The Digital Finance Institute has released its top 50 FinTech companies in Canada for 2019.
The top 50 companies in this report represent a wide diversity of sub-verticals in the FinTech sector, including blockchain, capital markets, insurance, RegTech (regulatory processes tech), payments, and finance. The institute conducted market research and informational interviews with industry stakeholders to help identify the leading companies. Factors such as product innovation, disruption of a service, scalability and growth adoption were also considered in preparing the list.
“We standardized the ranges of numeric variables, and measured each company’s score index by calculating the weighted average under comprehensive consideration of the main factors,” the Digital Finance Institute said in its report. “After surveys and interviews, we are proud to find out that many successful Canadian FinTech companies do not only leverage technology to solve local problems in the finance sector, but also provide solutions at a global scale.”
The top 50 FinTech companies appear in alphabetical order.
Bench provides accounting and bookkeeping services to small businesses using financial reporting software and a real-time bookkeeping team, which is overseen by professional bookkeepers and Chartered Professional Accountants.
Borrowell provides free credit score monitoring, AI-powered credit coaching tools, and personalized financial product recommendations. Borrowell has over 50 financial products and services available on its platform, including personal loans, mortgages, and credit cards.
With a database of cloud-based up-to-date equity models across caps and sectors, Canalyst delivers structured fundamental data to institutional investors across North America.
Carta Worldwide is a digital transaction processing company that specializes in providing issuer processing solutions, prepaid access programs, mobile enablement solutions, and token processing applications.
Charitable Impact (CHIMP) provides an online account for charitable giving to help individuals, families, organizations, and businesses find and give to registered charities in Canada and receive immediate tax receipts.
Coinsquare is a digital currency trading platform that allows users in Canada to purchase digital currencies. Users can additionally buy, sell and trade a portfolio of digital currencies including Ethereum, Litecoin, and Ripple online, using web and mobile applications.
Drop allows consumers to earn and redeem points for gift cards by making purchases with any debit or credit card linked to the Drop application.
Easyfinancial is the non-prime consumer lending division of goeasy Ltd. offering lending products through an omnichannel model that leverages digital technology to help customers.
eSentire provides Managed Detection and Response (MDR) services to protect organizations from cyberattacks with preventative technology.
Ethoca is an e-commerce technology company that provides fraud detection services for credit cards and chargeback prevention services to issuers, e-commerce merchants, and online businesses.
Finaeo’s digital marketplace streamlines the prospect-to-policy workflow by replacing paperwork with automated technology and facilitating the connection between insurance carriers, advisors, and their clients.
Financeit is a sales empowerment platform focused on the home services industry that enables businesses to boost their sales with POS financing programs and lead management solutions.
Flexiti provides a point-of-sale consumer financing solution for retailers that allows customers to apply for a private label credit card and make purchases with a variety of payment plans.
Flinks provides financial data services for the identity verification, financial insights, and credit risks.
Flybits provides a recommendation engine for financial institutions to deliver targeted products, offers, and content to their customers.
FreshBooks provides cloud-based accounting software that streamlines accounting process for agencies, firms, consultancies, entrepreneurs and self-employed professionals.
FundRazr provides an enterprise-class online crowdfunding platform that uses cloud-based technology to enhance social fundraising for nonprofits.
GoldMoney provides an online platform that allows users to buy, sell and trade precious metals and digital currencies.
Hockeystick is a software platform that provides data on the tech and innovation ecosystem including companies, accelerators, angel investors, venture capital, private equity, and government programs.
Horizn is a platform for financial institutions designed to deliver acceptance of the latest innovations, products, and services for employees and customers.
Inovestor provides a platform that offers investment tools, portfolio valuation and a suite of other products for financial advisors, institutions and the media.
Interac is a payments and digital information exchange that operates products and solutions, such as debit cards, mobile wallets, INTERAC e- Transfer, ABMS, in-app and online purchases.
Justwealth is an online wealth management company that provides customized investment portfolios and financial planning for individual, corporate and high-net-worth investors.
Koho provides account services to users to help them save money with spending insights and real-time cashback.
Lendesk is a B2B mortgage technology company that helps mortgage originators gather information from borrowers, find an appropriate lender, and manage application submissions and follow-up communication with selected mortgage lenders.
Lending Loop is a peer-to-peer lending platform that provides users with access to capital and allows them to invest in small businesses.
Lightspeed provides a point-of-sale system and hardware that delivers a cloud-based retail and e-commerce platform for merchants and restaurants to manage inventory, sales, analytics, and payments.
Mogo provides services that include personal loans, Bitcoin buying, selling and trading, mortgage financing, and credit cards to its users.
Mylo is a saving and investing app that allows Canadians to achieve financial goals by rounding up purchases and investing spare change. Mylo uses AI to provide personalized recommendations to help customers make informed financial choices.
Nest Wealth is a Canadian digital wealth platform that offers direct-to- investor and professional business-to-business solutions to the wealth management community.
NorthOne provides digital bank accounts for startups, freelancers, and small/medium-sized business. NorthOne’s platform is API-powered and integrates directly with other financial management products to help automate the financial administration of a business.
Nuvei provides technology-driven payment solutions to merchants, technology and distribution companies across North America.
OnDeck Canada provides online business loans, lines of credit, and merchant cash advances to small and medium-sized businesses across Canada.
PayBright provides retailers and consumers with instant installment payment options for both e-commerce and in-store purchases.
Payment Rails is a SaaS payouts platform for on-demand economy businesses to pay their freelancer workers globally.
Planswell offers free online financial planning that gives recommendations to help clients optimise their borrowing, investing, and insurance needs.
Plooto is a business-to-business payment management platform that assists small to medium-sized businesses to send and collect payments for invoices in an easy, fast and inexpensive method.
Ratehub.ca provides comparisons between mortgage rates, credit cards, deposit rates and insurance offered by financial institutions to give Canadians personalized financial recommendations.
Salt Edge offers open banking services such as financial data aggregation API, data enrichment, payment initiation API, and PSD2 compliance.
Security Compass provides training, advisory services and a policy-to- procedure platform used by development teams to help customers manage cybersecurity risks.
Sensibill’s receipt management solution helps banks serve small business owners by allowing them to track their expenses and prepare for taxes using a mobile banking app.
Shopify is a multi-channel commerce company that provides merchants with online services to start, manage, and grow their businesses.
Smooth Commerce is a mobile commerce platform that provides businesses with payment and reward solutions.
Snap Financial provides payment solutions, home service financing for homeowners and insurance financing for businesses and individuals.
TickSmith provides big-data based software platforms for data centralization and distribution, market surveillance, and analytics for capital markets and financial services.
TouchBistro provides point-of-sale systems that assist restaurants with orders, menu management, inventory management, and sales reports in a user-friendly way.
Wave provides a cloud-based suite of software products for entrepreneurs and small businesses that includes tools for accounting, invoicing, payroll, payments and receipt management, bookkeeping and accounting coaching.
WealthBar provides an online portfolio management platform that delivers financial and investment advice to customers.
Wealthsimple provides investment, saving and stock trading products through a combination of technology and human advice.
Zensurance is a full-stack commercial insurance provider that helps businesses find curated insurance packages. Using AI and process automation, Zensurance eliminates multiple levels of intermediaries to deliver insurance at lower rates.