Fintech startups are on the rise in Canada, the USA, and globally. Whether it’s improving banking services for startups or assisting tenants in building credit, fintech startups are here to innovate. In Canada specifically, there has been a recent surge in fintech innovations and platforms. Samantha Lloyd wrote about this previously here in ‘The Recent Growth of the Fintech Sector in Canada.’ Here are the top companies that are changing the game in this space.
Forwardly is the cutting-edge B2B payment solution developed by ForwardAI. It is reshaping how small businesses receive payments. The real-time payment-enabled platform empowers small businesses to get paid three days earlier, 24/7/365.
Forecastr is an out-of-the-box finance function for your business, providing you with the tools and support needed to create an investor-grade financial model. The company has graduated from the Techstars accelerator program.
As companies face more challenges in retaining their workforce, employee recognition and rewards play a huge role. Tenure is an AI-powered employee rewards, recognition, and savings platform that improves company culture and drives new business.
409.Ai (formerly Spruce Software) uses AI to create real-time business valuations and reports. Their technology compares over 10,000 data points across our 200,000 business machine learning trained model to create reports that are 10X faster, 50% less expensive, and remove unnecessary subjectivity.
Boast.ai is a fintech platform that is democratizing access to billions of dollars in R&D tax credits and innovation funding so companies can fuel their growth while preserving equity and avoiding red tape. With operations across the U.S. and Canada, more than 1,000 innovative companies have leveraged Boast.ai to get more money faster for less time and risk.
Wisedocs is the medical record review and summaries machine learning software for insurance carriers, healthcare providers, laws firms, and TPAs making waves in the claims industry. They serve the auto, liability, disability, workers’ compensation, tort law, and similar markets. Wisedocs provides an easy-to-integrate solution for improved accuracy and speed to deliver improved outcomes in the medical claims process. In 2022, Wisedocs closed a $4.1 million (CAD) oversubscribed seed financing round to support continued expansion into the United States. This investment was led by Ripple Ventures, with participation from GreenSky Ventures, HaloHealth, as well as George Papayiannis and Tim Lett.
Moves is a Toronto-based fintech startup that provides financial services platform for independent “gig” workers. Overlooked or ineligible for products offered by traditional financial institutions, this rapidly expanding demographic needs modern financial products designed to support them on their paths to career fulfillment.
As a digital mortgage advisor with superpowers, Perch helps you quickly understand your options and find the right mortgage. Using technology and support from their real estate and mortgage experts, Perch helps you take control of your homeownership journey—from pre-approvals to mortgage renewals and everything in between. Founded in 2018 by Alex Leduc, Perch is based in Toronto and currently available to residents across Canada, including Quebec. Perch has raised a total of $4 Million Series A funding up to this date.
Bidmii is a renovation marketplace that connects homeowners with trusted contractors, making home improvement easier for everyone. The platform is striving to become a complete solution, offering financing for contractors and a ‘buy now, pay later’ solution for homeowners, providing up to $30,000 in unsecured funds for renovation projects.”
Konvi is a crowdinvestment platform democratizing access to high-yielding alternative assets. This is a new alternative investment platform based in Berlin. Konvi partners with the world’s leading luxury funds to identify, source, manage and sell luxury assets with high appreciation potential for the Konvi community.
“In the dynamic landscape of the fintech market, Konvi stands as a beacon of innovation and leadership in the alternative investment sector. As a pioneering startup, Konvi has consistently pushed boundaries, redefining the way individuals engage with alternative investments. With a steadfast commitment to democratizing access to unique investment opportunities, Konvi is poised for a promising future. In an era where financial technology is rapidly evolving, Konvi’s dedication to providing a seamless and user-friendly platform for alternative investments places it at the forefront of this transformative industry. The future outlook for the fintech market appears incredibly promising, with technologies like blockchain, AI, and decentralized finance poised to revolutionize how we manage and invest our funds. Konvi’s vision for accessible, diversified, and tech-driven investments aligns seamlessly with the unfolding potential of the fintech sector, ensuring it remains a key player in shaping the future of finance.”
Vambora enables financial inclusion for credit-invisible consumers through a digital financial profile powered by global Open Banking data sources. It was founded by Amadeu Ferreira, Mark Dickens, and Laura Volpe Ferreira. Vambora is backed by Forum Venture.
Jeeves is a Y Combinator-backed startup that serves as an all-in-one corporate spend and expense management platform for businesses in global markets, including North America, Latin America, Europe, and the UK. Founded by Dileep Thazhmon and Sherwin Gandhi, it has raised $380 million from investors such as Andreessen Horowitz, CRV, GIC, Tencent, Silicon Valley Bank, Stanford University, and Y Combinator to fuel its international expansion.
“A global-first approach to B2B fintech. In today’s interconnected world, businesses no longer operate within the confines of a single market. They now operate on a global scale, requiring fintech solutions that seamlessly adapt to their international needs across countries. Within the B2B fintech space, we’re seeing more players coming in or adapting their current products to prioritize global capability and we expect this trend to continue. Within the last 18 months, we have built Jeeves to serve companies across the United States, Canada, the UK, Mexico, Colombia, Brazil, and across Europe. Jeeves is the only expense management platform that can issue cards locally across the world, with local bank identification numbers (BINs) in all 22 countries across the three continents in which we operate.”
Railz is building the largest financial data network to support the future of finance. The Railz Accounting Data-as-a-Service™ API enables innovators to build the next generation of data-powered financial services. Integrate with top accounting service providers through their API and access normalized financial data on your small- and medium-sized business customers.
Truly Financial is a Global Business Banking for growing businesses. It’s reshaping the way banking is traditionally done. The company’s ethos revolves around giving equitable access to global banking for growing businesses.
SingleKey is closing the trust gap between residential landlords and tenants by bringing transparency and accountability to the relationship. They guarantee rent for landlords, even if tenants don’t pay, so they can still make their mortgage payments. At the same time, they ensure that tenants can experience a fair and easy rental application process, while also helping them build credit by paying their rent on time. In 2022, SingleKey acquired a Y Combinator competitor called Naborly. The platform has been on a high-growth trajectory.
FutureVault is an industry leader in secure document exchange and Digital Vault solutions for financial services and wealth management organizations, changing the paradigm of document and information management with the Personal Life Management Vault and Business Life Management Vault. FutureVault’s multi-tiered platform is transforming enterprise, advisor, and client value propositions by significantly improving the way documents, data, and information are managed within a secure, audit-ready, single source of truth. FutureVault is recognized as a 5-star WealthTech provider and a top 100 most innovative global WealthTech solution provider.
“Digital Vault platforms are becoming the next iteration and the future of secure document management by providing firms (and their advisors) accountability, efficiency, structure, compliance, and protection—all areas that enable organizations to scale document management practices across the many levels of their organization, and most importantly, to extend and enhance the value proposition delivered to their clients.”
– Kristian Borghesan, Chief Marketing Officer @ FutureVault
Synctera is powering the future of FinTech for companies that want to create new revenue streams and enhance their value proposition by offering FinTech apps and embedded banking products. With APIs, compliance support, and bank partners in one end-to-end Banking as a Service platform, Synctera is the fastest and easiest way to build, launch, and scale bank accounts, debit cards, charge cards, lending, and more.
“The two main things we’re seeing is the evolution of how consumers interact with banks, and how their expectations for financial services have evolved and shifted. We know that the days of walking into a branch to do your banking are over, but what we’re seeing now is a bigger shift. It’s a shift towards a world where finances are handled outside of a bank’s app or website, too. Companies like Apple and Tim Hortons are bringing things like banking, money movement and rewards to customers where they spend most of their time, contextually. This is also happening beyond consumer finance and into small business, wealth and corporate banking. For all of the innovation that consumers see and interact with – this is the tip of the iceberg and these are early days in the journey. We at Synctera have a front row seat to these changes.”