4 FinTech companies disrupting the Canadian financial ecosystem

By Pavithra R

The COVID-19 pandemic has indubitably upended the financial services industry (FSI), but the overall impact it has had around the globe on people, businesses, and the economy are enormous. Canada is no stranger to technology and innovative startups. With the pandemic driving strong growth in almost all digital financial services, the Canadian market presents an exciting opportunity for the FinTech sector. The article list 4 Financial technology companies disrupting the country.

Coinsquare (2014)

Coinsquare is a leading secure digital asset trading platform for trading Bitcoin, Ethereum, and other digital currencies. The firm is on a mission to create a regulated and open financial platform for the world by leveraging blockchain technology. The firm provides digital asset traders with a proprietary trading platform engineered to deliver a secure, robust, and user-friendly interface for trading Bitcoin, Ethereum and other digital assets. The firm is SSL, and 2FA enabled, with a 95% cold storage policy on all digital currency.

The FinTech recently announced the launch of Quick Trade mobile app for fast and simple trading. Coinsquare is FINTRAC regulated and remains focused on transparency, risk mitigation, and building a regulated and safe environment to trade digital assets.

Borrowell (2014)

Founded by Andrew Graham and Eva Wong, Borrowell is built with the mission to help people make great decisions about credit. It empowers Canadians to improve their financial well-being with free credit score/report monitoring, credit coaching tools & AI-driven product recommendations. The FinTech has partnerships with CapitalOne, BMO, Scotiabank, EQ Bank, H&R Block, Equifax, National Bank, Stnce, American Express and more.

Borrowell’s AI-powered Credit Coach, Molly, shares personalized tips that may help users understand and improve their credit. The firm has also developed a recommendation engine that analyzes a unique credit profile to make personalized financial product recommendations. 

Wealthsimple (2014)

Wealthsimple has evolved the Canadian financial services industry by bringing smart, simple and affordable financial products and services to market. The company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable.

The FinTech is known for its client-centric approach to financial products, including automated investing, commission-free stock and crypto trading, a savings account, and a tax filing software. The firm in 2015 made its first acquisition with acquiring Canada’s first robo-advisor service, Canadian ShareOwner Investments. Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost using smart technology.

Salt Edge (2013)

Salt Edge enables businesses to connect with end-customers’ bank accounts from across the globe. The financial technology company was found with the aim to create stable and secure interoperability channels between financial providers and end-consumers, bringing benefits to all the involved parties.

The company has two main vectors of activity: enabling TPPs to get access to Account Information and Payment Initiation channels via a unified API gateway, and developing the technology necessary for banks to become compliant with PSD2 and Open Banking requirements. The FinTech adheres to the highest international standards of privacy and security and is ISO/IEC 27001:2013 certified, as well as PCI DSS compliant. The firm currently works in Europe, Asia and Pacific, and the Americas, providing its services to banks, FinTechs, and lenders.

Also, read: Core Banking Systems Case Studies: North America