Toronto is recognised as one of the largest and most stable financial centres in the world that encompasses a diverse tech and academic community. Nearly 80% of fintech startups in Canada are Toronto-based and supported by the government, private investors and the corporate community. Incumbent banks are dedicating 40-60% of their FinTech innovation budgets to areas such as artificial intelligence, cybersecurity, and blockchain. Venture-capital financing in Canadian FinTech was up 74% from 2015 to 2016, its highest level since 2000. This growth continues to attract global banks, investors, and startups that are looking to set-up shop and expand their FinTech innovation in Toronto.
Toronto Profile
- Big data
- Cloud computing
- RPA/ Cognitive
- APIs
- Blockchain
- Alternative lending
- Payments
- Cybersecurity
- Risk management
- E-Commerce
- Regulatory barriers
- Lack of competition in domestic market
- Talent leakage
Shopify is an e-commerce company founded in 2006 which provides software for online stores and retail point-of-sale systems. Shopify’s initial public offering
in 2015 valued the company at $1.27 billion and today it has more than 1,750 employees around the world.