Mapping Canada’s maturing fintech market

Last year, the COVID-19 pandemic put pressure on many businesses and consumers to make every dollar count. For Canada’s financial technology (fintech) industry, that meant growing demand—and investor interest—for solutions that track, automate and generate greater visibility into their expenses and investments.

Working with Hockeystick, we mapped the top privately held Canadian fintech firms based on total funding raised. It shows a growing and maturing industry that continues to evolve as companies attract new equity raises or debt financing and, in some cases, eye initial public offerings.

“We’ve already seen several fintech companies complete IPOs and raise equity rounds in the last 12 months,” says Andrew Popliger, PwC Canada’s National Technology Leader. “We expect that trend to continue in the coming year or two and see an increasing number of fintech IPOs and equity rounds.”

Demand remains high for payment integration and processing solutions, especially those offering customers a one-stop shop that negates the need to manage multiple platforms. Elsewhere, a wave of new companies specializing in cryptocurrencies and non-fungible tokens are emerging as these technologies become mainstream and easier to access.

Looking ahead, we expect the rollout of open banking will create additional interest in fintechs.. This could open up opportunities to develop new revenue streams and expand capabilities across the financial services landscape.

This fintech market map provides a holistic understanding of the trends shaping the financial services ecosystem in Canada. As established financial institutions and new market entrants navigate these trends, the map will help all players stay apprised of a changing landscape, understand how the role of fintechs is evolving and uncover new possibilities for growth and profitability across the financial services ecosystem.


The companies listed in the market map are all Canadian-headquartered and have raised funding (angel, venture capital and/or private equity) since 2015. Each fintech subcategory classification is informed by industry trends in fintech and Hockeystick's subcategory classification data from more than 36,000 companies. Each subcategory contains the top 10 companies or less based on total funding data available to Hockeystick as of August 2021 that the companies have raised since 2015.

Contact us

Andrew Popliger

Andrew Popliger

National Technology Leader, PwC Canada

Tel: +1 514 205 5181

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