About FinTech sector in Canada
The FinTech sector in Canada comprises 5.54K companies, including 1.18K funded companies having collectively raised $27.1B in venture capital money and private equity. Out of these, 575 are Series A+ funded, and 10 have achieved unicorn status.
FinTech sector in Canada has seen 328 acquisitions and 81 IPOs. This represents almost 7.4% of all such companies - which is higher than the 5.0% exit rate of tech companies in general.
This sector includes companies offering 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. Companies offering traditional financial services like Banks, NBFCs, Insurance Carriers, etc.
Top FinTech Companies in Canada
There are 5,538 FinTech startups in Canada which include Mogo, Wealthsimple, Dapper Labs, Clearco, Borrowell. Out of these, 1,175 startups are funded, with 575 having secured Series A+ funding, and 10 achieving unicorn status.
Over the past 10 years, an average of 320 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and Massachusetts Institute of Technology.
Here is the list of top FinTech startups in Canada
1. Mogo
Provider of an app-based platform for consumer loans and debt management solutions. It features an online account with a VISA reloadable prepaid card. It offers personal and mortgage loans to customers with a step-based interest rate, tools for checking credit scores, crypto trading platforms, and more. The application is available on Android and iOS devices.
Key facts about Mogo
- Founded Year: 2008
- Location: Vancouver (Canada)
- Stage: Public
- Investors: Fortress Investment, Advantas Capital Ventures and 7 Others
- Latest Funding Round: Post IPO, Jun 08, 2017, $*****
- Tracxn Score: 80/100 What is this?
- Competitors Rank: 1 of 83 Competitors
2. Wealthsimple
Online robo advisory and stock trading platform. It offers investment in exchange-traded funds, stocks, cryptocurrencies, and more. It features tools and a calculator for tax filing. It enables users to invest in diversified portfolios.
Key facts about Wealthsimple
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Series F
- Total Funding till date: $1.29B
- Investors: Power financial, TCV and 36 Others
- Latest Funding Round: Series F, Oct 27, 2025, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 13 of 3,027 Competitors
3. Dapper Labs
Blockchain-based games developer for PC and console. It has built Cryptokitties, a blockchain-based game that allows users to collect and breed digital cats. It has also developed KittyVerse, which allows users to build and play third-party games.
Key facts about Dapper Labs
- Founded Year: 2018
- Location: Vancouver (Canada)
- Stage: Series D
- Total Funding till date: $666M
- Investors: Andreessen Horowitz, BlockTower and 126 Others
- Latest Funding Round: Series D, May 23, 2022, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 4 of 1,144 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, SoftBank Vision Fund and 28 Others
- Latest Funding Round: Series D, Oct 04, 2023, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 41 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 27 Others
- Latest Funding Round: Series B, Feb 22, 2021, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 441 Competitors
Companies founded year-on-year in the FinTech sector in Canada
562 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 | - |
2025 | 136 |
2024 | 115 |
2023 | 258 |
2022 | 313 |
2021 | 504 |
2020 | 562 |
2019 | 499 |
2018 | 467 |
2017 | 353 |
Stage-wise distribution of FinTech sector companies in Canada
Out of the total 5,538 FinTech companies in Canada, 1,175 have secured funding. Among them, 575 have reached Series A or higher, and 491 to Series B or beyond.
Founded - 5,538
Funded - 1,175
Series A+ - 575
Series B+ - 491
Series C+ - 448
Company Stage | No. of companies |
|---|---|
Founded | 5,538 |
Funded | 1,175 |
Series A+ | 575 |
Series B+ | 491 |
Series C+ | 448 |
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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 $25.1B in the last 10 years. The most amount of funding was in 2021 at more than $6.56B. There has been a total funding of $28.6M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $28.6M |
2025 | $2.61B |
2024 | $1.53B |
2023 | $975M |
2022 | $2.89B |
2021 | $6.56B |
2020 | $2.39B |
2019 | $4.52B |
2018 | $2.67B |
2017 | $884M |
Recent Funding Rounds in FinTech in Canada
In the year 2026, till January 2026, FinTech companies in Canada have raised $8.6M in equity funding across 1 round.
In the same period last year (i.e. till January 2025), FinTech companies in Canada had raised $71.9M across 14 rounds.
So, 2026 has seen a 88.04% 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 |
|---|---|---|---|---|
Seed | 1420 | Jan 06, 2026 | ||
Series B | 9684 | Nov 18, 2025 | ||
Seed | 9888 | Nov 07, 2025 | ||
Series B | 7762 | Oct 28, 2025 | ||
Seed | 8535 | Oct 27, 2025 |
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 January 2026, 1 acquisition happened in FinTech sector in Canada. Last year, in 2025, a total of 22 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 | Jan 10, 2026 | ||
Business Acquisition | Dec 05, 2025 | ||
Business Acquisition | Nov 17, 2025 | ||
Business Acquisition | Nov 11, 2025 | ||
Business Acquisition | Oct 28, 2025 |
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 | 1 |
2025 | 22 |
2024 | 21 |
2023 | 20 |
2022 | 42 |
2021 | 40 |
2020 | 30 |
2019 | 42 |
2018 | 35 |
2017 | 19 |
IPOs in FinTech in Canada
In the year 2025, till May 2025, 2 IPOs happened in FinTech sector in Canada.
Here are some recent, important IPOs in FinTech sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
May 16, 2025 | Frankfurt Stock Exchange (FRA) | |
Feb 13, 2025 | OTC Markets (OTCMKTS) | |
Dec 16, 2024 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Mar 01, 2024 | Frankfurt Stock Exchange (FRA) | |
Feb 01, 2024 | 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 Massachusetts Institute of Technology.
College | No. of companies |
|---|---|
University of Toronto | 98 |
University of Waterloo | 60 |
Massachusetts Institute of Technology | 13 |
McGill University | 13 |
Stanford University | 12 |
The University of British Columbia | 11 |
Ivey School of Business | 9 |
University of Pennsylvania | 9 |
York University | 8 |
Harvard University | 7 |
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 Waterloo alumni are second, and University of Oxford alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $3.49B |
University of Waterloo | $2.25B |
University of Oxford | $1.3B |
Queen's University | $1.03B |
Stanford University | $866M |
Kellogg School of Management | $421M |
Massachusetts Institute of Technology | $347M |
McGill University | $279M |
Harvard University | $230M |
The University of British Columbia | $202M |
Top News in FinTech in Canada
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Nuvei and FreedomPay Announce Partnership to Unify Enterprise Payments, GloballyPR Newswire•Jan 07, 2026•Nuvei, FreedomPay
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Sonic Labs and SonicStrategy Extend DAT Roadmap Amid Shifting Market ConditionsCryptonews•Jan 01, 2026•SonicStrategy, Sonic
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BOXX Insurance Launches Cybersecurity Tools for Digital ResilienceReinsurance News•Nov 24, 2025•BOXX Insurance
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Fundbox & Wave Partner for Seamless, Data-Driven Capital Access for Small BusinessesGlobeNewswire•Nov 19, 2025•Wave, Fundbox
