The Best Fintech Companies in CanadaJuly 06, 2023
With technology becoming such a forefront in our everyday lives, banking isn’t as difficult as it used to be. Pretty much every financial transaction that you could consider doing can be done either online or on the phone. Because of this, in recent years, more and more financial technology companies have emerged. Many of these established companies offer their service for no or minimal fees, they offer different services based on your individual needs.
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The Size of the Fintech Industry in Canada
While the Canadian fintech market is growing every year,it isn’t the largest market that there is. The largest fintech market in the world is India. In 2023, they will have over 2,000 fintech startups and that number just keeps growing.
That said, Canada isn’t that far behind. Currently there are just over 900 fintech companies in Canada, and that number just keeps growing. Some of these companies are even parented for existing financial institutions as an alternative way for consumers to manage their financial assets.
Top Fintech Companies in Canada
With so many Canadian fintech companies to choose from, it can be difficult to know where to start. This is partially because the term fintech is so broad. There are so many different categories in the Canadian fintech industry including:
- Bookkeeping and Financial Services
- Expense Management
- Digital Banking and Financial Infrastructure
- Blockchain and Crypto
- Capital Markets
- HR, Payroll and Benefits
- Real Estate
- Regulatory Tech
- Wealth Management
- Personal Finance
- Payments, Billing and Money Transfer
There are also a few that don’t quite fit into these different categories.
EQ Bank is an online banking platform based out of Toronto, Ontario. They were also named the #1 Bank in Canada on the Forbes 2023 list. You can register online quickly and sign up for a variety of accounts including:
- Savings Plus Account: This account includes unlimited transactions, 2.50% interest, no monthly fees, no minimum balance requirements, unlimited bill payments, unlimited e-transfers, free ATM withdrawals from any ATM in Canada and cashback when using your debit card.
- Joint Savings Plus Account: This account includes everything the Savings Plus Account offers, except you can have up to 3 different users.
- TFSA Savings Account: this account includes #.00% tax free interest, no fees for larger earners, no minimum balance and easy online registration.
- US Dollar Account: This account includes 3.00% interest on every dollar, no monthly fees, and competitive exchange rates. This is ideal for those looking to send US dollars abroad.
Other services this bank provides are:
- RRSP Savings Accounts
- First Home Savings Accounts
- International Money Transfers
They offer a lot of products that traditional banks offer, but provide these services in a convenient way. Your accounts can be accessed through the site or through their application based banking platform.
Neo is a Canadian fintech company based out of Calgary, Alberta. While Neo Financial is best known for their credit cards, they actually offer a wider variety of online financial products including:
- Neo Money Account:The neo money account and neo money card offer significant rewards. You get high interest on your savings and cashback every time you use your neo money card. There are no monthly fees and you have ATM access anywhere Mastercard is accepted.
- Neo Investments: Neo Invest is powered by onevest. With this program you can invest online with different financial markets but you can also have portfolio managers help you get the most of your money. There is no minimum investment required and the fees are low.
- Neo Mortgages: With Neo Mortgages, you have the convenience of applying online and getting approved without a face to face meeting. You can even meet with your lawyer online to complete the process.
- Neo Credit: This credit card offers unlimited cashback, no annual fees, and flexible perks. You can get up to 15% cashback on your first purchases and 5% cashback on regular everyday purchases. You can view your cashback in the app as well. They also offer a secured credit card if you don’t have the credit for a regular credit card. It comes with all the same perks.
Another one of the best fintech companies in Canada is Tangerine. They offer a wide range of financial products including:
- Savings accounts
- Chequing accounts
- Credit Cards
- Business accounts
- Line of Credits
- Home Equity Line of Credits
All of your banking can be done online or through the app. You can even use any of the Scotiabank ABMs with no fees. An interesting fact is that before they were known as Tangerine, they were known as ING Direct.
Koho is a Canadian fintech company that offers different plans and products in order to help you make the most of your money and help you make smarter financial decisions. Koho’s main product is their free spending and savings account. It’s equipped with their prepaid credit cards (Mastercard) and mobile app as well.
With this account you can get cashback on all your purchases. There are also different Koho plans to choose from based on your financial needs.
- Easy:The easy account cost $0 per month. 0.5% interest on your balance and 1% on 2 select categories.
- Essential:The essential plan costs $4 per month, 1.5% interest and 0.25% cashback on all purchases.
- Extra:The extra plan earns 2$ cashback on 3 categories and 0.5% on everything else. You also earn 2% interest and can get credit building for only $7. It costs $9 per month.
- Everything: The everything plan costs $19 per month. You get 4% interest, 2% cashback on 3 categories and 0.5% cashback on everything else. You can also get credit building for only $5.
If you choose to purchase the credit building product on its own, then the cost is $10 per month. Either way, in the app your information is protected. You can lock your card in the app and shop securely online.
Manulife is different from the fintech companies we have mentioned above. They don’t just offer financial solutions for you, but they also offer insurance. The full list of services they offer are:
- Health insurance
- Life insurance
- Travel insurance
- Mortgage protection insurance
- Investment options including Mutual Funds and ETFs
- Regular bank accounts
- Group benefit plans
- Loans and line of credits
- Credit cards
Everything done through Manulife can be done on their online platform or through their mobile app. You can use ATMs free of change and you can even reach an advisor online.
The bank accounts they offer include high interest rates and no minimum balances. There are no fees on the All-in-banking package (2.10% on savings). The Advantage banking account has no fees if you keep a minimum balance of $1,000 (5.00% interest on every dollar). They also offer TFSAs (2.10% on every dollar) and a US dollar account (0.20% on every dollar).
Brim Financial is one of the few financial technology companies that not just operates in Canada, but all throughout North America. They describe themselves as a “fully-integrated platform that delivers real-time innovation for finance, globally”.
Brim Financial offers high rewards credit cards. They currently have individual credit cards and family credit cards. Soon, they will be offering business credit cards as well. With these cards you can get up to 30% back in points or earn exclusive rewards. Their rewards include some of the top local and global brands.
With Brim’s financial forward mindset, you don’t just get a physical card. You also get a digital card that you can hold in your digital wallet. You can also extend these digital cards to your family members with the family credit cards. These small differences are what hold them apart from other consumer credit cards.
Credit Karma is a fintech that offers credit monitoring in both Canada and the US. They update you with your Transunion report weekly, but they also offer some financial products based on your credit score. They use this to show you your approval odds (your likelihood of approval).
The product that they offer is credit protection. With this product they monitor your transunion report on a daily basis and alert you if there are any significant changes to your credit report. It checks your:
- Credit checks
It’s a great way to make sure your credit is protected, without damaging your credit in the process.
Borowell is a credit monitoring service that is based out of Toronto. While the premise behind Borowell is similar to that of Credit Karma, Borowell monitors your Equifax credit score instead of your Transunion credit score. It’s also a free service that you can sign up for online.Their full list of services include:
- Free weekly credit monitoring
- Free weekly report monitoring
- Financial product recommendations specific for you
- Free credit tips
- Free credit education
- Bank level security (256 bit encryption
In regards to financial services that they offer, well, Borowell is partnered with many different lenders and financial institutions that offer:
- Personal loans
- Credit cards
- Everyday banking
Some of their trusted partners include:
- Capital One
- EQ Bank
- American Express
- National Bank
- BMO (Bank on Montreal)
A unique feature that is offered by Borowell is their Rent Advantage program. This costs $8 per month and allows you to report your monthly rent payments to the credit bureaus. This allows you to build your credit score without incurring any more debt.
Mogo is another Vancouver-based financial technology company. They have been around since 2013 and are one of the top fintech’s when it comes to investing. MogoTrade is a simple, sustainable, low cost way to invest your funds. There are no FX fees, and no commission.
Along with their trading platform, Mogo also has investment accounts to choose from. They offer Tax Free Savings Accounts, RRSPs and Personal investment accounts.
Wealthsimple is a Canadian company that was founded in 2014 and based out of Toronto. They are one of the top online investment management services in Canada. They have different investments to choose from, including Crypto and there are no minimum investment amounts and no commissions.
They also have a team of financial advisors in order to help you make the most informed financial decisions. You can even earn up to 4% interest on your cash balance. In order to get this though you need to have at least $100,000 invested and or saved throughout your accounts.
Another this Wealthsimple offers is investment accounts including:
- Spousal RRSPs
Qtrade is another Canadian top rated investing platform. They are based out of Vancouver, Canada and have been rated as the #1 platform 17 times in the last 25 years. You can pursue your investing journey online or through the mobile app.
When it comes to investing with Wealthsimple, they offer different investing options based on your experience. They also have different investment accounts to choose from including TFSAs, RRSPs, Margins and Cash. They also have low investment fees which is a big draw to investors.
Quickbooks is an accounting software that has been around since 1983. Instead of having to go to a store to purchase the software, you can now just sign in and use your account online. There are a few different Quickbooks versions to choose from:
- Quickbooks online
- Quickbooks self-employed
- Quickbooks online accountant
- Quickbooks time
There’s also an app that you can use.
Quickbooks is a great tool for business owners on helping with payroll, payments and time-tracking. It allows you to have control over your own money management, while still having time to focus on the other parts of your business.
Ownr is another Canadian company based out of Toronto. This company is designed around helping you create and manage your business all from their site online. With Ownr, you can register, incorporate and create legal agreements. You can also use ownr’s to manage employees.
Currently, over 110,000 business owners are using ownr. It doesn’t matter if you are a new business owner, an existing business owner or professionals, ownr can help everyone. The prices are based on what your specific business needs.
Turbotax is an online tax filing software. It allows you to file on your own or with an expert. There are different fees for each. There is also the option to have them do your taxes for you. When it comes to working with an expert, the expert you are matched with is based on your individual tax needs.
Turbotax is one of the most popular tax softwares out there. It’s the number 1 rated in Canada, netfile certified and it’s 100% accuracy guaranteed. There’s even a turbo tax mobile app if you don’t want to use the online website.
Loans Canada is a fintech company that offers personal loans for all of your needs and financial situations. They even give you free access to your credit score. It’s a pretty simple process to go through and it’s completed 100% online.
You start by selecting the service that you want to apply for. That could be:
- Debt consolidation
- Personal loans
- Car loan
- Business loans
- Credit building
- Credit cards
- Home Equity Loans
Once you have selected your service. The next step is to submit your application. From there they will match you with your best possible offers.
Nesto are the online mortgage experts. You can either apply and speak to a broker online or on the phone. They offer a low rate guaranteed or they will give your $500. They don’t even take commission. They also provide a streamline experience. So far, they have helped over 210,000 Canadians.
Getting a mortgage with Nesto can happen in 4 easy steps. First, you can explore all the rates on the site. After that, you provide some personal information to help guide them to get you the right mortgage. You will then speak with a mortgage expert to help you get the best possible mortgage. Then the mortgage will be finalized. Even if you don’t commit the mortgage right away, you will be guaranteed for 250 days.
With PolicyMe, you have access to life insurance and critical illness insurance online. It’s as simple as answering 4 simple questions to get a no obligation quote in seconds. Once you get your quote and decide that you want insurance, you can then apply online in as quick as 20 minutes. You can then find out if you are approved right away.
An approval with PolicyMe lasts 90 days. You have that long to decide if you want to accept the policy or not. You can cancel the policy at any time with no fees or penalties, and there is a 30 day grace period for any missed payments.
Like a lot of the Canadian financial technology companies, Policy Advisor is located in Toronto. Essentially what they do is compare insurance policies from top insurers and allow you to choose the best policy for you. You can then get these policies at a discounted rate of up to 50%. The types of insurance that you can purchase are:
- Whole Life Insurance
- Term Insurance (Life Insurance)
- Mortgage Insurance
- Children’s Insurance
- Critical Illness Insurance
- Disability Insurance
- No Medical Insurance
Policy Advisor allows you to get fast and accurate information regarding life insurance without having to deal with a broker directly. You can get instant quotes and set up your policy quickly.
Easy Insure is an online insurance company that offers auto insurance. They are considered to be Canada’s first full-service online insurance broker. They have been in business since 2007. With Easy Insure, the entire process can be done online and all of your relevant documents, also referred to as digital assets, can be printed and found on your online account whenever you need them.
Easy Insure is partnered with some of the best auto insurance companies in Canada and they compare all of the rates for you to get the cheapest policy. Keep in mind though, they don’t just offer auto insurance. They also offer:
- Home Insurance
- Tenant Insurance
- Condo Insurance
- Motorcycle Insurance
- Boat/PWC Insurance
- Commercial Insurance Products
Bitbuy is a software company also based out of Toronto. They are considered to be one of the best Cryptocurrency exchanges in Canada. It was established in 2016 and it’s well known because of its commitment to security. They also deal in a wide range of cryptocurrency, not just bitcoin.
The great thing about using Bitbuy is that you can take out your money in Canadian funds using either Interac or Bank Wire. 90% of your crypto is kept in their Cold Storage in order to maintain it’s security and is covered by an insurance policy. They are regulated by both the Ontario Securities Commission and the Canadian Securities Administration. They’re also registered with FINTRAC as a money services business. To set them apart from other crypto companies, they are also transparent with their fees and keep them as low as possible.
The thing with Bitbuy, is you don’t have to be experienced to use it. They have tools for new investors as well as experienced traders. They even have personal account managers if you are investing $20,000 or more. They even have corporate options for businesses that are looking to invest in cryptocurrency.
Bitbuy can be accessed through the website, through the app, or through their email support 24/7.
Binance is a global cryptocurrency company. In terms of daily trading volume, they have the largest cryptocurrency exchange. They hold over 350 different cryptocurrencies that you can trade for free. Their transaction fees are fairly low as well at 0.10% or lower. They have a $38 billion 24 hour trading volume and over 120 million registered users.
Binance is a simple platform to use. You just sign up and from there you can create your customized portfolio. It can be accessed on their site or you can download the app and trade from anywhere.
Moneris is in a different subsection of fintech than we have previously mentioned. They specialize in payment processing. It was founded in 2000 and their parent companies are the Royal Bank of Canada and the Bank of Montreal.
Moneris is one of the most popular services for Canadian companies to process debit and credit cards. They are Canada’s #1 rated payment processor, have over 325,000 merchant locations and process 3.5 billion transactions every year.
Moneris doesn’t only offer the tools for your business to accept payments, they will also install the equipment for you. They even will offer custom gift cards for your business that will work with their point of sale and terminal systems. Their goal is to make your business efficient in the simplest way possible.
Square is a credit card processing company. They provide different card readers and terminals based on the size of your business and the type of business that you offer. That said, they offer more than just payment processing terminals.
Square also offers solutions to manage your business including marketing, scheduling, gift cards, instant transfers, business loans, an app marketplace and online timecards for employees. Their fees also vary depending on the services that you use.
You have your choice between their free option which just provides the basics. You can select the Plus account which includes more personalized services and costs $35 per month per location. They also have the Premium account which meets more complex needs. This one costs $85 per month per location. They also have separate transaction fees depending on whether you accept payments online, manual credit card transactions or chip payments.
Shopify is an e-commerce company based out of Ottawa, Ontario. They offer innovative financial solutions in order to start or grow your business, as well as a platform to start it on. You can start by building an online storefront, then create your brand using their theme store. There are also apps you can use built by shopify developers.
With Shopify, you don’t just have to sell online though. You can also sell in person, and around the world. They just give you tools needed to put your product in front of your customers. They also offer shop pay which allows you to process payments through your site. You can also use their point of sale systems in your physical store. Shopify basically allows you to streamline your entire business process through one platform.
Payfirma is headquartered in Vancouver, British Columbia. They are a payment processing service that accepts:
- American Express
- Apple Pay
They also offer payment processing services in 7 ways:
- Web Terminals
- Traditional Terminals
- Recurring Billing
When it comes to signing up to partner with Payfirma, they have different products and services to meet your unique business needs. If you still have questions after going through their site, they do have advisors available to help via phone call or email.
Flexiti Financial is a credit card company based out of Toronto. That said, their credit cards work much differently than traditional credit cards. How it works is that Flexiti is partnered with over 8,000 different locations and you can use this card at any of them. However, instead of using this card like a regular credit card, you are able to make purchases at 0% interest as long as they are paid within the allotted period of time. They are essentially a form of buy now pay later financing.
When it comes to paying off your Fexiti card you have 3 different options:
- Treat it like a regular credit card
- Split your payments into equal monthly payments
- Defer your payments and pay later
Some of Flexitis partnered stores are:
- The Brick
- Sleep Country
- Kal Tire
- London Drugs
Wave is another popular fintech in Canada that provides software and financial services specific to small business owners. They are headquartered out of Toronto, Ontario.
Wave provides some common services that help small businesses run smoother, including:
They also have advisors to help you along the way. Their user-friendly dashboard, though, contains everything you need to invoice your clients, set up payments, keep track of your finances and pay your employees.
In order to use Wave, the invoicing and accounting features are free. What you do pay though are transaction fees from credit card purchases and bank transfers. Credit card transactions cost 2.9% plus $0.60 for each transaction unless they are American Express. American Express charges cost 3.4% plus $0.60 per transaction. Bank payments cost 1% per transaction with a minimum charge of $1.00.
The payroll feature with Wave does cost money. It’s $25 per month plus $6 per active employee and $6 per independent contractor. If you are looking for booking support, the cost of that is $149 per month, or you can pay a one time fee of $379 for accounting and payroll coaching.
Where Does Spring Financial Fit in?
Spring Financial is an online lending company that has been helping Canadians get funded since 2016. We offer personal loans ranging from $500-$35,000 with rates starting at just 9.99%. We don’t just offer personal loans though, we also offer credit building loans.
Spring’s credit building loans start with the Foundation. How the foundation works is you have either biweekly or monthly payments. Half of this payment goes towards interest and the rest goes into a savings account for you. This financial product will then be added to your credit report along with every positive payment. Once you have paid into the Foundation for 12 months, you will then have $750 in savings.
Once you have completed the Foundation, you are then eligible for the Evergreen Loan. So, you can choose to take the $750 out of your savings or receive the Evergreen $1,500 loan at 18.99%. All payments are also reported to the credit bureaus. In fact, all of our products report to the credit bureaus, including our personal loans.
Lastly, Spring Financial also offers mortgages and other options for new and existing homeowners including:
- Home Equity Loans
- Home Equity Line of Credit and Mortgage Combos
We have licensed agents available for you to speak with to help you get the best possible rate. Just like all of our products, you can apply online and complete the process without having to have a face to face meeting.
Fintech companies are growing more and more popular, not just in Canada but all over the world. These financial alternatives from advanced technological development allow you to either gain access to more funds or have more control over your finances. Even both, depending on what you are looking for.
Even though there are plenty of traditional financial institutions as well as other versions of the different fintech sub categories, these easily accessible online alternatives are not only more convenient, but they also offer options to those who haven’t been eligible before. Not only that, but their low priced accounts and technology can help businesses succeed by allowing more money to go into the businesses instead of the tools used to create those businesses.