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Canadian fintech market map

The Canadian fintech market map highlights Canada-based fintech startups and investors

Our friends at CB Insights’ compiled a market map of 84 notable Canadian fintech companies, as well as the five most active venture capital and corporate investors in Canadian fintech.

The 2019 Canadian fintech market map

The startups selected for inclusion in the market map below are all Canada-headquartered VC-backed fintech companies with at least US $1M in equity funding, and have obtained equity funding since the start of 2015. In addition, startups that have a CB Insights’ Mosaic score greater than or equal to 300 are also included, implying more promising health and growth potential.

Startups headquartered in Ontario dominate the table, with over 40 fintech companies from this market map headquartered in the Greater Toronto Area. Vancouver and Montreal came in second and third, respectively, with 25 fintech startups headquartered between the two. We expect that this cohort will change over time as new entrants emerge and gain prominence, and others falter or exit.
 

Methodology note

All companies on this market map are “fintech” companies. Our definition of fintech includes (1) technology companies which provide services to the financial services industry, and/ or (2) technology companies which create, distribute, and administer financial products themselves.

Within fintech, we have identified twelve distinct subcategories, as well as an additional “other” subcategory. The twelve distinct subcategories are (in alphabetical order): (1) accounting and expense management, (2) blockchain and crypto, (3) capital markets, (4) digital banking and financial infrastructure, (5) HR, payroll, and benefits, (6) insurance, (7) lending, (8) payments, billing, and money transfer, (9) personal finance, (10) real estate, (11) regulatory tech, and (12) wealth management.

Subcategories are mutually exclusive. This means that a given company falls into only one subcategory on the market map.

We subcategorize companies according to their primary line of business. A company’s primary line of business is implied by their current serviceable addressable market (SAM), management guidance, marketing materials, press releases, clientele, and/ or partnership activity.

Our “other” subcategory captures rare edge cases. These include (1) companies with multiple primary lines of business, and (2) fintech companies which do not fall into one of our twelve subcategories.

Our “investors” subcategory highlights the top five most active investors in Canadian fintech. Qualifying top five venture capital investors (e.g. venture capital, growth equity, and super angel) and corporates (e.g. corporations and corporate venture capital) must have made equity investments into fintech companies listed on this market map. The number of portfolio investments of each investor was evaluated and in the event of a tie, investors with the higher number of equity investments were selected. In the event of a further tie, investors participating in the larger of total dollars invested were selected.
 

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Sabrina Fitzgerald

Sabrina Fitzgerald

National Private Company Services Leader and National Capital Region Leader, PwC Canada

Tel: +1 613 898 2113

Eugene Bomba

Eugene Bomba

Partner, Technology Sector, PwC Canada

Tel: +1 416 687 8231

Biswajit Das

Biswajit Das

Partner, PwC Canada

Tel: +1 416 814 5740

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