Market Trends

These 3 Provinces Are Driving Canadian FinTech Investment [Infographic]

There’s no denying that Canada finds itself in the midst of an innovation boom.

Toronto added more tech jobs in the last five years than anywhere else in North America, and four major Canadian cities (Vancouver, Ottawa, Montréal and Toronto) rank within the top 25 for momentum in tech talent markets for the entire continent.

When it comes to disruptions in the financial market, our country’s top technological talent and large international financial hub make it the ideal environment for fintech to flourish. And while Shopify might be the indisputable reigning champ of Canadian fintech (and let's face it, ecommerce), companies like WealthSimple, PayFirma and Mylo are carving out their own space, while increasingly attracting attention from funders.

To highlight this incredible growth, we’ve teamed up with Canadian venture-capital fund Luge Capital and built this infographic. It maps out the momentum fintech companies across Ontario, Québec and British Columbia are experiencing based on private investment.

  Fintech_Canada_Map_NEW

 

To build the infographic, we used data from Luge Capital, as well as publicly-available data and third party platform data, while cross-checking it against information available on our open database and Angel List

We looked at venture capital raised by private Canadian-based companies starting from 2014 to present. Publicly-owned companies and companies that raised funding through debt capital were not included.

 

Learn more from Luge Capital about the Canadian fintech landscape.

 

Unsurprisingly, the majority of Canadian fintech investment is concentrated in the three provinces highlighted, making up almost a hundred per cent of investment.

In total, these 170+ companies represent more than $1.7 billion in investment. And there’s no sign of it slowing down.

In fact, it’s estimated that a little over $500 million has been invested in fintech companies in Canada to date this year, putting funding on track to hit about $600 million by the end of the year.

 

Hockeystick's open database

 

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These 3 Provinces Are Driving Canadian FinTech Investment [Infographic]

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