Woman using credit card for online shopping
Did you know that last year ecommerce growth took over 10 years in just 90 days? According to Shopify, the Covid-19 pandemic has pushed the industry forward at a rapid pace.
People are turning to e-commerce platforms more often to provide them with simple everyday items like toilet paper. Retail websites generated nearly 22 billion in June 2020, up from 16 billion in January 2020.
Ecommerce technology is not expected to slow down anytime soon, and the last year has fundamentally changed the way people shop.
As consumer habits have changed as part of the digital transformation, expectations of the customer experience have also changed. Brim Financial is a fintech company leading the next frontier in e-commerce and banking.
Brim has just launched its Platform-as-a-Service for banks, credit unions, large corporations, merchants and large conglomerates, which brings banking, loyalty, rewards and e-commerce together on a single platform. They bring groundbreaking innovations to fintech with a full suite of consumer and business credit cards, digital banking services, the world’s largest global open ecosystem for rewards and loyalty, and innovative financial products with integrated e-commerce. As a certified Mastercard credit card issuer, its proprietary technology is based directly on the payment rails. This makes Brim a first-to-market solution with the first truly open, global ecosystem.
The Canadian fintech company is led by CEO and founder Rasha Katabi. It is rare to find a female executive in the fintech space. In fact, Deloitte reported that women make up just 7% of fintech founders worldwide.
I had the opportunity to interview Rasha about her experience as a female fintech innovator, her vision behind Brim, why it disrupts banking and e-commerce, and the market trends that determine success. Here’s what she had to say.
Shama Hyder: Brim raised $ 25 million in Series B funding, the largest equity financing round led by a woman CEO in Canada. How has being a female executive in a male-dominated industry impacted your fundraiser?
Rasha Katabi: The thresholds are higher and you need to demonstrate the strength of more specifically
What you build – but we are a strong, agile and innovative team and we face the challenge. What
Has made Brim successful (and is its defining DNA) isn’t gender-specific – it’s hard work, passion, and grit.
When it comes to fundraising, you need to be prepared. It is not enough just to set up your vision. You have to show that you built it. You have to demonstrate demand. We have both. Brim is unique
differentiated. It is a breakthrough technology that is ready for the market with a strong pipeline of commercial interest and momentum. That sparked interest in our Series B.
Hyder: You have redefined the banking and e-commerce experience with Brim’s technology and structure. What was the first driving force behind this change?
Adjacent: The vision behind Brim was to build a future-proof platform to create an end-to-end financial ecosystem with a strong customer experience and a strong value proposition.
Brim’s platform combines banking, loyalty and trading and offers a full suite of intelligent and highly innovative financial products. We deliver a fully integrated end-to-end smart ecosystem that is convenient, extremely engaging, and very customer-centric.
That’s why our partners choose Brim – we focus on driving growth with our partners by enabling them to exceed their customers’ needs and expectations
Hyder: Your reward and loyalty ecosystem is the first of its kind. What does the success show about consumer habits and expectations now and in the future?
Adjacent: Consumers today are more value conscious than ever before. Consumers drive demand for better, more personal, flexible, and convenient solutions and want more rewarding experiences.
As a result, businesses and retailers need to innovate and adapt to stay relevant and build loyalty.
With its robust and globally open loyalty and reward ecosystems, Brim enables retailers and brands to differentiate themselves from their competitors. They bring companies closer to their customers and build brand equity. Businesses need a turnkey loyalty and rewards solution so they can innovate quickly.
For example, Brim offers buy-it-pay-pay-later features that are seamlessly integrated with all revolving credit card products for businesses and consumers. This benefit meets consumer demand for more flexible payment options and enables a seamless solution available to any merchant to continue to “activate” the Brim ecosystem. Remember that Brim’s platform is currently available at every dealer and point of sale worldwide, so no costly rollouts or integrations are required.
The success of the Brim platform fulfills a largely unmet need: consumers, partners and retailers want tailored experiences that are easily accessible. You want access to the latest technology, but in a seamless way. Brim delivers this seamless banking, loyalty and integrated e-commerce experience on a single platform.
Rasha’s success with Brim shows how the combination of true innovation, strong market demand, and a relentless determination to realize a vision is the value equation required to pave the way for leadership for other women (and men).