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Soonicorn Club: Top Fintech Startups In Canada To Watch Out For | Tracxn
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Soonicorn Club: Top Fintech Startups In Canada To Watch Out For


Last Updated: January 7, 2020


Canada, one of the major economies in the developed nations, has risen from being a service economy to being an ‘energy superpower’, and now tops the global startup ecosystems following US, UK.

Canada’s financial capital ‘Toronto’ and Vancouver feature in the top 30 cities contributing to the global startup ecosystem. Other key innovation ecosystems across Canada include Montreal, Ottawa, Edmonton and Quebec City.

Canada boasts of a mature startup ecosystem, enriched by multiple support factors required for a thriving startup hub. The Canadian government drives the innovation ecosystem with initiatives like ‘Startup Visa Program’ and ‘Ontario network for entrepreneurs’ on a national level.

Abundance of networking and funding is driven by 100+ incubators and accelerators - Mars Discovery District and DMZ to name a few.

Canada attracts the best and brightest tech talent from across the globe with its leading research universities, notably the University of Toronto and the University of Waterloo. Also Canada is a diverse nation of various culture groups, nearly half the population comprising of Asians and Africans, providing a friendly startup ecosystem.

There are currently over 17K+ tech startups in Sweden, of which 1.7K+ are Fintech startups.

We, at Tracxn, keep a track of the latest happenings in the world of startups and their associated ecosystems – including venture capital funds, private equity funds and investment banks amongst others.

In this edition, we have the ‘Soonicorn Club of Canada Fintech’ – an exclusive list of the most promising Canadian startups that have also reached significant valuation milestones over the previous few years.

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Soonicorns

The Soonicorns - soon to be Unicorns - are the handful of highly valued startups which have successfully grown out of their nascency to attract valuations of over a few hundred millions. Watch out for these companies in the coming years as they take on the journey to becoming the elite Unicorns.


Wealthsimple

2014, Toronto
USD 206M

Clearbanc

2015, Toronto
USD 170M

Vena

2011, Toronto
USD 115M

Trulioo

2011, Vancouver
USD 83M

League

2014, Toronto
USD 77M

FreshBooks

2003, Toronto
USD 73M

SecureKey

2008, Toronto
USD 71M

Q4

2006, Toronto
USD 65M

PayBright

2009, Toronto
USD 60M

KOHO

2014, Toronto
USD 59M

Sensibill

2013, Toronto
USD 51M

Flybits

2013, Toronto
USD 50M

Financeit

2011, Toronto
USD 40M

Borrowell

2014, Toronto
USD 34M

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Minicorns

The Minicorns - are the high growth early stage ventures (Series A+). Watch out for these companies as they take the business to the next level, by scaling up for the accelerated growth.


Bench

2012, Vancouver
USD 55M

Coinsquare

2014, Toronto
USD 38M

Tier1

2008, Toronto
USD 34M

Procurify

2012, Vancouver
USD 31M

Mobeewave

2012, Montreal
USD 22M

FundThrough

2014, Toronto
USD 16M

Street Contxt

2012, Toronto
USD 15M

ZayZoon

2014, Calgary
USD 15M

Flexiti Financial

2013, Toronto
USD 15M

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Detailed List


Wealthsimple Logo

Wealthsimple

Online investment management platform

Disclosed Funding

USD 206M

Wealthsimple provides an advisor assisted investment platform for exchange-traded funds. It features tools for dividend reinvesting and automated portfolio rebalancing. It offers sharia-compliant customized portfolio for micro-investment, social investment and halal investment. It enables users to invest in a diversified portfolio based on the risk type.

Company Overview

Founded

2014

Location

Toronto (Canada)

Investors

Allianz X, Power financial, David Ossip and 5 Other Investors

Founders

  • Michael Katchen

  • Clearbanc Logo

    Clearbanc

    Merchant cash advance provider

    Disclosed Funding

    USD 170M

    ClearBlanc provides merchant cash advance for small business owners and entrepreneurs. Offers marketing card to fund marketing expenses. Eligibility criteria include average monthly revenue of $10,000, incorporated business and at least six months of consistent revenue history.

    Company Overview

    Founded

    2015

    Location

    Toronto (Canada)

    Investors

    Arcadia Funds, Upper90, Highland Capital Partners and 13 Other Investors

    Founders

  • Michele Romanow
  • Tanay Delima
  • Andrew D'Souza
  • Charlie Feng
  • Ivan Gritsiniak

  • Vena Logo

    Vena

    Financial planning & analysis solutions

    Disclosed Funding

    USD 115M

    Vena Solutions provides financial management software suite for enterprises. It features solutions for financial close management, regulatory reporting & compliance, reporting & data analytics, budgeting, planning & forecasting, and revenue performance management. It offers data analysis and insights for automating financial processing.

    Company Overview

    Founded

    2011

    Location

    Toronto (Canada)

    Investors

    JMI Management, Centana Growth Partners, Difference Capital Financial and 3 Other Investors

    Founders

  • Rishi Grover
  • Don Mal

  • Trulioo Logo

    Trulioo

    ID verification solution provider

    Disclosed Funding

    USD 83M

    Trulioo provides ID verification solutions. The solution offers an electronic identity verification solution that enables organizations to meet KYC and AML requirements. Offers document verification solution that enables authentication of ID documents. Provides access to over 400 trusted global data sources. Also offers business verification solution and AML watchlist check solution.

    Company Overview

    Founded

    2011

    Location

    Vancouver (Canada)

    Investors

    Goldman Sachs, Santander InnoVentures, American Express Ventures and 7 Other Investors

    Founders

  • Stephen Ufford
  • Tanis Jorge

  • League Logo

    League

    Provider of digital platform to manage employee wellness

    Disclosed Funding

    USD 77M

    League provides a digital platform for employee wellness solutions. The platform gives employers tools to easily manage their benefits program and deliver healthcare services for employees. The web-based app gives the ability to create personal health spending accounts and tracks employee utilization. It also gives customized offerings for employees, delivered on-site by the best health professionals in the business.

    Company Overview

    Founded

    2014

    Location

    Toronto (Canada), Chicago (United States)

    Investors

    Workday Ventures, TELUS Ventures, OMERS Ventures and 10 Other Investors

    Founders

  • Daniel Leibu
  • Todd Humphrey
  • Dan Galperin
  • Michael Serbinis

  • FreshBooks Logo

    FreshBooks

    Cloud-based invoicing and accounting software

    Disclosed Funding

    USD 73M

    FreshBooks is a cloud-based invoicing and accounting software. The features of the product are invoicing, accounting, time tracking, payment management, expense management, reports, etc. The product is used by small and medium industries, freelancers, and small teams. The product is available in the Google Play Store and the Apple App Store on the subscription-based pricing plan.

    Company Overview

    Founded

    2003

    Location

    Toronto (Canada)

    Investors

    JPMorgan Chase & Co., Georgian Partners, Accomplice and 7 Other Investors

    Founders

  • Levi Cooperman
  • Mike McDerment

  • SecureKey Logo

    SecureKey

    Cloud-based identity verification solutions

    Disclosed Funding

    USD 71M

    SecureKey is the identity and authentication provider for organizations. It enables customers to connect with online services using a digital credential. It offers Verified.me for identity verification, Concierge Service which is an authentication network for connecting people to online services using their banking credentials, digital identity ecosystem, etc.

    Company Overview

    Founded

    2008

    Location

    Toronto (Canada)

    Investors

    Bank of Montreal, Scotiabank, Canadian Imperial Bank of Commerce and 13 Other Investors

    Founders

  • Greg Wolfond

  • Q4 Logo

    Q4

    Cloud-based investor relations and capital markets solutions provider

    Disclosed Funding

    USD 65M

    Q4 offers a cloud-based investor relations and capital markets solution for the IR industry. It offers Q4 Desktop, an all-in-one IR solution that provides clients the tools, the insight, and the information they need to make the right decisions for the organization and communicate and engage effectively with investors. Also offers webcasting, studio, and intelligence solutions. Clientele includes Visa, Du Pont, Nike, Boeing, Cisco, Oracle, Walmart, etc.

    Company Overview

    Founded

    2006

    Location

    Toronto (Canada)

    Investors

    Napier Park Global Capital, OpenText Enterprise Apps Fund, Information Venture Partners and 11 Other Investors

    Founders

  • Darrell Heaps

  • PayBright Logo

    PayBright

    E-commerce and mPOS solution provider

    Disclosed Funding

    USD 60M

    Paybright offers e-commerce and mPOS solutions in Canada. Provides multiple payment plan options for goods and services. Offers retail financing for consumers by applying online on any device or at the point-of-sale. Provides repeat purchases with renewable credit limits for merchants. Offers ID barcode scan with form-fill features to enable credit application. Available on Android and iOS platforms.

    Company Overview

    Founded

    2009

    Location

    Toronto (Canada)

    Investors

    goeasy, CBGF, iA Financial Group


    KOHO Logo

    KOHO

    Mobile linked prepaid visa card

    Disclosed Funding

    USD 59M

    Koho provides a mobile linked prepaid visa card. Its mobile app enables users to track their spending and savings. The app automatically categorizes expenses made through the card. It features savings module that automatically puts money aside and helps users save. The app is available for Android and IOS platforms.

    Company Overview

    Founded

    2014

    Location

    Toronto (Canada)

    Investors

    Drive Capital, National Bank of Canada, Portag3 Ventures and 9 Other Investors

    Founders

  • Daniel Eberhard
  • Jonathan Bixby
  • Joshua Bixby
  • Mike Benna

  • Sensibill Logo

    Sensibill

    Receipt management provider for digital banking applications

    Disclosed Funding

    USD 51M

    Sensibill is a receipt management solution for mobile banking applications. Customers can capture a paper receipt using their smartphone camera, or forward an email receipt directly to the service. Utilizes OCR and deep learning AI to structure 150+ unique data types found on receipts. Allows customers to separate their personal and business expenses.

    Company Overview

    Founded

    2013

    Location

    Toronto (Canada)

    Investors

    National Bank of Canada, Information Venture Partners, First Ascent Ventures and 13 Other Investors

    Founders

  • Corey Gross
  • Jamie Alexander

  • Flybits Logo

    Flybits

    Context-aware mobile solution provider

    Disclosed Funding

    USD 50M

    Flybits Context-as-a-Service platform enables banks and other enterprises to create and deliver context-aware mobile applications, and to adapt and change them in real time. Flybits enables the creation of highly-personalized mobile experiences on top of traditional app development and simple location-based services. It supports the iOS and Android devices of today and scales easily to handle the data sources of the emerging internet-of-things.

    Company Overview

    Founded

    2013

    Location

    Toronto (Canada)

    Investors

    Mastercard, Point72 Ventures, Reinventure Group and 12 Other Investors

    Founders

  • Hossein Rahnama

  • Financeit Logo

    Financeit

    Point-of-sale consumer financing solution

    Disclosed Funding

    USD 40M

    Financeit works with small & medium-sized businesses and larger enterprises to offer customers flexible payment plans for large purchases. Customers have to apply through a business that offers Financeit. They can set up pre-authorized payments to pay off their plan. Financeit pre-approves applicants based on their credit reports. interest rates vary depending on the size of the payment plan, the details of the credit report, and the type of product or project purchased.

    Company Overview

    Founded

    2011

    Location

    Toronto (Canada)

    Investors

    Goldman Sachs, DNS Capital, TPO and 9 Other Investors

    Founders

  • Casper Wong
  • Michael Garrity

  • Borrowell Logo

    Borrowell

    Credit monitoring and financial products comparison platform

    Disclosed Funding

    USD 34M

    Borrowell is a credit monitoring and financial products comparison platform. Users have to register on the platform and they get access to their credit report. They get personalized product recommendations and credit improvement tips based on their credit report. Allows users to compare credit cards, personal loans, mortgages, bank accounts, insurance & investment products.

    Company Overview

    Founded

    2014

    Location

    Toronto (Canada)

    Investors

    WHITE STAR CAPITAL, Clocktower Technology Ventures, Argo Ventures and 16 Other Investors

    Founders

  • Salim Naran
  • Eva Wong
  • Scott Laitinen
  • Andrew Graham

  • Bench Logo

    Bench

    Outsourced bookkeeping services for SMBs

    Disclosed Funding

    USD 55M

    Bench is an online bookkeeping service for independent businesses.It provides the services of a professional bookkeeper who works closely with the client business and  turns the data collected into professionally prepared, tax-ready financial statements, and securely delivers them to the client through the Bench web app. Typical clients are employers with teams of fewer than 10 and revenue below $2.5 million. As of January 2014 it has seen 30% month-over-month growth since launching and has processed more than $160 million in bookkeeping transactions across North America.

    Company Overview

    Founded

    2012

    Location

    Vancouver (Canada)

    Investors

    Inovia Capital, Bain Capital Ventures, Altos Ventures Capital and 15 Other Investors

    Founders

  • Ian Crosby
  • Adam Saint
  • Jordan Menashy
  • Pavel Rodionov

  • Coinsquare Logo

    Coinsquare

    Cryptocurrency exchange

    Disclosed Funding

    USD 38M

    Coinsquare is a cryptocurrency exchange that allows the users to buy, sell and exchange. Users can make deposits via bank transfers and can trade in 36 cryptocurrency pairs. Provides real-time market data and information related to cryptocurrencies and digital assets. Allows the users to transfer funds from the wallet to other users. The platform also provides a history of past trades, transfers. App is available for iOS and Android platforms.

    Company Overview

    Founded

    2014

    Location

    Toronto (Canada)

    Investors

    Canaccord Genuity Group, Riot Blockchain

    Founders

  • Virgile Rostand

  • Tier1 Logo

    Tier1

    CRM software for financial institute

    Disclosed Funding

    USD 34M

    Tier1 Financial Solutions for customer relationship management software for capital markets, investment management, and investment banking firms. It features solutions for workflow management, compliance, client profiling, customer data management, deal tracking, reporting, communication, etc.

    Company Overview

    Founded

    2008

    Location

    Toronto (Canada)

    Investors

    Wavecrest Growth, Salesforce Ventures, MassMutual Ventures

    Founders

  • Mark Notten
  • Phil Dias

  • Procurify Logo

    Procurify

    Procure-to-pay automation software

    Disclosed Funding

    USD 31M

    Procurify is a SaaS-based purchasing software to automate & streamline procure-to-pay operations. The solution serves as a platform to streamline procurement operations, track procurement spends, and increase visibility throughout the procure-to-pay process. The solution provides custom workflows for procurement requests, approvals, and payments. Features include approval management, real-time budget tracking, expense management, vendor management, spend analytics, and reporting. The solution is also integrable with other third-party/existing systems. Also offers a mobile app for managers to view procurement requests and send approvals.

    Company Overview

    Founded

    2012

    Location

    Vancouver (Canada)

    Investors

    Information Venture Partners, HarbourVest Partners, Manulife Financial and 11 Other Investors

    Founders

  • Eugene Dong
  • Kenneth Loi
  • Aman Mann

  • Mobeewave Logo

    Mobeewave

    Contactless mobile payment acceptance solution

    Disclosed Funding

    USD 22M

    Mobeewave is a provider of dongle-free NFC mobile payment terminal solutions enabling payment acceptance on smart devices. This technology turns any NFC-enabled phone (or other smart device) into a secure, contactless payment terminal (mobile POS) to receive payments from ApplePay, contactless cards, or any NFC wallets without the use of any additional hardware.The company launched its own consumer-facing app called "PayMeTap" in 2016.

    Company Overview

    Founded

    2012

    Location

    Montreal (Canada)

    Investors

    NewAlpha, Mastercard, Forestay Capital and 3 Other Investors

    Founders

  • Maxime de Nanclas
  • Benjamin du Hays

  • FundThrough Logo

    FundThrough

    Invoice Financing

    Disclosed Funding

    USD 16M

    FundThrough is a marketplace lender for small business loans. They work with businesses that sell to established, credit worthy companies. They give small business owners better access to working capital by allowing them to leverage the credit strength of their customers. The businesses upload the invoices that they want funded and once approved they receive access to 80-90% of the invoice as a line of credit.

    Company Overview

    Founded

    2014

    Location

    Toronto (Canada)

    Investors

    Scale UP Ventures, David Mirvish, Intercap and 5 Other Investors

    Founders

  • Steven Uster

  • Street Contxt Logo

    Street Contxt

    Financial Communications Platform

    Disclosed Funding

    USD 15M

    Street Contxt is an information marketplace built for global Capital Markets. Their platform insights are contextual to each user. They assist sell side content producers - including sales, trading, desk analysts, research analysts, banking, and ECM - to distribute and track engagement in their desk commentary, research reports and news updates. Street Contxt integrates with CRM programs and produces reporting that delivers actionable insights enabling sell side firms to be engaged in the health check of their desk, client engagement, commission allocation and business continuity. They also work with buy side - Hedge Funds, Pension Funds, and Institutional Asset Managers, assisting them in tailored discovery of new and relevant content in real time

    Company Overview

    Founded

    2012

    Location

    Toronto (Canada)

    Investors

    Joe Lonsdale, Point72 Ventures, Palm Drive Capital and 15 Other Investors

    Founders

  • Blair Livingston

  • ZayZoon Logo

    ZayZoon

    Real-time payment disbursement solution

    Disclosed Funding

    USD 15M

    ZayZoon allows employees to access short-term cash advances before payday. It partners with payroll providers to give employees earned wages. ZayZoon algorithm verifies the working hours, wages and other distributions in order to determine the expected take-home pay. It also provides a financial health platform for services such as overdraft prediction, expenditure behavior, banking insights, and interactive financial education.

    Company Overview

    Founded

    2014

    Location

    Calgary (Canada)

    Investors

    Bluesky Equities, Prairie Merchant

    Founders

  • Tate Hackert
  • Darcy Tuer

  • Flexiti Financial Logo

    Disclosed Funding

    USD 15M

    Flexiti Financial is an online Point-Of-Sale (POS) financing company providing in-store purchase finance to customers of partnering merchants. The customers can apply in-store or at home and get instantly approved while the merchants get paid for the purchases in a couple of days. The application process is 100% online.

    Company Overview

    Founded

    2013

    Location

    Toronto (Canada)

    Investors

    Credit Suisse, Globalive Capital and 2 Other Investors

    Founders

  • Peter Kalen

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    Selection Process

    The Soonicorn Club comprises of Unicorns - companies with over $1 billion valuation, Soonicorns - companies with high valuation and good chances of soon becoming Unicorns, and Minicorns - early-stage companies that have the potential to be Unicorns in the long term.

    Tracxn Soonicorn Club provides a handpicked selection of high potential and high growth companies. The shortlisting is based on a combination of multiple publicly available signals and detailed analysis of the company by our internal sector specialist teams. The companies that make the cut are the ones that show promising performance on multiple parameters - market size, investment by marquee investors, execution excellence and future growth prospects.


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