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Top 10 FinTech Startups in Canada

Canadian Startups

Top 10 FinTech Startups in Canada
Top 10 FinTech Startups in Canada
Canada has witnessed notable growth in the financial technology sector in recent years. The nation recorded 241 fintech deals in 2019, bringing in $2.7 billion of investment.
The presence of one of the world’s all-encompassing banking systems, 80% of the foreign banks and top-notch talent offer an excellent opportunity to develop, test and showcase new technologies in Canada. 
With Ontario leading the race of the number of FinTech Startups in Canada, let’s get to know about the Top 10 FinTech Startups in this beautiful country.

1. Wealthsimple

Founders: Brett Huneycutt, Michael Katchen and Rudy Adler

Founding Year: 2014

Headquarters: Toronto, Ontario

Funding received: CA$ 380.9M

Investors: Greylock, TCV, Meritech Capital Partners, Two Sigma Ventures, Allianz X, Impression Ventures, Power Financial Corporation, Roger Martin, David Ossip, Joe Canavan

Wealthsimple is an innovative financial advisor that provides financial tools to help investors grow and manage their money. Spontaneous, affordable and human-like, Wealthsimple removes the presumptions out of investing and gets investors on the right path. It builds an extensive portfolio of ETFs (exchange-traded funds) on the investors’ behalf and guides them in accomplishing their monetary goals.

2. FundThrough

Founders: Steven Uster

Founding Year: 2014

Headquarters: Toronto, Ontario

Funding received: CA$ 122.2M

Investors: Real Ventures, Hedgewood, ScaleUP Ventures, Northleaf Capital Partners, Klister Credit, OnWave Ventures, Origin Merchant Partners, Intercap, Five Elements Environment Ventures, Peter Carrescia and 2 other investors

FundThrough is a fintech startup that aims to help small business owners solve their cash flow challenges by accessing the working capital in their unpaid invoices. It offers loans to small companies that sell to bigger businesses. Its technology enables it to approve new clients in minutes, and provide its clients the cash they need quickly, with no commitments or long-term obligations.

3. Clearblanc

Founders: Andrew D’Souza, Ben Sanders, Charlie Feng, Michele Romanow and Pavel Melnichuk

Founding Year: 2015

Headquarters: Toronto, Ontario

Funding received: $119.3 Million

Investors: Founders Fund, Highland Capital Partners, Social Capital, FJ Labs, Real Ventures, Inovia Capital, 8VC, Emergence, Frontline Ventures, Portag3 Ventures, Plaza Ventures, CoVenture,

Berggruen Holdings, Arcadia Group, Precursor

Clearbanc provides fast and affordable growth capital to eCommerce and B2B/SaaS companies. Its investments vary from $10K-$10M and its portfolio of companies covers small businesses across the United States, Canada, and the United Kingdom to some of the fastest-growing consumer brands. It leverages its exclusive underwriting technology to offer more money speedily and more flexible terms than other financing substitutes.

4. FreshBooks

Founders: Michael McDerment

Founding Year: 2003

Headquarters: Toronto, Ontario

Funding received: $75.1 Million

Investors: Atlas Venture, Oak Investment Partners, Accomplice, JP Morgan Chase, Georgian

FreshBooks offers cloud-driven accounting software that enables business owners and independent professionals to invoice clients, track time and operate their small businesses in the cloud. The fintech startup has helped more than 10 million people globally process billions of dollars with its extremely easy-to-use invoicing, time tracking and cost management features. Its vision is to implement extraordinary experiences every day and currently serves customers in over 160 countries.

5. Borrowell

Founders: Andrew Graham and Eva Wong

Founding Year: 2014

Headquarters: Toronto, Ontario

Funding received: $72.2 Million

Investors: Silicon Valley Bank, DMZ, Gaingels, Hedgewood, White Star Capital, Clocktower Technology Ventures, Portag3 Ventures, RFI, Freycinet Ventures, NAventures, Rogue Insight Capital, Power Financial Corporation, Argo Ventures, Roger Martin, Equitable Bank and 5 other investors

Fintech startup Borrowell has developed a simple, safe and convenient way to connect borrowers and lenders. Since its inception, it has provided over 1.5 million Canadians with ​free credit score​ and report monitoring, automated ​credit coaching​ tools and AI-driven financial product recommendations based on their credit profile. Its mission is to make financial steadiness possible for everyone.

6. KOHO Financial

Founders: Daniel Eberhard, Jonathan Bixby, Joshua Bixby and Mike Benna

Founding Year: 2014

Headquarters: Toronto, Ontario

Funding received: $57.5 Million

Investors: Ontario Centres of Excellence, Hedgewood, HIGHLINEvc,

Drive Capital, Portag3 Ventures, Greyhound Capital, Ferst Capital Partners – FCP, NAventures, Power Financial Corporation, Stanley Park Ventures and 5 other investors

KOHO Financial offers an application-based banking platform that aims to simplify the financial products available to everyone. Its platform helps users complete their day-to-day banking operations while offering tools such as goals, cash flow projections, group spending, spending insights, and classifications, enabling users to manage their expenditures and banking operations whenever they want to.

7. Sensibill

Founders: Corey Gross, Jamie Alexander

Founding Year: 2013

Headquarters: Toronto, Ontario

Funding received: $55.4 Million

Investors: Ontario Centres of Excellence, DMZ, Canada Pension Plan Investment Board, Hedgewood, Tom Williams, Mistral Venture Partners, RFI, Radical Ventures, Information Venture Partners, CIBC Innovation Banking and 5 other investors

Sensibill is a digital receipts network that enables customers to access receipts directly from bank accounts. It provides a turnkey digital receipt solution to financial institutions. Retail customers can easily manage itemized receipts from trusted financial services applications using Sensibill’s platform that leverages technology with an attractive interface design to deliver an experience that creates constant customer engagement for banking applications and converts customers into advocates.

8. Neo Financial

Founders: Andrew Chau and Kris Read

Founding Year: 2018

Headquarters: Calgary, Alberta

Funding received: CA$ 50M

Investors: FJ Labs, Inovia Capital, Thomvest Ventures, Valar Ventures, Golden Ventures, District Ventures Capital, Afore Capital, Tobias Lütke, ATB Financial, Maple VC

FinTech startup Neo Financial provides spending, savings, and rewards programs to its users. It partners with leading financial institution to provide members with a safe and secure way to spend and save. Neo’s credit card is issued by ATB Financial and supported by the Mastercard network, and the Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection.

9. Zafin


Founders: Al Karim Somji, Anugopal Venugopalan and Dinesh Krishnan

 Founding Year: 2002

Headquarters: Toronto, Ontario

Funding received: $47.2 Million

Investors: Accenture, Kayne Partners, Vistara Capital Partners, Beedie Capital Partners

Zafin is a globally known enterprise banking software company with its innovative miRevenue technology platform that caters to global retail and commercial banks managing dynamic products, pricing, billing, loyalty, and revenue optimization. It has over 30 global banking customers including HSBC, Barclays, Standard Chartered, CIBC, TD, BMO, BNS, National Bank of Abu Dhabi, Emirates NBD, and First Bank.

Zafin has been bestowed Deloitte’s Technology Fast 50 award for three consecutive years (2014-2016), has been the PWC’s finalist for the innovative company of the year in 2017. It was recently selected by America Banker as 1 of the top 10 FinTech companies to watch out.

10. Finn AI

Founders: Guru Atlu, Jake Tyler and Natalie Cartwright

Founding Year: 2014

Headquarters: Vancouver, British Columbia

Funding received: $13.9 Million

Investors: BDC Venture Capital, Yaletown Partners, HIGHLINEvc, Conconi Growth Partners, Flying Fish Partners, Innovating Capital, BDC Capital’s Women in Technology Venture Fund, Pen King, 1843 Capital, John Livingston

Finn AI offers AI-driven conversational banking technology for personal banking and finance. It provides a personal banker to every bank customer, helping them manage their money wherever they are, providing them whatever they need, through a simple, natural conversation.

The startup’s team consists of data scientists, engineers, and financial industry experts who help banks and credit unions increase customer engagement and increase financial knowledge while offering the convenience and savings of a digital-first experience. It has public deployments in three languages with a growing customer base worldwide that includes ATB Financial, Bank of Montreal (BMO), Banpro Grupo Promerica, and Commonwealth Bank.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.



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