About FinTech sector in Toronto, Canada
The FinTech sector in Toronto, Canada comprises 1.81K companies, including 459 funded companies having collectively raised $11.5B in venture capital money and private equity. Out of these, 251 are Series A+ funded, and 5 have achieved unicorn status.
FinTech sector in Toronto, Canada has seen 139 acquisitions and 31 IPOs. This represents almost 9.4% 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 Toronto, Canada
There are 1,811 FinTech startups in Toronto, Canada which include Wealthsimple, Clearco, Borrowell, Wave, Vena Marketing. Out of these, 459 startups are funded, with 251 having secured Series A+ funding, and 5 achieving unicorn status.
2026 has seen the creation of 40 FinTech startups in Toronto, Canada. Over the past 10 years, an average of 104 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and Harvard University.
Here is the list of top FinTech startups in Toronto, 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
2. 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: 75/100 What is this?
- Competitors Rank: 1 of 63 Competitors
3. 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?
4. Wave
Wave provides web-based accounting software for businesses. It features solutions for accounting to track income and expenses, invoicing to create and send invoices to customers with multiple templates, receipt scanning, mobile invoicing, recurring billing, and more. The mobile application is available on both IOS platform and the APK version.
Key facts about Wave
Provider of financial planning and analysis platform for business performance. The platform offers modeling, workflows, collaboration, and a central database. It provides integrations, security, and professional services. The platform delivers financial planning and analysis, budgeting and forecasting, and capital expenditure planning. It also supports cash flow planning, workforce planning, and financial close management.
Key facts about Vena Marketing
- Founded Year: 2011
- Location: Toronto (Canada)
- Stage: Series C
- Total Funding till date: $385M
- Investors: JMI Management, Mogo and 8 Others
- Latest Funding Round: Conventional Debt, Apr 17, 2025, $*****
- Tracxn Score: 73/100 What is this?
- Competitors Rank: 2 of 997 Competitors
Companies founded year-on-year in the FinTech sector in Toronto
40 new startups have been founded so far in 2026 in the FinTech sector in Toronto. 154 FinTech startups in Toronto were founded in 2018 - 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 | 40 |
2025 | 117 |
2024 | 43 |
2023 | 82 |
2022 | 85 |
2021 | 136 |
2020 | 126 |
2019 | 147 |
2018 | 154 |
2017 | 117 |
Stage-wise distribution of FinTech sector companies in Toronto
Out of the total 1,811 FinTech companies in Toronto, 459 have secured funding. Among them, 251 have reached Series A or higher, and 208 to Series B or beyond.
Founded - 1,811
Funded - 459
Series A+ - 251
Series B+ - 208
Series C+ - 191
Company Stage | No. of companies |
|---|---|
Founded | 1,811 |
Funded | 459 |
Series A+ | 251 |
Series B+ | 208 |
Series C+ | 191 |
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Funding Trends in the FinTech sector in Toronto
Total funding year-on-year in the FinTech sector in Toronto
The FinTech sector in Toronto saw a total funding of more than $10.8B in the last 10 years. The most amount of funding was in 2021 at more than $3.15B. There has been a total funding of $342M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $342M |
2025 | $1.59B |
2024 | $355M |
2023 | $278M |
2022 | $1.01B |
2021 | $3.15B |
2020 | $1.54B |
2019 | $739M |
2018 | $1.25B |
2017 | $538M |
Recent Funding Rounds in FinTech in Toronto
In the year 2026, till August 2026, FinTech companies in Toronto have raised $163M in equity funding across 10 rounds.
In the same period last year (i.e. till August 2025), FinTech companies in Toronto had raised $329M across 39 rounds.
So, 2026 has seen a 50.46% drop in funding in FinTech companies in Toronto as compared to 2025.
Here are some recent, important funding rounds in FinTech companies in Toronto:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 2015 | Aug 11, 2026 | ||
Series A | 5576 | Jul 29, 2026 | ||
Series C | 8045 | Jun 25, 2026 | and 5 more | |
Seed | 4203 | Jun 17, 2026 | and 1 more | |
Series C | 2796 | May 19, 2026 |
Top Investors in FinTech in Toronto
Plug and Play Tech Center is the top investor in FinTech companies in Toronto based on number of companies invested.
Here are some top investors in FinTech companies in Toronto:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
New York City (United States) | - | |
New York City (United States) | ||
San Francisco (United States) | ||
Toronto (Canada) |
M&A activity in FinTech sector in Toronto
In the year 2026, till September 2026, 7 acquisitions happened in FinTech sector in Toronto. Last year, in 2025, a total of 10 acquisitions happened in FinTech sector in Toronto.
Here are some recent, important acquisitions in FinTech sector in Toronto:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Sep 21, 2026 | ||
Business Acquisition | Aug 10, 2026 | ||
Business Acquisition | Jul 07, 2026 | ||
Business Acquisition | Jun 23, 2026 | ||
Business Acquisition | Jun 16, 2026 |
Acquisition trends in FinTech sector in Toronto
Here are the acquisition trends in FinTech sector in Toronto:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 7 |
2025 | 10 |
2024 | 12 |
2023 | 10 |
2022 | 24 |
2021 | 16 |
2020 | 9 |
2019 | 17 |
2018 | 14 |
2017 | 6 |
IPOs in FinTech in Toronto
In the year 2026, till June 2026, 1 IPO happened in FinTech sector in Toronto.
Here are some recent, important IPOs in FinTech sector in Toronto:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Jun 01, 2026 | Canadian Securities Exchange (CSE) | |
Dec 10, 2025 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
May 16, 2025 | Frankfurt Stock Exchange (FRA) | |
Dec 16, 2024 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Nov 01, 2023 | American Stock Exchange (NYSEAMERICAN) |
Colleges which produce the most FinTech companies in Toronto
Companies founded by alumni from top colleges in the FinTech in Toronto
Most number of FinTech startups in Toronto have been founded by alumni from University of Toronto, University of Waterloo and Harvard University.
College | No. of companies |
|---|---|
University of Toronto | 77 |
University of Waterloo | 37 |
Harvard University | 10 |
McGill University | 10 |
York University | 8 |
Massachusetts Institute of Technology | 7 |
University of Pennsylvania | 7 |
Harvard Business School | 6 |
Queen's University | 6 |
Ivey School of Business | 5 |
Total funding in FinTech companies founded by alumni from top colleges in Toronto
In the last 10 years, University of Toronto graduates' FinTech companies in Toronto have raised the most funding among top colleges. University of Oxford alumni are second, and University of Waterloo alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $2.71B |
University of Oxford | $1.45B |
University of Waterloo | $423M |
Harvard University | $300M |
Massachusetts Institute of Technology | $271M |
McGill University | $228M |
Kellogg School of Management | $211M |
Stanford University | $191M |
Columbia University | $160M |
Columbia Business School | $160M |
Top News in FinTech in Toronto
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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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Trading Central Launches TC Corporate Calendar with TMX Datalinx to Enhance Investor Enablement for BrokeragesGlobal Fintech Series•Jul 31, 2026•T M X, Trading Central, TMX
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BOXX Insurance Updates Commercial Policy to Cover AI and Deepfake ThreatsPR Newswire•Jul 22, 2026•BOXX Insurance
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Zafin Launches AIOS, an End-to-End Platform for Orchestrating and Governing Agentic WorkPR Newswire•Jun 23, 2026•Zafin
