Payments startups in Canada
There are 651 Payments startups in Canada which include Mogo, Nuvei, KOHO, Neo Financial, Verafin. Out of these, 146 startups are funded, with 85 having secured Series A+ funding, and 3 achieving unicorn status.
Over the past 10 years, an average of 37 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and London Business School (LBS).
Here is the list of top Payments 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: Advantas Capital Ventures, Mogo and 7 Others
- Latest Funding Round: Post IPO, Jun 08, 2017, $*****
- Tracxn Score: 78/100 What is this?
- Competitors Rank: 1 of 79 Competitors

2. Nuvei
Payment processing solutions for merchants and businesses. It offers payment processing services, mobile payments, hardware-based POS terminals, QR-based payments, fraud management, automatic and manual batch processing, chargeback management, and other features.
Key facts about Nuvei
- Founded Year: 2003
- Location: Montreal (Canada)
- Stage: Acquired
- Total Funding till date: $322M
- Investors: Novacap, Goldman Sachs and 7 Others
- Latest Funding Round: Post IPO, May 19, 2023, $*****
- Tracxn Score: 70/100 What is this?
- Competitors Rank: 17 of 2,816 Competitors
3. KOHO
Koho is an internet-first bank for individuals. It offers services such as savings & deposit accounts, NFC-enabled prepaid cards for online/offline purchases, and more. It enables users to track spendings and savings. It categorizes expenses made through the card. It features savings module that automatically puts money aside and helps users save. It provides an app-based platform that is available on iOS & Android devices.
Key facts about KOHO
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Series D
- Total Funding till date: $367M
- Investors: Portage, Eldridge Industries and 21 Others
- Latest Funding Round: Series D, Apr 17, 2025, $*****
- Tracxn Score: 69/100 What is this?
- Competitors Rank: 2 of 24 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: $294M
- Investors: Valar Ventures, Thomvest Ventures and 21 Others
- Latest Funding Round: Series D, Nov 11, 2024, $*****
- Tracxn Score: 68/100 What is this?
- Competitors Rank: 4 of 42 Competitors
5. Verafin
Verafin provides cloud-based compliance & anti-money laundering solutions. It features big data-based fraud detection and AML solutions for pattern recognition using AI tools. Provides FRAML to detect financial crimes, analyze customer behaviour, and automatically e-file compliance reports, vendor risk management to manage risks associated with products and services from third-party vendors, and more.
Key facts about Verafin
- Founded Year: 2003
- Location: St John s (Canada)
- Stage: Acquired
- Total Funding till date: $449M
- Investors: Spectrum Equity, Information Venture Partners and 6 Others
- Latest Funding Round: Series D, Sep 25, 2019, $*****
- Tracxn Score: 65/100 What is this?
- Competitors Rank: 21 of 1,542 Competitors
