The fintech sector is doing exceptionally well in Canada. The country boasts of great financial technology companies that have been active for the last 20-30 years. One of the reasons why this sector is doing well is the advent of mobile and cloud computing. The following are the 10 most popular fintech companies in Canada
Founded in 2004 by Tobias Lütke, Daniel Weinand, and Scott Lake, Shopify is a Canadian e-commerce company that develops computer software for online retail point-of-sale systems and stores. The company has 200,000 merchants who use its platform, with total gross merchandise volume over $10 billion. Last year, Amazon.com closed its Amazon Webstore service for merchants and chose Shopify as the preferred migration provider. Consequently, Shopify’s shares increased by 20%,
Financeit was founded by Paul Sehr, Casper Wong and Michael Garrity in 2007. The company provides a platform that enables businesses to give consumer financing to their customers. The company works with many lending partners in the credit spectrum to get industry approval rates for customers. With competitive rates, intuitive loan management, and instant approvals, Financeit is the easiest way to start improving sales with consumer financing. The company automates the banking part for its partner financial institution. It manages loan origination, regulatory reporting, loan servicing, credit adjudication, and collections.
Founded in 2002, Zafin is a software company that offers Product Lifecycle Management and relationship-based pricing to banks and financial institutions. The main product of Zafin, miRevenue, is used by financial institutions to enable relationship-based pricing, Pricing Lifecycle Management, and enterprise billing functionalities. The company’s clients include Standard Chartered Bank, Nedbank, HDFC Bank, National Bank of Abu Dhabi, CIMB, Bank of the West and ZKB.
Blockstream is a blockchain technology company that was co-founded by Gregory Maxwell and Adam Back. The company develops bitcoin applications, as well as other applications. The company raised about $76M to date from investors including Mosaic Ventures and Horizons Ventures.
Verafin is a North American leader in fraud detection and anti-money laundering solutions for financial institutions. The company’s software helps credit unions to comply with the law and regulations, while also protecting against fraud.
Snapfinancial helps companies to grow their business by offering turnkey and custom financing programs. The company works with various companies, helping them to integrate financing into their sales and marketing efforts. Their partners improve sales conversions, average transaction and offer a better experience for their customers. The company has facilitated more than $1B in financial transactions.
Founded in 2014, FundThrough provides loans to small businesses that sell to bigger businesses. The company’s technology approves new clients in minutes, allowing them to access money quickly.
Payfirma, a company that was founded by Michael Gokturk, provides small to multi-national corporations a payment platform for mobile, in-store, and e-commerce payments. Payfirma Mobile turns users’ iPhone into a hub for receiving credit card payments and keeping up growing business.
Wealthsimple uses the internet to offer investment that is cheap to manage, safe, and predictable. The company provides each customer with an investment advisor who helps match investment to the customer’s risk tolerance and long-term goals. The Wealthsimple mobile app enables customers to track their investments at their leisure.
Grow formerly (Grouplend) is an online lending platform. The company gives their customers a better way to borrow: one that is faster, cheaper, convenient and cheaper than getting a loan from a bank. They have a best-in-class technology that brings borrowers and private investors in a convenient online platform that guarantees timely service and competitive rates.