take weeks and usually requires a personal guarantee. CAARY primarily considers the cash flow and assets of an SME and never requires personal collateral, but can issue same day approval.
CAARY Mastercard®: Upon approval, virtual CAARY cards can be issued almost instantly for immediate use with unlimited additional cards. Physical cards are also available on request.
Self-service administration: SMEs will have the ability to add / lock / delete cards at any time of the day via an online dashboard. Authorizations can also be adjusted for individual cards to include card-specific spending limits and merchant restrictions (for example, by category or named merchants).
AI / ML-based expense management: Avoiding the need to keep receipts and reconcile expenses each month, cardholders receive a notification via text, email, or the CAARY app whenever a transaction is recorded on their card. By responding to this notification with a photo of the receipt or invoice for these charges, CAARY uses an artificial intelligence (“AI”) and machine learning (“ML”) system that extracts the data and can forward to accounting platforms such as QuickBooks and Xero.
Near-instant money transfers up to $ 50,000: As an alternative to checks and wire transfers, CAARY will offer SMEs the ability to make near instant transfers of up to US $ 50,000 (~ CA $ 60,000) to beneficiary businesses or consumers through a bank account bound, even outside of Canada.
For more details on the CAARY card and the fintech platform, please visit www.caary.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c606289a-d38f-477e-a2be-ba396926edc1
CAARY offers a unique value proposition to Canadian SMEs, many of which do not use business credit cards due to the many barriers to qualification.
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CAARY’s equity crowdfunding campaigns are currently open to Canadian and US investors with a minimum investment of C $ 250 or US $ 1,000, respectively. Please consult FrontFundr or Fundable for more information.
Canadian investors (FrontFundr): https://www.frontfundr.com/caary
American investors (Financable): https://www.fundable.com/caary
John MacKinlay commented: “CAARY has organized a group of leading experts in the banking ecosystem, particularly in the area of payments and credit, who have held positions across the world as senior strategists, operators seniors, in-depth technical advisers, entrepreneurs and the market. builders. It has always been remarkable to me that so many growing Canadian companies, which I have worked with over the past 25 years, use the personal credit cards of founders and employees to pay out hundreds thousands or even millions of dollars. monthly expenses. Most often, this is because Canadian financial institutions do not tend to offer SMEs viable options for business credit cards, which limits their incentive to pursue these products.
Mr. MacKinlay continued, “An exciting time is ahead for CAARY as we complete our product development to reveal CAARY’s MVP in July 2021, with our general public launch slated for September 2021. Our fintech solution is the first of its kind in Canada, and we are delighted to offer Canadian SMEs the functionality of CAARY, in addition to offering investors in Canada and the United States the opportunity to join us as equity partners. We appreciate both FrontFundr (Canada) and Fundable (US) for their leadership in democratizing the venture capital asset class and for attractive venture capital investment opportunities for individual investors.
On behalf of the board of directors of the company,
CAARY CAPITAL LTD.
John MacKinlay, Chief Executive Officer
For more information, please contact:
CAARY Investor Relations
About CAARY Capital Ltd.
CAARY has developed a range of financial services products for Canadian SMEs, which includes: a professional Mastercard with fast approval and near instant card issuance, unprecedented flexibility in customer-side card management, greater credit availability for installment loans and AI-based spending. reporting engine in which CAARY cardholders can submit receipts or invoices by simply sending a photo or text. Developed under the direction of a senior team of industrial and technical experts as well as entrepreneurs, CAARY is launching in 2021 to seize new opportunities for more than 1.2 million SMEs that could benefit from these sub-offers and technologies. underlying. With product development over 85% complete, CAARY launched equity crowdfunding campaigns in the United States and Canada in May 2021, shortly after fintech investment strategist John MacKinlay (formerly of OMERS , PwC, IBM) has been appointed CEO to oversee the commercialization of CAARY in the Canadian market.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “expects”, “expects” or “does not expect”, “is expected”, “believes”, ” intends ”,“ anticipates ”or“ does not anticipate ”, or“ believes ”, or variations of these words and expressions or declares that certain actions, events or results“ could ”,“ could ”,“ would ” , “Could” or “will” take, occur or be achieved. Forward-looking information contained in this press release includes statements regarding CAARY’s expected performance in the financial services industry, in addition to the following: Potential performance of CAARY’s equity crowdfunding campaigns, potential development results of the Company and launch of CAARY with SME clients in Canada. Forward-looking information reflects management’s current expectations based on information currently available and is subject to a number of risks and uncertainties which may cause results to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing forward-looking information are reasonable, such information should not be relied on unduly and no assurance can be given that such events will occur within the time frames indicated or not. all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes in the growth and size of financial services markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly changing environment. New risk factors emerge from time to time, and it is impossible for the management of the company to predict all risk factors, nor can the company assess the impact of all factors on the business of the company. company or the extent to which any factor, or combination of factors, could cause actual results to differ from those contained in forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. , unless required by applicable law.
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© 2021 CAARY Capital – “CAARY” and the CAARY logo are trademarks of the Company. The CAARY Mastercard® business card is issued by Peoples Trust Company under license from Mastercard International Incorporated or its affiliates. Mastercard is a registered trademark and the circles pattern is a trademark of Mastercard International Incorporated