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Formidable FinTech Startups in Canada

When it comes to the FinTech ecosystem, Canada is often the overlooked neighbor of the US. While the latter remains one of the largest FinTech hubs in the world, Canada has seen impressive growth in recent years, after a slow start. In January 2019, the country noted an increase of 0.4% in the finance and insurance sector following a period of negative growth – this was led by a 1.1% growth in the financial investment services segment. Several reports have noted that Canada has the potential to become a world leader in FinTech, especially the regions of Montreal and Toronto. The two cities have emerged as strong FinTech hubs and top global destinations for financial and intellectual capital.

Furthermore, this growth is being attributed to the growing collaborations between FinTechs and banks. Most recently, in early July this year, WayPay a Canadian-based FinTech, which automate the payables process of banks, was acquired by Royal Bank of Canada – investors also see the potential. Sensibill, a Canada-based FinTech startup that assists global financial institutions to solve their customers’ point of management receipt issues, secured $31.5 million in a Series B investment.

When we looked at some of the top startups in Canada, we found that they vary in their segments – going from InvestingTech and BankingTech to Payments and Lending. In light of this, MEDICI brings to you some formidable FinTech startups headquartered in Canada.

  1. WealthSimple, founded in 2014, is a robo-advisor for investors. The company handles saving, trading, portfolio management, and investment decisions by automating its processes to deliver insights. The startup is headquartered in Toronto and has raised close to $200 million in total funding.
  2. Vena, founded in 2011, is a cloud-based financial planning and analysis software. The company’s corporate performance management software combines with MS Excel to provides finance and sales professionals easy-to-understand insights. The startup is headquartered in Toronto and has raised close to $150 million in total funding.
  3. Element AI, founded in 2016, provides an online platform that helps organizations identify opportunities to use artificial intelligence and machine learning. It launches and incubates AI solutions in partnership with large corporations. The startup is headquartered in Montreal and has raised over $102 million in total funding.
  4. League Inc, founded in 2014, partners with various insurance underwriters to develop health-beneficial plans for employers – this allows them to allot coverages to their employees, including medical and dental plans. The startup is headquartered in Toronto and has raised $91 million in total funding.
  5. SecureKey, founded in 2008, provides identity and authentication services for organizations that deliver online consumer services. It eliminates the need to store passwords by securely linking consumer ID to trusted devices. It provides consumers the ability to share content only with explicit consent. The startup is headquartered in Toronto and has raised about $90 million in total funding.
  6. TouchBistro, founded in 2011, is an iPad-based restaurant point-of-sale system. It enables owners to manage reservations and take orders. The startup also provides payments processing and inventory management solutions. The startup is headquartered in Toronto and has raised $88 million in total funding.
  7. Freshbooks, founded in 2003, offers invoice and accounting solutions for self-employed and small businesses. It also helps freelancers fast-track their sales cycle, as well as assist them with custom-branding their financial documents. The startup is headquartered in Toronto and has raised $73 million in total funding.
  8. Clearbanc, founded in 2015, is a growth capital lending platform. It offers credit to entrepreneurs based on their revenue and business output. They can also avail multiple loans based on eligibility. The startup is headquartered in Toronto and has raised $70 million in total funding.
  9. Sensibill, founded in 2013, provides a turnkey digital receipt solution to the financial institutions. It allows retail customers to manage their itemized receipts from trusted financial services applications. The startup is headquartered in Toronto and has raised $51 million in total funding.
  10. Kira Systems, founded in 2011, is a contract analytics software company. It leverages artificial intelligence to automatically identify and extract relevant information from contracts and other legal documents. The startup is headquartered in Toronto and has raised $50 million in total funding.
  11. Zafin, founded in 2002, provides relationship banking software solutions to the financial services industry. It covers relationship banking for retail, corporate, wealth management, and correspondent banking. The startup is headquartered in Toronto and has raised $47.2 million in total funding.
  12. Coinsquare, founded in 2014, is a multi-cryptocurrency exchange platform that allows users to buy, sell, and exchange their digital assets on a single portal. The startup is headquartered in Toronto and has raised $38 million in total funding.
  13. ISARA, founded in 2015, is a cybersecurity startup which leverages AI/ML technology to provide encryption-based data security solution. It enables financial institutions and government sectors to protect their customers' information and assets. The startup is headquartered in Waterloo and has raised around $28 million in total funding.
  14. Lendified, founded in 2015, is an online credit marketplace. It provides fixed-rate working capital loans to small businesses within a range of $5,000 to $35,000 for 3 to 12 months. The startup is headquartered in Toronto and has raised around $28 million in total funding.
  15. Trulioo, founded in 2011, is a digital verification platform which conducts online KYC for both individuals and business entities through a single API. It offers identity verification services for businesses and organizations globally using government and private databases. The startup is headquartered in Vancouver and has raised about $27 million in total funding.

Source: MEDICI Database

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