Financial technology (fintech) is one of the fastest-growing industries in Canada.
From payment processing to online wealth management, banking, peer-to-peer lending, and more, Canada’s fintech industry saw over $6.4 billion worth of investment in 2021.
As our world relies increasingly on digital finance, fintech innovators and entrepreneurs are making waves by creating some of the country’s most successful companies.
Curious about the industry? Keep on reading to learn a bit about some of the top fintech companies in Canada!
If you’re like most Canadians, you’re likely already using or working with several of the fintech services and companies on this list. But what exactly is a fintech company?
Financial technology (fintech) companies are businesses that enhance, automate, or modify financial services through the use of technology.
It’s a rather broad definition, but fintech companies can include:
- Online banking
- Investment apps
- Wealth management
- Credit reporting
- Insurance marketplaces
- Online tax software
- Business management platforms
- Payment processing
- Cryptocurrency and blockchain technology
- … and more
The online banking app on your phone? Fintech.
Your online stock investing platform? Fintech.
Filing your tax returns online? Fintech.
Trying to imagine a life without fintech companies and services is almost impossible. These companies have completely disrupted or improved existing industries by increasing speed, efficiency, security, and accessibility through the use of technology, algorithms, artificial intelligence, software, and more.
Online banking is arguably one of the most-used fintech services in the world. It’s hard to believe that just a couple of decades ago, banking had to be handled at a brick-and-mortar bank. Today, we can easily transfer funds, deposit cheques, and open entirely new bank accounts from our phones!
Here are some of Canada’s top online banking services.
- Learn More: EQ Bank high-interest savings
From high-interest savings to stable GIC investments, EQ Bank is one of the top online banking services in Canada. It’s a 100% online bank and doesn’t operate any physical branches. EQ Bank also provides TFSAs and RSPs for customers.
- Learn More: Tangerine high-interest savings
Tangerine is an online bank that offers a number of products, including everyday chequing, high-interest savings, traditional savings, credit cards, loans, and more. They’ll even mail you a free chequebook when you sign up!
- Learn More: Neo high-interest savings
Neo is one of Canada’s newest fintech companies. They offer incredibly high rates for high-interest savings accounts, along with a credit card, a mortgage marketplace, and investment options.
- Learn More: Wise multi-currency card
When it comes to transferring money internationally, Wise has some of the lowest fees in the industry. Once you sign up for an account, you can store, transfer, and spend the world’s major currencies with ease. Wise also offers a multi-currency card that can be used in virtually any country.
- Learn More: Koho card
Whether you want to start building your credit or start earning cashback on prepaid debit purchases, Koho offers several products that can help. The Koho app also features a built-in budgeting tool, so you can keep track of all of your spending.
- Learn More: Manulife online banking
Manulife is an all-in-one online banking platform that offers solutions for both personal and business accounts. From high-interest savings and GICs to TFSAs and RRSPs, you’ll have all of the tools you need to start investing and saving for the future. Manulife also helps you connect with mortgage and credit card offers.
- Learn More: Motusbank online banking
Motusbank offers similar products to Manulife, including daily chequing, high-interest savings, GICs, mortgage offers, investing, and lending. Motusbank operates 100% virtually and serves as the online branch for Meridian Credit Union.
- Learn More: Simplii Financial
As the name implies, Simplii was created to make online banking simple. The online bank offers a variety of banking and financial products, including chequing, savings accounts, student bank accounts, and credit cards. Simplii also offers a USD account for Canadians.
- Learn More: Alterna Bank
Based out of Ontario, Alterna Bank has no physical bank branches and operates completely online. Alterna Bank offers mortgages, lending, investment options, and small business solutions.
- Learn More: Outlook Financial
Outlook Financial is a division of Assiniboine Credit Union and is an online banking service centred around helping its customers save for the future. Some of their top products include RRSPs, RRIFs, GICs, and high-interest savings accounts.
- Learn More: Get Loop
Loop is an online banking service that caters to Canadian corporations doing business in the US. Loop offers an online corporate multi-currency card as well as USD bank accounts, foreign exchange services, and even business capital.
In 1989, the first FICO credit scoring model was launched in both Canada and the United States. Today, your credit report determines a number of things, including:
- What credit cards you’re approved for
- The loans you’re eligible for
- Whether or not you can get a home loan
- The security deposit required for your apartment
- … and more
Until recently, monitoring your credit report was difficult and required contacting credit bureaus via mail. Today, online credit monitoring and reporting services allow you to easily track your credit score, apply to new credit cards, and receive personalized loan offers.
Here are some of the top credit reporting companies in Canada’s fintech industry.
- Learn More: Get your free credit score
Credit Karma is a user-friendly platform that allows Canadians to check their credit score and monitor changes for free. As your credit score grows, Credit Karma will present you with pre-approved credit card and loan offers, so you can take advantage of your improving score.
- Learn More: Compare credit cards
Have you ever wondered what credit cards are best for you? Credit Card Genius allows users to compare the top cards in Canada side-by-side, so they can find the perfect match. You can even search for credit cards by credit score, so you don’t hurt your score with hard inquiries and denials.
- Learn More: Free credit score from Mogo
Mogo Finance Technology, Inc is a Vancouver-based fintech company that offers a range of personal finance products, including credit monitoring, credit cards, loans, mortgages, and wealth management.
- Learn More: Get your Equifax report
Equifax is one of the only two consumer credit bureaus in Canada. Equifax uses FICO’s scoring model to generate your unique credit score, based on data received from lenders, credit card companies, and more. Equifax also offers a paid credit-monitoring service so you can track changes to your credit report in real-time.
- Learn More: Get your TransUnion report
Along with Equifax, TransUnion is Canada’s only other consumer credit bureau. It uses the same FICO scoring model as its competitor, offers free credit reports, and a paid credit monitoring service.
- Learn More: D&B for Canadian businesses
Dun & Bradstreet is a credit reporting firm that works with Canadian businesses to generate business credit scores. While the company started as a brick-and-mortar business, it’s become an innovator in the fintech space and helps Canadian business access data, funding, capital, and more.
In days past, investment was only handled by professional investors. If you wanted to move your funds around, trade stocks, or invest in new companies, you’d need to call up your financial advisor, get their opinion, and explain where you wanted them to put your money.
Today, you can simply open an app on your phone and invest in any stocks, ETFs, or index funds on the market without having to deal with a middleman.
Here are some of the top investment and wealth management fintechs in Canada.
- Learn More: Start investing today
Wealthsimple Invest runs one of the most successful robo-investing platforms in Canada. Here, consumers can invest their money, set risk tolerances, and let algorithm-driven programs invest their money for them.
- Learn More: Start investing today
Questwealth offers a similar robo-investing platform to Wealthsimple. The platform features competitive rates, low fees, and active portfolio management to help minimize risks. Users can get started with as little as $1.
- Learn More: Invest today
Justwealth is a Toronto-based robo-trading platform that offers competitive rates for portfolio management for all account sizes. All Justwealth customers have access to a dedicated account manager, personalized financial planning, as well as USD and CAD accounts.
- Learn More: Start trading today
Qtrade is a professional trading platform designed for active investors who want to manage their own portfolios. It’s been ranked as Canada’s top trading platform for 23 years in a row, doesn’t require a minimum deposit, and offers industry-leading client support.
- Learn More: Manage your finances with ease
Wealthica is one of the best ways to manage your personal finances. This all-in-one budgeting tool connects to all of your bank accounts and credit cards to help you monitor spending and saving. You can also link your investment, crypto, and trading accounts, so you can track your wealth as it grows over time.
- Learn More: Start tracking your spending
Mint is an Intuit-owned company that offers budget and finance tracking tools. Mint also offers services such as bill negotiation, free credit scores, a credit card marketplace, and can help pair you with mortgage loans based on your personal finance reports.
Larger businesses may still require assistance from traditional accountants. However, the majority of consumers and small businesses can easily file their own taxes and manage their business accounting online.
Here are some of the top tax and accounting fintech companies in Canada.
- Learn More: Register your business today
If you’re trying to start your first business, Ownr is a great platform that helps you register your sole proprietorship or corporation with your province and the federal government. Ownr also helps you store and manage important company documents, so that you don’t have to deal with a mess of paperwork.
- Learn More: Get a 30-day free trial
Quickbooks is one of the top accounting software programs for small businesses. It’s owned by Intuit, the same parent company behind Mint and TurboTax. Quickbooks has a complete invoicing and payment processing system, which makes it easy to keep track of all of your clients.
Quickbooks also syncs with your company bank accounts and credit cards to automatically track and categorize your small business spending, so you can stay on top of your budget.
- Learn More: Try it for free
Based out of Ontario, FreshBooks is an online accounting program designed for service-based businesses, such as cleaning, landscaping, snow removal, etc. It has built-in invoicing and payment processing, allows you to keep track of clients, time spent on jobs, and track your expenses and receipts.
It’s similar to Quickbooks, but is more affordable and designed for smaller business models.
- Learn More: File your tax returns with TurboTax
TurboTax is the top-rated tax filing service in both Canada and the US. The program works directly with your CRA My Account to import your taxpayer data, and guides you through the process of filing your provincial and federal taxes. TurboTax can be used for both personal and business tax returns.
Applying for a loan in the old days meant scheduling an appointment at the bank and submitting to a lengthy interview process. Today, Canadians can apply for loans on their couch by using online lenders and peer-to-peer lending platforms.
- Learn More: Get funded by your fellow Canadians
goPeer Lending is Canada’s first peer-to-peer lending platform. Small businesses and startups can receive up to $25,000 in funding at 8% APR by crowdsourcing the money from goPeer Lending’s network of peer-to-peer lenders. It’s like asking your classmates for a loan, but virtually.
- Learn More: Get pre-approved in 60 seconds
Loanconnect offers small personal loans at competitive interest rates. Since there’s no brick-and-mortar office, borrowers can avoid some of the higher rates and fees imposed by traditional lenders.
The best part is that applying for a loan with Loanconnect won’t have any negative impact on your credit report. Your credit won’t get hit until your loan is approved.
- Learn More: Apply for a debt relief loan today
Loans Canada is similar to Loanconnect and offers small personal loans to Canadians for debt relief, auto loans, and small business capital. Applicants can also take advantage of the free credit report provided by the platform to help them get the best rates, based on their score.
- Learn More: Fund your small business
Lending Loop is a Canadian fintech company that provides loans to small businesses and startups. Loans range from $1,000 to $500,000, start at 4.6% APR, and only take 10 to 15 minutes to apply for. To date, Lending Loop has loaned over $70 million to Canadian business owners.
- Learn More: Receive eligible small business grants
Requiti isn’t a lender per se. Rather, the platform helps connect small businesses with grants, subsidies, and tax credits that relate to their industry.
Many of these grants and credits are free money offered by the federal and provincial governments, so this is a great place to find funding before you apply for a traditional loan that you have to pay back.
- Learn More: Find low rates for your mortgage.
Nesto is a Canadian fintech that connects home buyers with low mortgage rates by allowing them to compare quotes from multiple lenders. Nesto is also a great platform for those who are looking to refinance their existing mortgage.
Hate dealing with insurance agents? You’re not the only one. These fintechs help Canadians easily compare insurance policies and quotes, allowing them to get the best deals for the coverage they need.
- Learn More: Find the best deals on term life insurance
PolicyMe is an online platform that allows Canadians to compare quotes from over 30 of Canada’s top insurance providers. The platform specializes in term life insurance, but recently started offering critical illness insurance backed by Canadian Premier – one of the most reputable insurance providers in the country.
- Learn More: Compare your rates today
PolicyAdvisor is similar to PolicyMe, but allows users to compare rates for a wider variety of insurance products, including term and whole life insurance, children’s insurance, disability insurance, travel insurance, mortgage insurance, and more.
You can get real advice from professional insurance policy advisors who aren’t incentivized by commissions.
- Learn More: Get custom-tailored insurance coverage
Emma is one of the most recent online insurance comparison platforms. Like Policy Advisor, Emma allows users to compare quotes for life insurance, pet insurance, home and auto insurance, and more. The platform is geared towards Gen Z and Millennial consumers and features a clean, fast user interface.
Blockchain technology has revolutionized the world of finance and data. Even though investing in crypto can be risky, the technology itself is here to stay. Here are some of the top blockchain and crypto trading platforms in Canada.
- Learn More: Start investing in crypto today
Bitbuy has been in business since 2016, making them one of the newer players in the cryptocurrency space.
The crypto exchange has quickly grown into one of Canada’s top-rated platforms, though, and offers a variety of crypto products and services, including retail investing, corporate investing, staking, and professional trading tools.
- Learn More: Get $25 in commission-free trades
Wealthsimple Crypto is a great way for those who are new to crypto to get started investing. The platform doesn’t impose fees for depositing or withdrawing funds and links directly to your other Wealthsimple accounts.
The only drawback is that Wealthsimple Crypto only allows you to buy Bitcoin and Ethereum. It doesn’t support other major coins or altcoins.
- Learn More: Trade major cryptos and altcoins
If you’re a more experienced crypto trader and want access to a wider variety of altcoins and meme tokens in addition to major cryptocurrencies, then VirgoCX is a great place to trade. You can fund your account instantly with an Interac e-Transfer and don’t have to pay any withdrawal fees.
NDAX claims to have the largest selection of cryptocurrency tokens in Canada. The platform also offers several very useful investment tools that help you track your crypto. You’ll also be able to participate in staking rewards with NDAX, and can easily trade on the go with the platform’s iOS and Android apps.
- Learn More: Register with Binance today
Binance is one of the largest and most trusted cryptocurrency exchanges in the world. However, the exchange failed to comply with the OSC’s Securities Act, which is why it was banned in Ontario. However, Binance is available in every other Canadian province and territory.
- Learn More: Trade 35 cryptocurrencies with Coinberry
Coinberry is one of the newer exchanges in Canada and has a growing list of 35 tokens (and counting) that users can invest and trade with.
Coinberry claims that it’s the only insured, OSC & FINTRAC-registered, and PIPEDA-compliant platform in the country, which makes it a good option for Ontario residents affected by the Binance ban.
- Learn More: Trade 185+ currencies with Kraken
Kraken was founded in 2011 and is one of the oldest crypto platforms in Canada. Kraken’s professional trading platform allows investors to trade over 185 different tokens, which makes it one of the largest exchanges in Canada.
The professional trading platform has intuitive tools allowing users to set buy and sell limits, so they have more control over individual trades.
- Learn More:
Founded in 2015, Montreal-based Shakepay is a newer crypto platform that allows Canadians to buy and invest in Bitcoin and Ethereum. Unfortunately, these are the only two coins supported by Shakepay. However, Shakepay is a great app if you frequently buy or sell products for crypto.
Today, anybody can open an online store and start selling their products and services with the help of online payment processors. Here are some of the top Canadian fintech companies in the payment processing and eCommerce industry.
- Learn More: Small business payment solutions
Square became famous for its small square-shaped card reader that allowed small businesses to turn their phone into an effective point-of-sale system.
Today, it’s one of the largest providers of POS systems in North America and offers reliable payment processing as well as small business capital loans to its customers. It’s great for both online and brick-and-mortar businesses.
- Learn More: Bank-backed payment processing
Moneris is one of the most trusted payment processors in Canada and works with over 325,000 small businesses. Moneris is a joint venture between two of the biggest banks in the country – RBC and BMO. In addition to low-cost payment processing, Moneris also offers a range of POS devices.
- Learn More: Accept payments for your online store
Stripe is one of the most-used payment processors in the eCommerce industry and can be integrated into most online stores. There are no set-up fees, no monthly fees, and the payment processing fees are industry-standard.
Fiserv operates in more than 100 countries, including Canada. It offers a variety of Clover POS devices and also supports online payments. The only drawback is that pricing models aren’t very clear and vary from one customer to the next, depending on the size of your business.
- Learn More: https://www.shopify.com/ca
Shopify is one of the largest and most trusted eCommerce platforms in the world. Shopify makes it simple and affordable for anybody (even those who aren’t very tech-savvy) to start an online store and start making sales. Shopify’s built-in payment processor is fast, accepts all major cards, and has relatively low rates.
- Learn More: Access 7 credit card processing solutions
Based out of Vancouver, Payfirma offers payment processing software and hardware for small and large businesses alike.
The company allows users to process cards through its mobile app, web terminal, traditional POS devices, and has an API that can be customized by developers to create a personalized experience.
Canada’s fintech industry is projected to be worth $324 billion by 2026. From payment processing to investing, peer-to-peer lending, and online banking, you can expect to see even more innovative companies rise to power over the next decade. This makes it a great industry to invest in.
Keep on reading to see even more excellent investment options!