About FinTech sector in Canada
The FinTech sector in Canada comprises 6.09K companies, including 1.19K funded companies having collectively raised $27.7B in venture capital money and private equity. Out of these, 602 are Series A+ funded, and 11 have achieved unicorn status.
FinTech sector in Canada has seen 338 acquisitions and 96 IPOs. This represents almost 7.1% of all such companies - which is higher than the 4.0% exit rate of tech companies in general.
This sector includes companies providing tech-enabled financial services and IT infrastructure and software for offering and managing financial services.
FinTech sector is also known as BFSI Tech.
Companies providing tech solutions to provide financial services like lending, banking, fundraising, insurance, etc are included in this sector. Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc are excluded.
Top FinTech Companies in Canada
There are 6,094 FinTech startups in Canada which include Wealthsimple, Neo Financial, Blockstream, Clearco, Borrowell. Out of these, 1,194 startups are funded, with 602 having secured Series A+ funding, and 11 achieving unicorn status.
2026 has seen the creation of 122 FinTech startups in Canada. Over the past 10 years, an average of 350 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and McGill University.
Here is the list of top FinTech startups in Canada
1. Wealthsimple
Provider of financial services including investing, trading, saving, and borrowing. The company offers chequing accounts, credit cards, and savings accounts. It provides self-directed investing in stocks, ETFs, options, margin, gold, and crypto. Wealth management services include portfolios, direct indexing, and income portfolios. Mortgages and tax filing services are also available.
Key facts about Wealthsimple
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Series F
- Total Funding till date: $1.29B
- Investors: Power financial, Meritech and 39 Others
- Latest Funding Round: Series F, Oct 27, 2025, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 20 of 3,984 Competitors
Provider of financial products and services including credit cards, accounts, and investment options. It offers various credit card options with cashback rewards. Account services include everyday accounts and high-interest savings accounts. Investment options are also available through expertly managed portfolios. It also offers customized financial and loyalty solutions for businesses and brands. This platform enables organizations to enhance customer engagement through integrated rewards programs leveraging a robust cashback network. It also provides financial services and education for teenagers by offering financial tools, including a spending card with cashback rewards and a high-interest savings account, designed to help young individuals manage their money effectively. Its app is available across Android and iOS platforms.
Key facts about Neo Financial
- Founded Year: 2019
- Location: Calgary (Canada)
- Stage: Series D
- Total Funding till date: $344M
- Investors: Valar Ventures, Thomvest Ventures and 27 Others
- Latest Funding Round: Series D, Feb 03, 2026, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 15 of 1,987 Competitors
3. Blockstream
Developer of cryptocurrency infrastructure software and open source hardware wallets. Systems built for the bitcoin network include non custodial applications, security technology, and decentralized financial tools. These products facilitate peer to peer transactions and address scaling requirements through satellite transmissions and sidechain implementations. Hardware security devices assist individuals with self custody management. The architecture aims to reduce reliance on third party financial institutions by utilizing cryptographic proof and distributed systems protocols.
Key facts about Blockstream
- Founded Year: 2014
- Location: Montreal (Canada)
- Stage: Series C
- Total Funding till date: $651M
- Investors: Bitfinex, Baillie Gifford and 46 Others
- Latest Funding Round: Series C, Oct 15, 2024, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 2 of 315 Competitors
4. Clearco
Revenue-based financing solution. It provides loans to businesses in return for a part or percentage of revenue generated by the business. It provides loans to eCommerce, SaaS, and more.
Key facts about Clearco
- Founded Year: 2015
- Location: Toronto (Canada)
- Stage: Series D
- Total Funding till date: $775M
- Investors: Founders Circle Capital, Inovia Capital and 32 Others
- Latest Funding Round: Conventional Debt, Aug 18, 2026, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 63 Competitors
5. Borrowell
Provider of a credit monitoring and financial products comparison platform. It provides users with a platform where users have to register on the platform for access to credit reports. It offers personalized product recommendations and credit improvement tips based on the credit report. Allows users to compare credit cards, personal loans, mortgages, bank accounts, home and auto insurance and investment products.
Key facts about Borrowell
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Series B
- Total Funding till date: $53.6M
- Investors: Equitable Bank, Portage and 28 Others
- Latest Funding Round: Series B, Feb 22, 2021, $*****
- Tracxn Score: 75/100 What is this?
Companies founded year-on-year in the FinTech sector in Canada
122 new startups have been founded so far in 2026 in the FinTech sector in Canada. 549 FinTech startups in Canada were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 122 |
2025 | 238 |
2024 | 158 |
2023 | 281 |
2022 | 339 |
2021 | 513 |
2020 | 549 |
2019 | 496 |
2018 | 466 |
2017 | 345 |
Stage-wise distribution of FinTech sector companies in Canada
Out of the total 6,094 FinTech companies in Canada, 1,194 have secured funding. Among them, 602 have reached Series A or higher, and 515 to Series B or beyond.
Founded - 6,094
Funded - 1,194
Series A+ - 602
Series B+ - 515
Series C+ - 477
Company Stage | No. of companies |
|---|---|
Founded | 6,094 |
Funded | 1,194 |
Series A+ | 602 |
Series B+ | 515 |
Series C+ | 477 |
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Funding Trends in the FinTech sector in Canada
Total funding year-on-year in the FinTech sector in Canada
The FinTech sector in Canada saw a total funding of more than $25.9B in the last 10 years. The most amount of funding was in 2021 at more than $6.62B. There has been a total funding of $719M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $719M |
2025 | $2.69B |
2024 | $1.75B |
2023 | $1.05B |
2022 | $2.62B |
2021 | $6.62B |
2020 | $2.4B |
2019 | $4.52B |
2018 | $2.63B |
2017 | $904M |
Recent Funding Rounds in FinTech in Canada
In the year 2026, till August 2026, FinTech companies in Canada have raised $497M in equity funding across 30 rounds.
In the same period last year (i.e. till August 2025), FinTech companies in Canada had raised $597M across 83 rounds.
So, 2026 has seen a 16.81% drop in funding in FinTech companies in Canada as compared to 2025.
Here are some recent, important funding rounds in FinTech companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series A | 8197 | Aug 31, 2026 | ||
Series C | 5578 | Aug 21, 2026 | ||
Seed | 5601 | Aug 11, 2026 | ||
Series A | 5407 | Jul 29, 2026 | ||
Series B | 7542 | Jul 23, 2026 | - |
Top Investors in FinTech in Canada
Plug and Play Tech Center is the top investor in FinTech companies in Canada based on number of companies invested.
Here are some top investors in FinTech companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Montreal (Canada) | ||
London (United Kingdom) | ||
Menlo Park (United States) | ||
New York City (United States) |
M&A activity in FinTech sector in Canada
In the year 2026, till September 2026, 16 acquisitions happened in FinTech sector in Canada. Last year, in 2025, a total of 23 acquisitions happened in FinTech sector in Canada.
Here are some recent, important acquisitions in FinTech sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 01, 2026 | ||
Business Acquisition | Aug 10, 2026 | ||
Business Acquisition | Aug 05, 2026 | ||
Business Acquisition | Jul 09, 2026 | ||
Business Acquisition | Jul 07, 2026 |
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Acquisition trends in FinTech sector in Canada
Here are the acquisition trends in FinTech sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 16 |
2025 | 23 |
2024 | 21 |
2023 | 20 |
2022 | 42 |
2021 | 40 |
2020 | 30 |
2019 | 41 |
2018 | 35 |
2017 | 18 |
IPOs in FinTech in Canada
In the year 2026, till June 2026, 1 IPO happened in FinTech sector in Canada.
Here are some recent, important IPOs in FinTech sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Jun 01, 2026 | Canadian Securities Exchange (CSE) | |
Dec 10, 2025 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Nov 07, 2025 | OTC Markets (OTCMKTS) | |
May 16, 2025 | Frankfurt Stock Exchange (FRA) | |
Feb 13, 2025 | OTC Markets (OTCMKTS) |
Colleges which produce the most FinTech companies in Canada
Companies founded by alumni from top colleges in the FinTech in Canada
Most number of FinTech startups in Canada have been founded by alumni from University of Toronto, University of Waterloo and McGill University.
College | No. of companies |
|---|---|
University of Toronto | 92 |
University of Waterloo | 55 |
McGill University | 21 |
The University of British Columbia | 16 |
Harvard Business School | 15 |
Stanford University | 14 |
Massachusetts Institute of Technology | 12 |
Queen's University | 12 |
York University | 12 |
Harvard University | 10 |
Total funding in FinTech companies founded by alumni from top colleges in Canada
In the last 10 years, University of Toronto graduates' FinTech companies in Canada have raised the most funding among top colleges. University of Oxford alumni are second, and Stanford University alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $2.81B |
University of Oxford | $1.45B |
Stanford University | $866M |
University of Waterloo | $514M |
The University of British Columbia | $372M |
Massachusetts Institute of Technology | $324M |
Harvard University | $300M |
McGill University | $254M |
Kellogg School of Management | $211M |
Columbia University | $178M |
Top News in FinTech in Canada
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Q4 Inc. Enhances Investor Relations Platform with AI-Powered Intelligence and Automated Earnings Call FeaturesFinancial Post•Sep 21, 2026•Q4
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Prophix Launches New AI Innovations for Autonomous Finance PlatformWebDisclosure•Sep 15, 2026•Prophix
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Nasdaq Verafin and Stablecore Partner to Unify Fiat and Digital Asset Financial Crime DetectionGlobeNewswire•Sep 15, 2026•Verafin, Stablecore
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