The Best Fintech Companies in Canada
About Fintech Industry in Canada
Canada is really home to some of the world’s most promising financial firms and companies. Canada includes both startups and established firms operating in nearly every financial area.
When it comes to developing financial technology (fintech) businesses, Canada may not be as well-known as its U.S. counterparts in terms of innovation and technical advancement. It is true that the Canadian fintech industry is smaller and less developed than those in other countries, but it is still booming and there is no indication that this will change very soon. Canadian fintech startups raised $251 million in the first half of 2019. During the same period last year, $133 million was raised, nearly double the amount raised this year.
This is because big IT firms have concentrated on other parts of the world with a larger unbanked population, which has allowed fintech startups to capitalise on the market opportunity. To this end, the Canadian government has committed $755 million over the next ten years through the Social Finance Fund, which is anticipated to produce $2 billion in economic activity and create 100,000 new employment opportunities in ten years.
The use of artificial intelligence (AI) in fintech is becoming increasingly essential. There are more deep learning students in Montreal than anywhere else in the world, and there are more AI businesses in Toronto than elsewhere in the world. A substantial influence on the fintech sector will be seen for years to come as a result.
List of Leading Fintech Companies of Canada
Below is a list of the top Ten fintech companies in Canada.
Whether you are an employee, a small company owner, an investor, an entrepreneur, or a computer expert, there are bound to be a few useful firms on this list.
Launched in 2017, Creditcard Genius immediately evaluates 126 distinct aspects of over 200 credit cards to offer you with the best alternative. You may specify your desired advantages, such as the type of rewards you receive, fees, interest rates, and so on. Creditcard Genius makes it as simple as entering a few of your criteria to find the perfect credit card for you. They also use their network to assist obtain third-party input, and they now have 1,300 consumer reviews and 40,000 email subscribers.
Clearco (Formerly Clearbanc) aims to make it easier for startup entrepreneurs to acquire finance, regardless of the stage of their firm. So far, they’ve invested more than $2 billion in over 4,500 firms in seven countries. They have also formed venture agreements with a number of well-known investors, including Gary Vaynerchuk, Chamath Palihapitiya, and Matt Salzburg. Clearco has backed a number of well-known companies, including Haus, Untuckit, and Farmgirl Flowers.
If you find it difficult to balance your chequebook, you might try utilising CalendarBudget. CalendarBudget will help you arrange your budget and keep on top of your financial objectives and commitments for just $3.99 each month.
They have been assisting clients with tracking expenditure, reducing impulsive purchases, purchasing items with cash rather than a credit card, and paying bills on time since 2009. CalendarBudget also provides personal financial education materials such as a blog and a free video course on money management. They are an excellent resource for anyone looking to improve their financial situation.
Brim Financial promises on their home page that “the future of banking is today,” and backs it up with a cutting-edge credit card infrastructure and digital platform. They provide a variety of corporate and consumer credit cards, all of which allow you to buy now and pay later. Brim, Brim World, and Brim World Elite are the three cards they provide, each with different levels of incentives, and one of the great things that Brim Financial offers is free worldwide wifi at any Boingo site.
If you own a small business, you’re probably already familiar with Bench. They provide bookkeeping and financial services to company owners that want assistance with their taxes and accounting. They have even developed Bench Retro, which is particularly built for business owners who are more than two years behind on their accounts.
They began operations in 2013 and have since expanded to over 500 people and a $53 million value. Bench is focused on assisting entrepreneurs with bookkeeping, but it aspires to offer much more. They say they’re “here to assist entrepreneurs understand what they want to do and where they want to go.”
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If you utilise a number of separate accounts to keep all of your financial assets, you might think about utilising Wealthica. Wealthica links to all of your existing financial institutions and syncs them daily, allowing you to see all of your assets in one location. This means you can log in to their site and instantly see how your stocks, cryptocurrencies, net worth, and other assets are performing. Wealthica has received hundreds of favourable reviews and has been highlighted in the Globe and Mail, the Toronto Star, Maple Money, and other publications.
Koho Financial provides their customers with another option for spending their money. They are not officially a bank, but rather a separate checking account that provides you with rewards for spending in the same way that a credit card does. It works by transferring money from your regular bank account to your Koho account and then spending it with a debit card that gives incentives.
They have a partnership with Mastercard for their debit card, so you can be confident that it will function at any merchant. They also claim that the typical KOHO customer saves 7% of the money loaded into their account. They have four distinct debit cards to pick from, each with its own set of benefits.
For all of your financial decisions, Hardbacon is a one-stop shop. They provide all of the tools you need to plan, budget, invest, and locate the most profitable financial solutions for you. With so many financial products available, it can be tough to know where to begin. Hardbacon makes it simple to go through these many tools and compare credit cards, savings accounts, brokers, mortgages, checking accounts, and more. They also have a wealth of educational materials in the form of blogs, courses, and reviews.
Docoh provides a number of tools for investors to employ in order to get a competitive advantage. Users may access up to twenty years of corporate filing data and set up real-time news notifications. Their webpage provides an extremely complete perspective of the financial markets, providing investors with information such as future results, general news, press releases, and IPOs (Initial Public Offerings).
Another great tool they provide for their users is the opportunity to rapidly navigate through prominent Reddit boards to see what people are talking about in real-time. Because Reddit users have been known to change stock prices on their own, this is a highly useful tool.
Goldmoney bills itself as the “most trusted name in precious metals.” However, given that they protect almost $3 billion in assets for clients in 125 countries, they may have a point. Goldmoney, in particular, offers gold, silver, platinum, and palladium mostly in the form of bullion. Gold has traditionally been seen as one of the most dependable methods to keep wealth, and it is regarded as “insurance” for your money. Other advantages of having gold include its ability to shield you from market downturns, hedge against inflation, and rise in value over time.
In 2019, Canada recorded 241 fintech transactions totaling $2.7 billion in investment. With Ontario home to 64% of Canada’s fintechs, it’s no surprise that the industry is not only flourishing, but also expanding. Canada offers an intriguing potential for the financial industry.
Unlike in some other markets, Canadians place a high value on the large banks and their decades of expertise. Recognizing this interplay, fintechs are investigating the possibility of collaborating with traditional institutions (gaining access to established client connections) while simultaneously competing with them.