Brim Financial secures $85m in Series C to fuel US expansion and product development
In a significant move within the fintech infrastructure landscape, Brim Financial (“Brim”), a pivotal company transforming credit card platforms and payment automation, announced the successful closure of an $85 million Series C funding round. This substantial investment is propelled by Brim’s remarkable revenue growth, expanding market share, and strategic advances into the business and commercial sectors. EDC Investments (“EDC”) spearheaded the round, with notable contributions from Vistara Growth and returning investors such as White Owl Group, Epic Ventures, and Zions Bank. This funding marks a milestone in Brim’s journey, setting the stage for an aggressive expansion strategy in the U.S., including broadening its market reach, accelerating its product development, and establishing strategic partnerships.
Brim’s modular platform and comprehensive product suite have revolutionized how financial institutions, fintech companies, and large international brands manage and evolve their product platforms. By leveraging Brim’s cutting-edge technology, these entities can significantly reduce the time to market and mitigate the costs and complexities associated with developing and maintaining advanced capabilities independently. “This funding will accelerate Brim’s growth and fuel our international expansion,” stated Rasha Katabi, CEO and Founder of Brim. The company is set to continue its trajectory of innovation, focusing on platform automation and the integration of open banking capabilities, aiming to redefine the credit card and payment infrastructure landscape.
Since the close of its Series B funding, Brim has achieved several notable milestones, including a transformative partnership with Mastercard to integrate open banking and modernize the U.S. credit card infrastructure. Furthermore, Brim has formed strategic alliances, such as with TrueNorth, to deliver a Credit Cards-as-a-Service platform across North America, and successfully launched its platform-as-a-service to major institutions and brands. The company’s momentum in the U.S. market, particularly with middle-market banks, underscores its potential for continued success and innovation.
Guillermo Freire, Senior Vice-President, Mid-Market Group at EDC, highlighted Brim’s promising trajectory: “Brim has all the elements for success – an innovative product, rapid growth, and a visionary management team.” EDC’s investment is poised to bolster Brim’s position as a market leader and facilitate its growth into new markets, offering proven solutions to a broad range of financial institutions and enterprises.
Brim Financial’s Series C funding round is a testament to the company’s innovative approach and its potential to significantly impact the fintech sector. By focusing on modular platforms and scalability, Brim is well-positioned to meet the evolving demands of the market and lead the way in transforming financial services infrastructure. The backing by a diverse group of investors, including EDC and Vistara Growth, further validates Brim’s strategy and its commitment to driving growth and innovation in the financial technology space.