The Canadian FinTech sector is a hot topic, as several Canadian companies have recently launched or raised funding to shift not just the way the financial industry operates, but how we deal with money. Last week on BNN’s The Disruptors, three such companies, Grouplend, Payso, and Wealthsimple, pitched their attempt at disruption.
Recently, Kevin Sandhu, CEO of Grouplend, stated in an interview with BetaKit that “banking in Canada no longer works for regular Canadians.” Grouplend is “on a mission to provide everyday consumers a better way to borrow,” specifically by providing Canadians looking for personal loans.
Recently Toronto-based Payso wants to replace the cash and coins in your pocket to make it easier to send money to your friends. Now with 1,000 users, Payso is aiming for developers to use its payments technology and expand its services. You can read more about their thoughts on social as the future of here.
Wealthsimple made news in April for its $30 million Series A round, led by financial giant Power Financial Corp, just 7 months after launching. In the video below, Wealthsimple CEO Michael Katchen explains why he thinks the investing industry can be disrupted (again).