The Canadian fintech market isn’t as large or growing as rapidly as other regions around the world, however, it is still thriving and all signs point to this not changing anytime soon. Through the first half of 2019, Canadian fintech companies raised $251M. This is nearly double the $133M raised during the same period in 2018.
A few of the reasons why fintech is thriving in Canada are:
- Due to the size of the market, big tech companies have focused on other areas of the world, where there is a higher unbanked population, enabling fintech companies to capitalize.
- The Canadian Government has made it a focus with a $755 million commitment over the next 10 years through the Social Finance Fund which is expected to generate $2 billion in economic activity and create 100,000 jobs over the 10 year period.
- Artificial Intelligence (AI) is playing an important role in fintech and Canada is a leader in AI. Montreal has the highest concentration of deep learning students in the world and Toronto has the highest concentration of AI startups in the world. This will have a significant impact on the fintech market for years to come.
- Similar to AI, Canada has a plethora of blockchain talent and according to the Canadian Blockchain Census 2019, spending on blockchain in Canada is expected to increase from $72 million in 2019 to $644 million by 2023.
15 Canadian Fintech Startups To Keep an Eye OnBench
Description: Bench pairs you with a team of professional bookkeepers to do your bookkeeping, leaving you to run your business.
Description: Blockstream is the global leader in Bitcoin & blockchain technology, making financial markets more efficient by reducing reliance on trust.
Description: Borrowell helps consumers make great choices about their credit. They offer free credit score monitoring, personal loans, and product recommendations.
Funding: CA $26.2M
Description: Canalyst is an equity analysis platform specifically aimed at helping CIOs, PMs, and Directors of Research get more from their teams.
Funding: CA $53M
Description: Coinsquare is Canada’s premier cryptocurrency trading platform for trading Bitcoin, Ethereum, XRP, and other digital currencies.
Description: Drop is a free and easy-to-use app that lets you earn rewards for shopping.
Description: Flinks is a fintech company that encourages businesses to deliver better financial services to consumers.
Description: Online invoicing and accounting solution for small businesses.
Description: A no-fee spending account with instant cash back & money management app designed to simplify your personal finances.
Description: Mylo is an app that helps you save and invest. They automatically round up every purchase you make and invest the spare change.
Description: Nuvei is the first-ever community of payment experts. They provide fully-supported omnichannel payments to large-scale merchants, SMBs and distribution partners, powered by our broad suite of proprietary technologies.
Description: PayBright partners with leading merchants to let you buy now and pay over time for the purchases you want.
Description: Payfirma is a one-stop merchant services partner for secure credit card processing.
Description: A leader in providing banks, fintechs, lenders, credit bureaus with Open Banking API solutions, connected to 5000+ banks in 70 countries.
Description: VoPay is a leader in payment innovation, digitizing online bank account payments with speed and transparency.
Fintech Enablement in Canada
Hydrogen is an award-winning fintech enablement platform and we work with fintech companies and financial institutions throughout Canada. Our no-code offering provides pre-built integrations, workflows, business logic, and UI packaged up so all you have to do is plug Hydrogen in, and you are ready to add fintech capabilities to your app.
*Funding data was found on Crunchbase.com.