Venture capital-backed investment in Canadian financial-technology companies hit its highest level in almost two decades last year, even as the flow of funds into major fintech markets such as the United States declined, according to sector data.
Rise of nearly 74 per cent in one year
Fintechs, or companies that use innovative technology to revamp everything from banking to fraud security, globally draw billions in investment annually. In Canada, fintech is revitalizing the startup scene and has attracted a new crop of Canadian venture-capital funds looking to invest specifically in young fintech companies. Figures compiled by Thomson Reuters show a rise of nearly 74 per cent from 2015 to 2016, to $264.8-million, its highest level since 2000, when venture-capital investment in Canadian financial-technology firms reached $317.9-million.
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