Canadian Fintech Market Overview

If you’ve ever sent an e-transfer, bought cryptocurrency or checked your credit score online then you’ve engaged with fintech.

So what is Fintech? Fintech or financial technology are various technical solutions, applications, or products that aim to automate the use of financial services.

The term fintech first emerged in the late 20th century and became prominent starting in the 1990s. Over the last decade, fintech has taken off and become the driving force behind how consumers and companies view their finances.

Recently, Toronto was ranked as the second largest financial hub, just after New York. Toronto is home to 12,000 financial service companies and over 380,000 financial services professionals.  Fintech has seen impressive growth in the last half-decade.

In the past five years, the sector has added 80,000 tech jobs. In 2021, Canadian fintech investments hit a record high, with approximately CA $9.4 billion in investments. 64% of Canada’s fintech firms are based in Ontario.

 

8 Fintech Companies in Toronto to Look For

 

Wealthsimple

Wealthsimple is an online investment management service. The firm provides innovative investment products to aid consumers in managed investing, private credit, and cryptocurrency. Wealthsimple is known for its low fees, high-interest savings, and zero trade commissions.

 

Verafin

Verafin is a fraud detection technology that aims to stop financial crimes. Banks and credit unions use its services to detect money laundering, trade violations, and other financial transgressions. Verafin’s software monitors transactions and customer behavior to identify suspicious activity.

 

Flexiti

This fintech firm offers finance solutions similar to a credit card without the interest. Steering away from an interest-based model, Flexiti charges customers a flat subscription rate. When making large purchases, users have the option to defer payments or begin immediate monthly payments.

 

KOHO

While not an actual bank, KOHO provides its users with a standalone checking account. Similar to a credit card, users earn perks for spending. Using their bank account to fund their KOHO account, users can spend money through a prepaid KOHO card.

 

Borrowell

Borrowell simplifies borrowing money for its customers. Users have free access to credit scores, credit monitoring, and education resources to improve their credit scores. Borrowell’s services are entirely free of charge, and instead, earn a referral when you choose to work with one of their lending partners.

 

Morningstar

Morningstar aims to provide access to independent investment research through its software products and platforms. By making research accessible, Morningstar enables data-driven decisions based on real-time market activity. Their research includes data on public companies, managed investment products, and other investment offerings.

 

FreshBooks

Some of FreshBooks’ products include accounting and invoice software services for self-employed, small businesses, and sole proprietors. Designed for freelancers, FreshBooks offers professional financial services at cost-efficient rates.

 

Ayden

Ayden provides management solutions, including processing payments online and in person and protecting its customers from fraud. Companies like Uber, eBay and Microsoft utilize Ayden’s services to boost their business ventures.

 

Fintech Roles

• Product Manager
• Sales Representative
• Business Intelligence Analyst
• Risk Analyst
• Solutions Expert
• Systems Administrator
• Trading Platform Product Specialist

 

Looking to hire for one of these positions?

Recruitment agencies, such as Live Assets, play a crucial role in this growing sector, connecting businesses with skilled talent adept in these emerging technologies. By leveraging their expertise and networks, recruitment firms can help companies stay competitive and harness the full potential of these cutting-edge developments. Whether it’s sourcing a Product Manager or Data Scientist, our recruitment agency ensures your organizations has the right talent to thrive in a rapidly changing tech environment.

 

The Best IT Recruitment Agency in Toronto | About Live Assets | IT Staffing Solutions

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