6 Fast-Growing Fintech Startups from Canada to Follow

6 Fast-Growing Fintech Startups from Canada to Follow

Canada’s fintech industry is growing at a fast pace and a number of startups are starting to make their marks on the sector.

The following list features six fast-growing fintech startups from Canada that are worth keeping an eye on.

These companies secured funding over the past year at the Series A or Series B stage and are now working on taking their businesses to the next level.

They are poised to reshape the financial landscape in Canada and beyond, and their growth potential makes them worth watching as they continue to expand.

Plooto

Plooto

Founded in 2015 and based in Toronto, Plooto is a cloud-based, end-to-end payment automation software company. The company provides a platform that helps small and medium-sized enterprises (SMEs) as well as accounting and bookkeeping firms automate and optimize their financial operations by allowing them to manage their accounts payables, accounts receivables, controls, and reporting all in one place.

Ploonto claims more than 8,500 finance teams as well as accountants and bookkeepers use its cloud-based financial solutions.

In December 2022, Plooto announced the successful closure of its Series B funding, raising US$20 million (CA$27 million). The startup said it would use the proceeds to expand its customer base, introduce new product lines, increase hiring, and tailor its services to cater to more businesses and accounting and bookkeeping firms.

The round follows Plooto’s previous funding round, Series A, where it raised US$6.34 million (CA$8 million) in early 2021.

Axelar

Axelar

Founded in 2020, Axelar is a cross-chain communication tool developing interoperability software to connect blockchain ecosystems, applications, and users. Axelar’s offering consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication, enabling developers to build on the best platform for their needs while leveraging the tech stack to unlock cross-chain composability and liquidity.

Axelar secured US$35 million in a Series B funding round in February 2022. The round brought the company’s valuation to US$1 billion, it said, and follows a US$25 million Series A closed in July 2021.

Axelar said it would use the proceeds to support the company’s expansion, as it continues the roll-out of its mainnet. Axelar’s mainnet roll-out began in January 2022, involving validator onboarding, wallet integrations, monitoring tools, and relay infrastructure setup. The company said it was also launching Satellite (Beta), an early decentralized application (DApp) built on the Axelar network that facilitates asset transfers between different blockchain networks.

OneVest

OneVest

Founded in 2021, OneVest is a wealthtech startup that strives to revolutionize wealth management. The company provides a comprehensive all-in-one wealth management platform that allows businesses to enhance their product capabilities, streamline operations, and improve the experiences of investors and advisors.

OneVest’s modular and adaptable infrastructure solution ensures flexibility and efficiency, and enables businesses to create customized wealth management solutions that align with customers’ expectations and market dynamics. The platform also automates administrative and middle office functions, reducing reliance on manual processes.

In June 2023, OneVest closed a CA$17 million (US$12.8 million) Series A, bringing its total funding CA$24 million (US$18 million). The startup said it would use the proceeds to enhance the wealth management experience for both financial institutions and their customers.

Buckzy Payments

Buckzy Payments

Established in 2018, Buckzy Payments is a cross-border payments network and embedded finance platform enabler. The company offers a proprietary real-time cross-border payment settlement network, enabling secure, scalable, and fully compliant instant international payments and banking-as-a-service (BaaS) capabilities through an embedded finance platform.

Buckzy Payments’ platform provides features like multi-currency bank accounts, local settlement accounts, real-time foreign exchange quoting and booking, without hidden fees or unnecessary overhead costs.

Buckzy Payments collaborates with major banks globally to facilitate real-time international payments. Its payment network covers over 80 countries, including the UK, India, the European Union (EU), the Philippines, the United Arab Emirates (UAE), and several Latin American countries.

Since going live in 2020, Buckzy says it has added over 140 customers to their client roster including traditional banks, neobanks and fintech companies.

Buckzy Payments secured US$14.5 million in a Series A in December 2022. The company said it would use the money to enter new geographies and support the expansion of its product offerings.

Conquest Planning

Conquest Planning

Established in 2018, Conquest Planning is a leading financial planning software company focusing on providing purpose-driven financial advice.

Conquest Planning’s platform emphasizes the value of advice, strengthening the collaborative relationship between advisors and clients. It offers an easy-to-use interface that allows advisors to deliver personalized advice at scale, addressing the unique needs of individuals and families.

Conquest Planning announced in February 2023 the successful completion of a Series A funding round, raising CA$24 million (US$18 million). The round brought Conquest Planning’s total funding to CA$35 million (US$26 million). The company said it would use the proceeds to support the company’s growth, investment in platform user experience, and expansion into key markets such as the US and the UK.

Impak Finance

Impak Finance

Launched in 2019 and based in Montreal and Paris, Impak Finance is an impact analysis and rating agency. The company focuses on providing comprehensive assessments that go beyond traditional environmental, social and governance (ESG) ratings by considering both the negative and positive impacts of assets.

The company’s Impak Score and Impact Statements technologies form the foundation of its services. These tools allow for data contextualization, double-materiality analysis, and alignment with regulations such as the EU Taxonomy, Sustainable Finance Disclosure Regulation (SFDR), and Climate Strategy.

Impak Finance serves institutional investors, asset managers, wealth and private equity managers, exchange traded fund (ETF) managers and creators, and sustainable investment services. The startup raised EUR 4.5 million (US$4.9 million) in a Series A funding round in September 2022.

 

Featured image credit: Edited from freepik

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