After years of slow growth, the Canadian fintech sector is getting bigger and livelier. It defied expectations as half of the nation’s population is now digitally active, according to Ernst & Young’s Global Fintech Adoption Index 2019.
Furthermore, our friends at Fortunly attest that Canada is among the first nations to embrace Bitcoin. The legalization of the pioneering digital coin in the country has emboldened homegrown innovators to explore the potential of blockchain and cryptocurrency in order to achieve strategic business goals.
The best example is Kik, Canada’s only unicorn. In 2017, the chat platform launched an initial coin offering and successfully raised about $100 million from the token sale.
Dozens of startups currently populate the growing fintech ecosystem of Canada. Although most of them position themselves as alternatives to traditional financial institutions, there are some that provide innovative solutions directly to bankers.
Below are the top 5 fintech companies that actively collaborate with banks.
Mobi724 facilitates credit card payments on all devices or point of sale systems. It empowers banks to deploy traditional and mobile payment terminals anywhere.
The company also specializes in Payment Card Industry Data Security Standard compliance, customer engagement and retention, and data monetization.
Mobi724’s turnkey business intelligence solutions help financial institutions understand their customers by analyzing purchase patterns and online behaviours.
Moreover, the Montréal-based company assists credit card issuers in launching measurable marketing campaigns and implementing painless online-to-offline loyalty point redemption programs to delight shoppers.
2: Salt Edge
Salt Edge is one of country’s leaders in open banking. The company’s financial API (application programming interface) platform builds bridges between banks both in and outside of Canada.
Using Salt Edge’s products, traditional bankers can be on par with the world’s most innovative financial institutions, expand their international footprints, and stay competitive in the ever-evolving digital landscape.
Apart from granting customers access to their accounts, no matter where they are, Salt Edge–affiliated banks can also extend financial management tools to induce loyalty among their customers.
The company’s white label retail banking solution makes it easier for ordinary consumers to consolidate all bank accounts, set budgeting and saving goals, seek expert advice, and receive auto-debit warnings and other useful notifications through one app.
NamSys strives to keep cash alive and relevant in the digital age. Its software solutions render cash processing super-efficient to help physical currencies remain competitive despite the growing pervasiveness of electronic payments.
Hailed as one of the promising Canadian fintech stocks in 2019, this publicly traded company offers fintech-driven cash vault management and deposit tracking solutions to give traditional banks a 360-degree view of their cash flow 24/7.
Connected to the cloud, its cutting-edge monitoring solution creates a frictionless process to manage extensive networks of smart safes more easily.
The company’s platform rationalizes interfaces and reports while giving banks the convenience of real-time activity tracking. It also provides remote configuration of software and firmware, and scheduling of safe updates.
Headquartered in Toronto, Sensibill simplifies receipt management to help banks serve their commercial customers better. Through the company’s app, small business owners as well as freelancers can track expenses and comply with tax regulations, with little stress.
The company uses optical character recognition to distinguish printed and handwritten characters in photographed paper receipts. It utilizes deep learning artificial intelligence to structure more than 150 unique pieces of data found on receipts virtually in an instant.
Sensibill also helps self-employed professionals separate personal and business financial matters in one account more easily to save a ton of time on administrative work.
Another pride of Toronto, Quandl serves as a one-stop shop for financial data from conventional and alternative sources.
It shortens the path toward information monetization for businesses. The company utilizes advanced analytics and brings the datasets closer to interested parties through an API and custom libraries.
Its platform is being used by more than 400,000 professionals, including asset managers and investment bankers, worldwide.
After fueling historic auto sales, tech companies are poised to help financial institutions in the country to innovate and increase their revenues. Considering how quickly average Canadians have been adopting mobile and online banking solutions, it is only a matter of time before all traditional bankers join the fintech revolution on this side of the world.