FinTech

Grow your FinTech startup in a
world-class tech ecosystem in Ontario

FinTech

Grow your Fintech startup in a world-class tech ecosystem in Ontario

Global FinTech Industry

B2B2X is the future of FinTech
The latest report from Boston Consulting Group (BCG) and QED Investors stated that by 2030, revenue from the financial technology sector will increase from US $245 billion to US $1.5 trillion. Currently, FinTech is 2% of the US $12.5 trillion in global financial services revenue. By 2030, this is projected to rise to 7%.
Payments made up 25% of fintech equity funding of US $120 billion since the 2000s and are projected to continue growing to US $520 billion, fuelled by cross-border transactions and real-time payment innovations.
But the next FinTech wave is expected to be led by B2B2X, anticipated to reach US $440 billion in revenues by 2030 with a 25% CAGR. B2B FinTech targeting small businesses is expected to achieve US $285 billion in revenue, growing at a 32% CAGR.

Canadian FinTech Industry

A country of early adopters
Canadian financial institutions and FinTech startups have long been leaders in the global landscape. The World Economic Forum has often ranked the Canadian banking system at the top as the world’s soundest.
Canadians also have a reputation for being early adopters of new technologies, from ATMs to digital banking. In Canada, 90% of consumer payment value is through non-cash methods, and the mobile payments sector in Canada is projected to grow at a CAGR of 9.1%, reaching approximately CA $158.9 million by 2025.
Many leading global FinTech brands originated in Canada, including recognizable names such as Shopify, Wave, Freshbooks, Dapper Labs, Wealthsimple, Payfirma, Quandl, Cryptologic, Mogo, and more.
In 2022, FinTech investment in Canada reached a record high in deal value, and deal count with approximately CA $9.4 billion and 217 deals.
In 2023, despite the global ‘VC Winter,’ there have already been 169 Fintech investments worth CA $1.75 billion in Canada.

Canadian
FinTech Industry

A country of early adopters
Canadian financial institutions and FinTech startups have long been leaders in the global landscape. The World Economic Forum has often ranked the Canadian banking system at the top as the world’s soundest.
Canadians also have a reputation for being early adopters of new technologies, from ATMs to digital banking. In Canada, 90% of consumer payment value is through non-cash methods, and the mobile payments sector in Canada is projected to grow at a CAGR of 9.1%, reaching approximately CA $158.9 million by 2025.
Many leading global FinTech brands originated in Canada, including recognizable names such as Shopify, Wave, Freshbooks, Dapper Labs, Wealthsimple, Payfirma, Quandl, Cryptologic, Mogo, and more.
In 2022, FinTech investment in Canada reached a record high in deal value, and deal count with approximately CA $9.4 billion and 217 deals.
In 2023, despite the global ‘VC Winter,’ there have already been 169 Fintech investments worth CA $1.75 billion in Canada.

Why Choose Ontario
For FinTech

A hotbed for financial servicing
Ontario has firmly proven itself as a pivotal hub for FinTech startups considering 64% of Canada's FinTech firms are based in Ontario. The global startup community recognizes the Toronto and Kitchener-Waterloo regions as among the most significant startup ecosystems worldwide.
In 2021 alone, 25 of the firms from the Deloitte Canadian Technology Fast 50 were from Ontario, with 5 of these being prominent FinTech companies.
 
 
  • 17,000+ financial services firms
  • 750+ FinTech firms
  • 8th place in the global FinTech hub rankings (Toronto) 
  • 320,000 IT professionals
  • 400+ AI organizations
  • Toronto has become a central location for financial services. It is distinguished as one of 10 global cities that function both as a startup hub and a centre for financial services. In terms of financial infrastructure, Toronto is home to Canada’s five major banks, over 80% of the foreign banks operating within the country, more than half of the global top 10 banks by market capitalization, seven of the top 10 Canadian asset managers, and the Toronto Stock Exchange (TSX), which is the world’s 10th largest equity exchange based on market capitalization. Toronto was recently also ranked as the second largest financial hub after New York in North America, with over 1200 FinTech companies, 12,000 financial services companies and more than 380,000 financial services professionals in this sector. The sector has added over 80,000 tech jobs in the past five years.
  • Waterloo Region boasts a nearly double survival rate for first-year information and communications technology (ICT) startups compared to the global industry average. Among the G-7, it has the most favourable R&D tax and corporate investment tax rates.
Ontario boasts a top-tier, publicly funded network of 23 universities and 24 colleges, leading to 70% of adult workers holding post-secondary education, the highest rate among OECD countries. Additionally, Ontario is also recognized as North America's second-largest tech cluster.

The province has over 320,000 employed across 26,000 IT firms, representing almost half Canada’s IT workforce. In fact, 48% of Canada’s IT workers are based in Ontario. Additionally, the University of Waterloo in Ontario graduates are the 2nd most frequently hired by Silicon Valley.

Canada’s trade agreements cover markets valued at over US $50 trillion with 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).
Your business can have access to 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.

Ontario’s FinTech Industry Facts

1st

largest FinTech
sector in Canada

8th

in the global FinTech hub rankings goes to Toronto

2nd

largest North American financial hub after NY

64%

of Canadian FinTech
firms are here

380,000

professionals in financial services in Toronto alone

10th

largest global equity exchange is here

Ontario’s FinTech Industry Facts

1st

largest FinTech sector in Canada

8th

in the global FinTech hub rankings goes to Toronto

2nd

largest North American financial hub after NY

64%

of Canadian FinTech firms are here

380,000

professionals in financial services in Toronto alone

10th

largest global equity exchange is here

FinTech Funding, Resources and Organizations

Blockchain Research Institute located in Toronto, is an independent, global think tank that brings together the world’s top researchers to undertake ground-breaking research on blockchain technology.

FinTech Canada is a Canada-wide non-profit organization that connects Canadian FinTech companies, investors, and other stakeholders. It serves as a hub for knowledge sharing and collaboration among its members.

Toronto Finance International is a public-private partnership between Canada’s largest financial services institutions and the government.

Canadian Securities Administrators (CSA)

is the umbrella organization of Canada’s provincial and territorial securities regulators whose aim is to improve, coordinate and harmonize the regulation of the Canadian capital markets. Visit Site

regulates insurance, pensions, credit unions, caisses populaires, trust companies, loan companies, and mortgage brokerages and administrators in Ontario. Some Fintechs, depending on their services, might fall under the oversight of the FSRA. Visit Site

collaborate with Canadians across various economic sectors and regions to enhance investment conditions, boost innovation, and expand Canada’s global trade share. Visit Site

focuses on fostering economic development, innovation, and trade. Visit Site

plays a key role in overseeing the financial services sector in the province, including FinTech startups. They set regulatory and fiscal policies that affect financial entities, including FinTech companies.
Visit Site

supervises and regulates federally registered banks, insurers, trust and loan companies, and private pension plans subject to federal oversight. Visit Site

offers guidance through The innovation Office on regulatory requirements under securities laws. Visit Site

FinTech Companies in Ontario

borrowell-logo
Borrowell
1 University Ave, Toronto, ON M5J 2P1, Canada
clearco-logo
Clearco
33 Yonge St, Toronto, ON M5E 0A9, Canada
logo of fintech company dream payments
Dream Payments
171 E Liberty St, Toronto, ON M6K 3P6, Canada
freshbooks-logo
FreshBooks
1655 Dupont St, Toronto, ON M6P 3T1, Canada
idemia-group-logo
IDEMIA Group
2872 Bristol Cir, Oakville, ON L6H 5T5, Canada
logo of fintech company ingenico
Ingenico
5180 Orbitor Dr, Mississauga, ON L4W 5L9, Canada
logo of cyber security company interac
Interac
200 Bay Street, Royal Bank Plaza, North Tower, Suite 2400, Toronto, ON M5J 2J1, Canada
logo of fintech company koho financial
KOHO Financial
67 Mowat Ave #200, Toronto, ON M6K 3E3, Canada
logo of fintech company mastercard
Mastercard
121 Bloor St E, Toronto, ON M4W 1A9, Canada
paypal-logo
PayPal
2 St Clair Ave E, Toronto, ON M4T 2T5, Canada
questrade-logo
Questrade
5700 Yonge St, Toronto, ON M2N 5M9, Canada
logo of fintech company scotia itrade
Scotia iTrade
44 King St W, Toronto, ON M5H 1H1, Canada
logo of cyber security company securekey technologies
SecureKey Technologies
4101 Yonge St, North York, ON M2P 1N6, Canada
logo of fintech company sensibill
Sensibill
2967 Dundas St W, Toronto, ON M6P 1Z2, Canada
shopify-logo
Shopify
620 King St W, Toronto, ON M5V 1M6, Canada
square-logo
Square
5000 Yonge St, North York, ON M2N 7E9, Canada
logo of fintech company thales
Thales
1 Chrysalis Way, Ottawa, ON K2G 6P9, Canada
visa-logo
VISA
77 King St W #4400, Toronto, ON M5K 1A2, Canada
wealthsimple-logo
Wealthsimple
860 Richmond St W, Toronto, ON M6J 1C9, Canada
Show Companies
borrowell-logo
Borrowell
1 University Ave, Toronto, ON M5J 2P1, Canada
clearco-logo
Clearco
33 Yonge St, Toronto, ON M5E 0A9, Canada
logo of fintech company dream payments
Dream Payments
171 E Liberty St, Toronto, ON M6K 3P6, Canada
freshbooks-logo
FreshBooks
1655 Dupont St, Toronto, ON M6P 3T1, Canada
idemia-group-logo
IDEMIA Group
2872 Bristol Cir, Oakville, ON L6H 5T5, Canada
logo of fintech company ingenico
Ingenico
5180 Orbitor Dr, Mississauga, ON L4W 5L9, Canada
logo of cyber security company interac
Interac
200 Bay Street, Royal Bank Plaza, North Tower, Suite 2400, Toronto, ON M5J 2J1, Canada
logo of fintech company koho financial
KOHO Financial
67 Mowat Ave #200, Toronto, ON M6K 3E3, Canada
logo of fintech company mastercard
Mastercard
121 Bloor St E, Toronto, ON M4W 1A9, Canada
paypal-logo
PayPal
2 St Clair Ave E, Toronto, ON M4T 2T5, Canada
questrade-logo
Questrade
5700 Yonge St, Toronto, ON M2N 5M9, Canada
logo of fintech company scotia itrade
Scotia iTrade
44 King St W, Toronto, ON M5H 1H1, Canada
logo of cyber security company securekey technologies
SecureKey Technologies
4101 Yonge St, North York, ON M2P 1N6, Canada
logo of fintech company sensibill
Sensibill
2967 Dundas St W, Toronto, ON M6P 1Z2, Canada
shopify-logo
Shopify
620 King St W, Toronto, ON M5V 1M6, Canada
square-logo
Square
5000 Yonge St, North York, ON M2N 7E9, Canada
logo of fintech company thales
Thales
1 Chrysalis Way, Ottawa, ON K2G 6P9, Canada
visa-logo
VISA
77 King St W #4400, Toronto, ON M5K 1A2, Canada
wealthsimple-logo
Wealthsimple
860 Richmond St W, Toronto, ON M6J 1C9, Canada
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