In a city with the nation’s highest concentration of banks and financial institutions, it’s no surprise that some of Canada’s hottest FinTech startups are emerging from Toronto. And Silicon Valley is taking notice.
In a report from Business Insider, FinTech startup Street Contxt has raised an $8 million series A round led by Formation 8, the venture fund that counts Oculus as one of its former investments.
Street Contxt says it is solving a serious pain point in the capital markets system; whether on Wall Street or Bay Street, Street Contxt’s users usually have to spend hours manually going through analysis from banks and research firms to make informed decisions. Street Contxt’s knowledge management platform wants to be the place where all information between brokers and traders in finance is stored, and allow people to search the most accurate information flow, as well as the best analysts.
Current investors include executive investors from Wells Fargo, CIBC, RBC, and Barclays. CEO Blair Livingston, who has spent time in equity sales and trading in both Bay Street and Wall Street, told Business Insider that the Series A is what Street Contxt needed to bring its product to market.
“Street Contxt is bringing data-driven processes and metrics to this previously opaque and relationship-driven part of finance, which will make it more meritocratic, create incentives for better research, and yield fairer and more useful results for the entire financial ecosystem,” Livingston said.