Several Canadian FinTech companies have made CB Insights’ FinTech 250 list, which highlights a select group of emerging companies working on disruptive financial technology. CB Insights, a data intelligence platform, revealed the FinTech 250 companies during The Future of FinTech conference held in New York City.
Canadian FinTechs that made the list include Wealthsimple, which recently announced its UK expansion and raised a $50 million Series B; Montreal-based Blockstream, which raised a $55 million Series A in February 2016; and Toronto-based Wave, which raised $32 million financing round from RBC, Portag3, and other investors in May.
The list also includes Vancouver-based Trulioo, which produces ID verification software for compliance and to fraud risk mitigation; Toronto-based Financeit, a cloud-based point-of-sale platform; and Toronto-based Street Contxt, which raised a fresh round of funding from 8VC, Point72 Ventures, Palm Drive Capital, and Portag3 Ventures in April.
“The financial services industry will see more change in the next 10 years than it has in the last 100.”
– Anand Sanwal
“The financial services industry will see more change in the next 10 years than it has in the last 100,” said Anand Sanwal, CEO of CB Insights. “And that transformation is being driven by a group of smart insurgent startup companies. The Fintech 250 are the most promising of these insurgents. They are bringing emerging technologies and business models to financial services that will permanently change the way we handle money and do business.”
CB Insights’ research team selected the companies from over 2,000 applicants and nominees, based on factors including data submitted by the companies and the company’s Mosaic Score. The Mosaic Score, which is based on CB Insights’ National Science Foundation-funded algorithm, measures the overall health and growth potential of private companies.
Specifically, the Mosaic Score provides a comprehensive overview of a company’s momentum, which includes factors like jobs data, hiring, social media, and partnerships; market health, which includes factors like funding, deals, and exit activity; and financial viability, which includes funding recency and total amount raised.
“Being ranked alongside FinTech companies of such a high caliber is very humbling,” said Stephen Ufford, CEO of Trulioo. “FinTech is a fast-developing and ever-changing industry and because of this, identity verification is extremely important. The consequences of not verifying identities can be detrimental – from running the risk of non-compliance, to risking your business’ reputation.”
