Fintech/AI for business expense management, targeting Canada's 1.2mm SMEs


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CAARY Capital Ltd.: Fast Facts

CAARY is harnessing the expertise of executives from Canada's big banks to unlock new opportunities for small and medium-sized enterprises ("SMEs"), who comprise 98% of Canadian businesses, with a suite of fintech offerings engineered to address the most common pain points in 2021 in areas to include business credit cards, expense management, and B2B money transfers.

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Corporate Cards Have
Limited Capabilities

With only 60% of Canadian business credit card applications approved and most requiring personal guarantees, many SMEs are left with no choice but to rely on personal cards and manually reconcile expenses.

Even for SMEs who are approved for corporate credit cards, Canadian banks offer very few options in terms of no-fee cards, rewards programs, cardholder perks, and management of spending limits or categories.

Additionally, remitting payments to vendors through traditional methods such as wire transfers and ACH payments can be expensive, cumbersome, and time-consuming.

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How Does CAARY
Stand Out?

CAARY offers a business credit card for SMEs based on cashflow and assets, as opposed to a personal guarantee from its founders.

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How It Works

Application Review and Approval
CAARY uses a stack of application programming interfaces (“APIs”) with the systems of several outside partners (e.g., credit reporting agencies, open banking solutions) to gather data about the applicant entity, its owners, funding path, banking history, sector, and credit history (if applicable). Based on an analysis of this data, a credit facility can be approved same-day. This differs substantially from the processes used by banks, which tend to require much more information and can take weeks or months.

Card Issuance
Upon approval, a “virtual” CAARY credit card can be issued near-instantly, allowing for use online, over the phone, or at a physical point of sale through a smartphone using Apple Pay or Google Wallet. Supplementary cards can be easily issued through the CAARY dashboard, allowing many users to get their own cards with the click of a button. Physical cards can also be issued upon request.

Card Management
Using the CAARY dashboard, cards can be issued, added, suspended, or cancelled on demand. Individual cards can also be managed to implement restrictions at the client’s discretion.

Expense Reporting
CAARY users will get a smartphone notification after making a purchase, which they can respond to with a picture of an invoice or receipt, as opposed to reporting expenses manually.

Earning Rewards
Initially, CAARY will offer up to 2% cash back on all purchases, applied in the form of statement credits. At a later date, CAARY also intends to offer specialized rewards programs that are relevant to its client base.

Unique Solution in Canada
Companies like Brex have taken a similar approach in the US and seen great success. There’s a huge demand in Canada for this type of product, and CAARY is ready to meet that demand and capture market share with its innovative offering.

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Product Development

The CAARY credit card has been developed in compliance with Mastercard’s standards and Canadian banking and payments regulations. A full technology stack is under development to provide features and functionality to make CAARY suitable for launch:

AI-supported evaluation workflows for credit applications, KYC/AML screening, and issuing approved/declined decisions with proposed remedial steps in the case of declined applications

Issuance mechanism for CAARY credit cards (digital and physical), allowing for near-instant usability and integration into Apple Pay and Google Wallet

Card management dashboard, allowing for CAARY account administrators to add or remove cards, assign card-specific restrictions, and capture detailed information relating to a given card’s activity

Cloud-based system allowing for expenses on a client’s CAARY card(s) to be tracked, categorized, and synchronized with a designated accounting system

Mechanism for conveying transaction notifications and correspondingly processing documentation of such transactions through SMS, email, or upload to the CAARY smartphone application

Performing surveillance of CAARY accounts on an ongoing basis to detect potential instances of suspicious activity, gaming of rewards programs, or positive/negative indicators with respect to creditworthiness (and reporting to credit agencies as appropriate)

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Traction & Accomplishments

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Meet The Team

Jason Sawyer (Co-Founder) | Jason is a 27-year veteran of the alternative investment business and currently the General Manager of Access Alternative Group S.A., a Nassau, Bahamas based boutique venture investment, advisory, and capital placement firm.

Steve Apostolopoulous (Co-Founder) | Steve is the Managing Partner of Triple Group of Companies (TGC), a Toronto-based full-service real estate firm; the Co-Founder and Chief Development Officer of Triple Properties, a privately owned enterprise engaged in real estate investment, development, asset management, and leasing; and the founder of Six Ventures Inc., a private equity and venture fund.

John MacKinlay (Chief Executive Officer) | John MacKinlay is a Senior Advisor in the Venture & Growth Equity arena. He focuses on Fintech, Payments and the Innovative Lending products space. John has 25 years of experience in the IT and Financial Services industries as an Entrepreneur, Executive, Investor, Senior Advisor, and Board member.

Pat Finerty (Chief Strategy Officer) | Pat Finerty is a senior executive in Software Industry & Artificial Intelligence, Data, Go to Market Strategy, and Strategic Partnerships. In addition to Pat's experience consulting and advising in these areas, Pat has 25 years as a software industry executive, board member, investor, and management consultant. Pat was most recently the Chief Development Officer for Daisy Intelligence - a SAAS based AI player in the retail and financial services space.

Khurram Khalil (Chief Operations Officer) | Khurram is a 20-year veteran of the technology and financial sector. After a successful career in technology with Oracle and SAP and starting his first fintech company in 2000, he has worked in the financial sector with Manulife, Scotiabank, CIBC, and Meridian Credit Union in multiple executive roles.

Salil Vijay (Chief Product Officer) | Salil is a Digital Product Development and Management leader in the financial services industry with over 15 years with HSBC, AMEX, CIBC, and RBC, specializing in P&L management and growth in Credit Cards and Retail Lending products as well as business strategy development in Retail Distribution and Business Analytics.

Saim Zuberi (Chief Technology Officer) | Saim is an experienced Engineer, having led Fintech Product Development in Canada, Southeast Asia, and MENA regions for over 15 years, specializing in technical product development with integrated cloud technologies in Banking & Telecom industries. He has served in executive capacities (CEO, Director) for Venture Capital/Asset Management portfolio companies. He is also a certified Project Manager.

Chris Whyte (Chief Financial and Risk Officer) | Chris is a Senior Advisor specializing in financial services, fintech, digital transformation, and credit risk management. In addition to his consulting and advisory experience, Chris has spent over 30 years leading change and innovation as a senior executive with positions including Chief Operating Officer at Home Trust, Senior Vice President Lending Technology at D+H (now Finastra), Vice President and Head of Alternate Channels at CIBC, and Vice President of Personal Lending at CIBC.

Daniel Nauth (Securities Counsel) | With over a decade of previous experience gained on both Wall Street and Bay Street, Daniel is a trusted legal advisor providing practical advice on U.S.-Canada cross-border capital markets, M&A and corporate and securities transactions and regulatory compliance. Daniel advises Canadian, U.S. and other foreign companies and investment banks in a wide range of U.S.-Canada cross-border and domestic public and private equity and debt financings (including under the U.S.-Canada Multijurisdictional Disclosure System), M&A transactions, corporate commercial matters, as well as assisting companies in connection with stock exchange, OTCQX and OTCQB listings. Daniel also advises clients with respect to their regulatory and compliance matters, including continuous reporting, corporate governance, and ongoing stock exchange listing requirements under corporate and securities laws.

Dan Budreau (Chief Revenue Officer) | Dan is a B2B Payments leader with over 18 years experience at American Express. He has created champion/challenger vendor models in order to drive aggressive long term growth with over 100 sales resources. Dan has created 360 Industry strategies in order to drive 10X market share in strategic verticals. He has become an acquisition specialist by maximizing a Sales and Marketing Omni channel approach.

Peggy Van De Plassche (Senior Advisor) | Peggy is a 20 years veteran of global IT and financial services industries as an executive, investor, and entrepreneur to leading financial institutions, software and IT services companies. She led innovation for CIBC, managed a European family office, started 2 fintech companies and allocated several billions of capital to technology projects on behalf of CGI & BMO. She has advised funds (OMERS VC, Portag3 Ventures) financial institutions (BMO WM, Power Financial) and Fintechs (LongGame, DoubleClick Lending) on multiple aspects linked with value creation.  A board member at Invest in Canada, Impak Finance, FrontFundr and Hackergal, Peggy is passionate about D&I, impact investing and innovation.

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