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MARKET DESCRIPTIONS

Accounting:ÌýThese companies are leveraging technology to automate manual processes, manage data, and produce financial statements to improve the security, efficiency, and timeliness of accounting processes. Many offer a software-as-a-service (SaaS) solution and use technology such as artificial intelligence or cloud-based services to deliver their services.

Toronto-based unicornÌýoffers invoicing and accounting software that integrates with existing apps and offers a wide range of services, including bookkeeping, expense management, report generation, and compliance. The company, which claims to have customers in over 160 countries, secured a $100M line of credit to fund its global expansion through strategic acquisitions and key investments.

Banking:ÌýCompanies in this category offer direct-to-consumer banking services as well as infrastructure/software to allow non-bank companies to provide financial services.

For example, Calgary-based digital bankÌýoffers both B2B and B2C banking solutions for the Canadian market. Its B2B offering includes payments, integrated financial services via its platform-as-a-service, and white-label credit cards. For consumers, it offers credit cards, savings accounts, investment options, and mortgage rates. Neo recently raised a $145M Series C at a $784M valuation.

Blockchain and crypto:ÌýCompanies in this category focus on integrating blockchain and crypto capabilities into existing financial functions, such as payments, trading, and investment. This includes cryptocurrency trading platforms, digital asset creation, and crypto-backed lending.

Canada-based companies working in the blockchain-enabled payments space includeÌýÌýandÌý. Meanwhile, Toronto-basedÌýis a crypto trading platform where retail investors can buy and sell various currencies.ÌýÌýÌýÌý

Investment and trading:ÌýCompanies in this category are providing investors with with services like improved data, analytical insights, and automated back-end processes.Ìý

ÌýandÌýare B2B SaaS platforms that offer structured market and industry data to financial advisors. Boosted.ai raised a $35M Series B in January while Canalyst was acquired by US-based research platformÌýÌýin August for $350M.

Lending:ÌýCompanies in this market are using technology to improve and automate lending processes like credit analysis and fraud detection. Many of these companies are creating lending solutions that target users who may have difficulty accessing traditional financing options.

For example, Toronto-basedÌýÌýis a digital lender that leverages alternative data to assess applicants, sidestepping credit scores. Earlier this year, the fintech partnered with New York-basedÌýto launch a $100M financing facility to further extend their offering.

Payments:ÌýCompanies in this category develop technologies that facilitate transactions.

Many Canada-based companies in this space offer payment services that aim to help businesses boost customer retention by offering a more seamless experience. For example,ÌýÌýandÌýÌýboth combine booking and payment services for the fitness and beauty industries, respectively.

Meanwhile, B2B payment providers are streamlining the payment process.Ìý, for instance, offers businesses a platform and API that integrates with existing accounting platforms and banking networks to facilitate transactions with vendors. Canadian point-of-sale (PoS) fintechs are also drawing attention. In 2020,ÌýÌýacquired Montreal-based providerÌýÌýwhileÌýÌýpurchased Toronto-basedÌýÌýin the same year.

Personal finance:ÌýFinancial wellness and personal finance apps aim to help consumers set and achieve financial goals. Companies in Canada are approaching this in various ways, including offering alternative ways to build credit, guided budgeting, and expense management.Ìý

Montreal-basedÌýÌýprovides a platform that connects to various bank accounts, investment accounts, credit cards, and more to provide a holistic view of a user’s finances. From there, the app offers insights and advice, along with updates on users’ financial standing. Hardbacon acquired credit score platformÌýÌýin March.Ìý

Real estate tech:ÌýFrom mortgage analytics to real estate debt management, companies in this category focus on improving real estate transactions and investments.Ìý

For example,ÌýToronto-basedÌýoffers a homeownership-as-a-service model that provides a way to facilitate co-ownership between renters and property owners. Renters can build home equity over time while property owners can benefit from lower turnover and tenants that are more invested in the up-keep of the property. The company received $9M in seed funding this year to finance the expansion of its real estate portfolio.Ìý

Interested in other technology markets and want to make a decision today? Identify what markets to prioritize with ourÌýÌýand discover leading players across hundreds of tech markets using our.

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