5 fastest growing FinTech companies in Canada

By Pavithra R

Canada is no stranger to technology and innovative startups. In recent years, Canadian banks have invested heavily in FinTech through partnerships as incubators and accelerators along with their in-house initiatives, all associated with the transformation efforts to keep pace with innovation and position themselves strategically for the future.

Here is a list of 5 fast-growing FinTech companies in Canada. The following data has been captured and analyzed from The Globe and Mail’s second-annual ranking of Canada’s 2020 Top Growing Companies.

Flexiti Financial (2003)

Flexiti is a Canadian FinTech company providing tech-enabled solution offering financing options on a private label credit card that makes shopping simple for consumers and retailers. The company’s mission is to become the leading provider of point-of-sale financing and payment solutions for businesses across Canada. It’s Buy Now Pay Later (BNPL) platform enables customers to get approved for shopping with their FlexitiCard.

Flexiti leverages mobile technology to deliver the fastest application process available today and generate the highest credit approvals with its flexible and responsible credit policy.

LendingArch Financial (2015)

LendingArch is one of North America’s leading FinTech company reinventing the lending experience. The firm offers loan comparison platform that allows borrowers to compare rates from multiple lenders, personal loans, comparing credit card rates, car loans, small business loans and even credit rebuilding services.

The company recently announced its plan to launch into the United States in response to the increased demand for the platform by USA consumers looking for loans and financial aid in various categories such as debt relief.

Lending Loop (2014)

Lending Loop, a Canadian marketplace regulated Peer-to-Peer Lending Platform focused on small businesses. The company uses a regulated financial institution to handle all of the money that’s lent and repaid on its platform; all user data and personal information is stored securely with leading software providers. Lending Loop gives customers access to financing from lenders across Canada to get a term loan at a fair rate. 

Borrowell (2014)

Founded by Andrew Graham and Eva Wong, Borrowell is built with the mission to help people make great decisions about credit. The company offers free credit scores, education and monitoring, innovative digital tools like AI-powered credit coaching and personalized financial product recommendations. It has partnerships with CapitalOne, BMO, Scotiabank, EQ Bank, National Bank, Stnce, and American Express.

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. 

Sensibill (2013)

Canadian FinTech Sensibill provides financial tools like digital receipt management and SKU-level data to help banks and credit unions. Its cloud-based solution enables end-users to track spending and manage their finances while unlocking insights for the institution. Sensibill has partnered with approximately 80 financial institutions across North America and the UK.