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In Brief

Canada’s role in the global fintech ecosystem is on the rise with 2024 on track to be a record year for FinTech investment in the country. FinTech investment in Canada soared to $6.4 billion in 2023 with 162 deals – both record highs for deal value and deal count.


Canada has more than 1,200 fintech companies with Toronto its largest commercial hub. The innovation ecosystem in Toronto is supported by the region being the second largest financial centre, and having the highest concentration of financial services employment in all of North America.


Canada is also home to some of the largest banks, insurance firms, and asset managers in the world.

In 2023, Fintech Canada unveiled the Choose More campaign, an initiative aimed at shedding light on how the country’s financial sector can better serve both consumers and businesses.


The Choose More campaign is designed to empower Canadians to engage in a national dialogue and advocate for change within the federal government. By fulfilling commitments related to open banking and payments modernisation, the government has the potential to put more money back into the pockets of Canadian citizens.


The launch of the Choose More campaign underscores FinTech Canada’s unwavering commitment to drive transformation in the financial sector.


A campaign website offers insights into the existing financial system, dispels myths, and provides a platform for Canadians to advocate for necessary reforms.

Canada is often overlooked when it comes to fintech, shaded out by the success stories of Silicon Valley and the high-rise promise of the US East Coast. But America’s northern neighbour has some fintechs worth shouting about.


Clearco: Clearco is a Toronto-based ecommerce investor that provides equity-free capital solutions for ecommerce businesses. Founders who receive funding from Clearco benefit from real-time access to a vast partner network, as well as valuable insights and data tools that facilitate business scaling.


KOHO: KOHO is a financial services company aiming to build better financial products for Canadians. Partnering with companies like Mastercard, its product proposition centres around a virtual card and account that give users various perks when they use it.


FreshBooks: FreshBooks creates cloud-based accounting software specifically designed for self-employed professionals and their teams – an oft-overlooked segment of the market wedged between B2C and MSMEs.


Nuvei: Nuvei is a Canadian fintech payments company that offers the tools that so-called top-tier enterprises need to embrace cutting-edge payment solutions, comprehensive payout choices, and robust financial services such as card issuing, banking, risk management and fraud prevention.


Blockstream: Blockstream are using the bitcoin blockchain to create new financial infrastructure. The aim is to take advantage of the inherent decentralisation of blockchain, building products and networks that make financial markets more efficient by reducing their reliance on centralised trust.


Verafin: Verafin develops cloud-based financial crime management software that helps keep companies safe online by detecting and managing fraud risk; helping them remain compliant; and keeping them on top of high-risk customers.

Market Summary


The economy of Canada is a highly developed mixed economy, with the world’s tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion.


Canada is one of the world’s largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada’s exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States.


In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.


Banking in Canada is one of Canada’s most important industries with several banks being among its largest and most profitable companies.


It is dominated by a small number of large banks, with the six largest combining for 90% of the market share. The two largest, the Royal Bank of Canada and the Toronto Dominion Bank are among the world’s 25 largest banks. It has been considered to be one of the safest banking systems in the world, and avoided major problems in the Financial crisis of 2007–2008.


Canada’s banks have high service levels and investments in technology. A report released by the office of the Minister of Finance in 2022 states “Canada has the highest number of ATMs per capita in the world and benefits from the highest penetration levels of electronic channels such as debit cards, Internet banking and telephone banking”.


More recent data published by the World Bank shows that as of 2017 Canada has 227.82 ATMs per 100,000 adults, which ranks the country third worldwide.


Canada presents an interesting opportunity for the fintech sector. Unlike in some other markets around the world, the big banks—and their decades of experience—are highly trusted by Canadian customers. Understanding this dynamic, fintechs are exploring the opportunity to collaborate with these institutions (gaining access to an established customer relationships) while also competing against them.


The post-pandemic landscape has seen great increases in Canada’s fintech funding—with total investments nearly doubling annually since 2021—and local companies are working hard to keep up with global rates of adoption and innovation.


While there are numerous opportunities for growth, Canadian fintech companies still face challenges when it comes to developing and selling new products. Canada need to critically examine what’s currently working, and what needs to change, to help their FinTech ecosystem go from “good enough” to a global leader.

Fast facts

Population: 38.25 million

Languages: English and French

Currency: Canadian Dollar (CAD)

Political System: Parliamentary Democracy

Legal System: Common law and Civil law

IA Partner & FinTech Hub

Fintech Cadence is a Canadian non-profit organization with a mission of building out Canada’s fintech ecosystem and making fintech entrepreneurship more accessible. Their aim, as Canada’s fintech hub, is to develop future fintech leaders. Through a range of targeted initiatives and programs designed to bolster early-stage fintech startups, Fintech Cadence has already lent its support to over 250 entrepreneurs across the country.


Moreover, the resonance of their initiatives, including the Fintech Certificate, Fintech Challenge, University Series, and Fintech Drinks, echoes far beyond numbers, connecting over +500 individuals nationwide. These programs have been instrumental in sparking meaningful conversations and fostering invaluable collaborations, reinforcing FC’s role as a pivotal force in Canada’s fintech landscape.