In collaboration with the Lawrence National Centre, the Scotiabank Digital Banking Lab presents its newest research bite: The Changing Landscape of Canada's FinTech Sector. The bite presents insights into the sectoral trends and characteristics of Canada's top 150 FinTech companies of 2023. Leveraging data from Crunchbase, Pitchbook and public sources, a list of 1500 companies was developed, from which the top 150 were selected, analyzed and contrasted to the Lab's 2018 list of top firms.
The data suggests that funding in FinTech reached its peak in 2021 and then dropped, but year-to-date funds raised for 2023 remain higher than pre-Covid levels, with an increased prevalence of mergers and acquisitions, but a lower amount of seed funding.
Compared to the 2018 list, the Top 150 companies in 2023 have a significantly higher proportion of larger-sized firms, and a greater representation from firms in the Digital Payments and Wealth Management services, followed by Insurance Tech, but less representation from historically dominant areas of Lending & Credit and Crowdfunding.