The financial technology (fintech) industry has changed the way individuals and businesses manage their financial activities. With services including digital payments, blockchain technology, peer-to-peer lending, and robo-advisory platforms, most companies within the fintech sector aim to enhance efficiency, accessibility, and transparency in financial services.
In recent years, Canada has gained recognition in the global fintech landscape, with numerous companies redefining financial services, leveraging advanced technologies such as artificial intelligence, machine learning, and big data analytics. Several notable startups have emerged from Canada’s fintech ecosystem and grown into established companies, including credit educator Borrowell and rate comparison platform Ratehub, while the investment management platform Wealthsimple achieved unicorn status in 2021, and is currently valued at over $5 billion.
Through various initiatives and funding programs offered through provincial and federal departments, in combination with incubator and accelerator support throughout the country, startups in fintech are scaling and entering global markets with innovations in investment management, banking, cryptocurrency, financial advice, and more. Read on to learn more about nine fintech startups making an impact in the sector.
- Montreal-basedClearEstateoffers digital estate settlement, simplifying estate and asset planning with automated features used to manage wills. Founded in 2020, the company has received Series A funding, with financing from NAventures and OMERS Ventures.
- Symend, based in Calgary, is rethinking outstanding payment collections practices through the use of behavioural science and machine learning to improve engagement and customer relationships. The company is funded by almost 20 investors, which include Inovia Capital and Impression Ventures.
- CapIntel’s platform assists financial advisors with investment proposal and portfolio generation, through improved application of data and analysis. With funding from FinTech Collective and three other investors over three rounds of funding, the company has worked with CIBC, Desjardins, and BMO Private Wealth since 2019.
- Using an open API, Montreal-basedFlinksenables secure connections between bank account information and financial data, which improves financial insights, credit assessment, and personal finance tools.
- Based in Montreal, Shakepay is providing a simplified platform for buying, selling, and transferring cryptocurrency, similar to traditional banking applications. Most recently, the company received Series A funding in 2022, with investors including Boost VC.
- Having received $4.6 million in Series A funding in 2024, Toronto-based Walnut Insurance operates as a digital embedded insurance platform supporting partners including Telus and National Bank. Founded in 2020, the company offers access to a number of insurance products which can be integrated into existing business models.
- Calgary-basedPayShepherd allows businesses to automate contractor billing processes, allowing for increased transparency and accuracy of payments, while simplifying the process for both the contractor and the business. The company recently received $7 million in seed funding, with investors including Thin Air Labs and Inovia Capital.
- Owl.co, based in Vancouver, uses AI to detect insurance fraud through data analysis, providing insurers with real-time access to non-eligible claim detection with greater accuracy and security. Backed by 12 investors, the company received $30 million in Series B funding in 2021.
- Calgary’s Quickly is an online platform providing early payment and invoicing and tools to businesses. The company received $10 million in seed funding in 2023, from investors including Thin Air Labs and Alberta Innovates.
As Canadian companies continue to innovate in the financial sector, with the introduction of new technologies and growing startups, customers and businesses are gaining access to more efficient, tech-based solutions to problem areas in the sector. Contact NorthBridge to learn more about funding opportunities available to fintech startups.
