Because of this, in recent years, more and more financial technology companies have emerged, especially with the ability to obtain equity-free capital solutions and venture capital. Many of these established companies offer their fintech products for no or minimal fees; they offer different services based on your individual needs.
Which Canadian Fintechs Raised Money in 2026?
In 2026, there were many changes happening with Canadian fintechs, including raising money. The two main ones were Koho and Chexy.
Koho
Koho is a Canadian fintech company that offers different plans and products to help you make the most of your money and make smarter financial decisions. Koho’s main product is its free spending and savings account. It’s equipped with prepaid credit cards (Mastercard) and a mobile app as well.
With this account, you can get cashback on all your purchases. This company offers different Koho plans to choose from based on your financial needs.
- Essential: The essential plan costs $4 per month ($48 annually), with 1.0% interest on select purchases.
- Extra: The extra plan earns 1% on select categories and 0.5% on everything else. You also earn 2.5% interest and can get credit building for only $7. It costs $12 per month ($144 annually).
- Everything: The Everything plan costs $14.75 per month ($177 annually). You get 4% interest, 2% cashback on certain purchases and 0.5% cashback on everything else. You can also get credit building for only $5.
If you choose to purchase the credit-building product on its own, then the cost is $10 per month. Either way, your information is protected in the app. You can lock your card in the app and shop securely online.
When it comes to funding, they raised $130 Million CAD, which then valued the company at $1.33 Billion CAD.
Chexy
Chexy is headquartered in Toronto, Ontario, and is an app used to earn rewards on your rent, property taxes, and other bills that you already pay. Currently, over 20,000 Canadians are using Chexy. They have processed over $1.5 billion in payments and $35 million in rewards.
How it works is you sign up for an account, and add in your bills. You can then use any credit card that you have in order to make those payments. You can even choose how often you’d like to pay those bills. Once that is done, then the app does the rest. In 2026, they were able to raise $14 million CAD in funding.
New Canadian Fintech Startups to Watch
With the fintech industry in Canada booming, there have been many new companies in Canada that have emerged. In 2026, there are 6 notable companies that have been taking the industry by storm.
Chimoney
While Chimoney didn’t launch in 2026, they did start expanding and gained a lot of attention in the fintech market. They offer a lot of products to help businesses, including:
- AI Agent Wallets
- AI and Human Digital Identity
- Multi-Currency Wallets
- Interledger Payments
- Global Payouts
- Payment Requests
- AI Agent Campaign Platform
- Developer API
The mission of this app is to “unlock economic opportunity for everyone”. What they do is provide payment infrastructures to different businesses throughout the world.
Karla
Karla is another fintech company headquartered in Toronto, Ontario. This is an AI-powered personal finance platform that also offers credit-building tools. They advertise themselves as a personal finance assistant that is known for being accurate and secure.
You can see your spending breakdown, find all of your transactions, and even track your subscriptions. If you have more than one account, you can see all of your accounts in one place. You can even choose to build your credit by making your rent payments, for as little as $1.99 per month. If you choose to go with the premium plan instead, this is $9.99 per month, and it includes:
- Everything in rent
- Unlimited bank accounts
- Unlimited messages
- 2 years of transaction history
- Clean merchant names
- AI-powered budgeting
My Beacon
My Beacon is a Canadian app that is built as an everyday financial app for newcomers to Canada. You can open, fund and use the wallet for everyday spending, and can even be opened up to 6 months before you enter the country. You can get started in as little as 10 minutes.
Plus, it’s secure because they’re FINTRAC registered with bank-grade encryption. You can even send money back to your country with low fees, and there are no monthly account fees just for having an account.
Finofo
This company is headquartered in Calgary, Alberta and specializes in AP automation. Some of the features included with the app include:
- Accounts payable
- Document hub
- 3-way PO matching
- Collaboration
- Integrations
- Contract management
- Vendor management
- Global receivables
- Currency conversions
- Bulk global payments
- Treasury management
- Approved workflow
- Security
- insights
With Finofo, you don’t get financial or legal advice like some other apps may offer, but it is one of the fintech firms that can help you streamline your business. Their AI technology can detect the type of document it is without any labels by using built-in recognition technology.
FriedmannAI
FriedmannAI is Canada’s first AI-native financial and insurance planning platform that has specific investment contexts that are designed specifically for wealth management professionals and asset managers. It can help advisors use investment tools for Canadian capital markets and alternative investments, reducing their time from hours to minutes.
Advisors use this platform specifically for:
- Retirement Planning
- Estate and Trust Planning
- Insurance Review
- Business Planning
Opal
For businesses looking into global expansion, Opal offers fintech tools and technology services to help you with all of your businesses financial needs. Some things they can help you maintain accuracy with include:
- Overseas Payments, Collections, and Escrow
- International Loans and Credit
- Multi-Currency Accounts
- Integrating Banking Solutions into Apps
How Open Banking Rollout is Changing Canadian Fintech
When it comes to fintech, screen scraping is what apps have historically relied on, with customers handing over their banking usernames and passwords. Now, Application Programming Interfaces allow these apps to securely request data without compromising security or even violating banking terms of service agreements.
Some other ways that the open banking rollout is making positive changes include:
- Hyper-personalized financial tools
- Increased access to credit
- Accelerated onboarding
Best Canadian Fintech IPOs and Acquisitions in 2026
With the profitability of AI increasing for entrepreneurs and stakeholders, many fintech firms in Canada are being acquired by larger companies. Let’s take a look at some of these that happened in 2026.
WonderFi: In 2026, the US-based brokerage firm Robinhood acquired WonderFi Technologies, which allowed them to expand into the Canadian public markets.
Payoneer: The Canadian company Nuvei has been trying to initiate its own growth by trying to acquire the cross-border payment platform.
Another notable mention is Wealthsimple. Even though they haven’t been acquired or are looking to expand, they’ve been able to still drive growth by securing an equity raise of $734 Million CAD.
Which Canadian Fintechs are Profitable Now?
While there are many different fintech companies emerging in Canada, there are only a few that are considered to be currently profitable. Each of these is unique in its own way and has different technologies to help protect itself against fraud and money laundering. Each of these companies has office locations headquartered in Canada, but their businesses are primarily run online.
Wealthsimple
Wealthsimple is a Canadian company that was founded in 2014 and is based in Toronto. They are one of the top online investment management services in Canada. They offer a range of investments, including crypto, with no minimum investment amounts or commissions.
They also have a team of financial advisors to help you make the most informed financial decisions. You can even earn up to 4% interest on your cash balance in order to get this, though you need to have at least $100,000 invested and or saved throughout your accounts.
Another thing Wealthsimple offers is investment accounts, including:
- RRSPs
- Spousal RRSPs
- TFSAs
- IRAs
- RESPs
Shopify
Shopify is an e-commerce company based in Ottawa, Ontario. They offer innovative financial solutions in order to start or grow your business, as well as a platform to start it on. You can start by building an online storefront and then create your brand using their theme store. There are also apps you can use, built by Shopify developers.
With Shopify, you don’t just have to sell online, though. You can also sell in person and around the world. They just give you the tools needed to put your product in front of your customers. They also offer Shop Pay, which allows you to process payments through your site. You can also use their point of sale systems in your physical store. Shopify basically allows you to streamline your entire business process through one platform.u to streamline your entire business process through one platform.
LightSpeed Commerce
LightSpeed is based out of Montreal, Quebec and is considered to be one of the leading point of sale platforms in Canada. It can be used around the world, anywhere from Europe to San Francisco, and can help businesses like fine dining restaurants, food trucks, retail locations and more.
They also offer top inventory management solutions to help you track everything in one unified system. This fast and intuitive platform can help to streamline business processes and allow you more time to focus on other areas of the business.
Propel Holdings
Propel Holdings was founded in 2011 and is headquartered in Toronto, Ontario and is an AI-powered platform that helps consumers get access to online lending. They have facilities of over $1.9M in loans and lines of credit and have over $3.0 billion in originations. In fact, they offer the speed of fintech with the security of a bank.
AI-Powered Canadian Fintech Tools Launched Recently
On top of the other fintechs we have already mentioned that have been launched in 2026, there are some great fintech tools that have also been launched.
Float Intelligence: This tool automatically assigns general ledger codes and tax codes to corporate expenses.
Buddy AI: In Budgety, this AI provides ChatGPT-style responses to financial questions, and it even tracks spending patterns and subscriptions.
Maximizer IQ Boost: This is an AI-powered CRM add-on that provides wealth advisors with client record summaries, compliance issues, and new financial opportunities for clients.
Dext AI Agent: This AI agent is meant for Canadian bookkeepers and accountants to help automate repetitive tasks. It can even connect directly to end-to-end accounts payable systems.
Canadian Fintech Layoffs and Shutdowns in 2026
Due to the expansion of AI into the Canadian fintech industry, as well as other fluctuations in the industry, there have been some layoffs and downsizing that have occurred in 2026. Even big banks such as TD Bank, BMO, and National Bank of Canada have made thousands of layoffs in order to save millions in annual operating costs.
In fact, in this economic climate, Canada has more businesses closing than opening across all sectors, including finance. The lack of early-stage funding for start-ups is also contributing to this problem. Even larger fintech companies like Intuit are also having to lay off employees.
Best Fintechs for Small Business in Canada
While fintechs are available to help everyone, there are many different options out there to help small businesses. Some of the best ones include:
- Venn: This is used for banking and operations and offers digital-first accounts that have no fees, allow for multiple currencies and even cashback on all spending.
- Wise Business: If you make global transactions, then Wise can help you receive and hold over 40 different currencies.
- Helmcin: This company offers point-of-sale services with transparent fees.
- Square: Square is also a popular point of sale system used by small businesses.
- Shopify: Shopify is one of the most popular e-commerce systems in Canada and can help you build and grow your business.
- FreshBooks: This system for business owners combines invoicing, built-in payments and even lending capabilities to help streamline your business.
Crypto-Fintech Crossover Companies
With fintech and crypto both becoming very popular globally, there are many crypto fintech companies that have started to emerge. Two that you may have heard of are Coinbase and Kraken. However, there are many others out there as well.
The Size of the Fintech Industry in Canada
While the Canadian fintech market in the financial sector is growing every year, it isn’t the largest market that there is. The largest fintech market in the world is India, even though you may think it’s Silicon Valley. In 2023, they will have over 2,000 fintech startups, and that number will keep growing.
That said, Canada isn’t that far behind. Currently, there are just over 900 innovative fintech companies in the Canadian market, and that number keeps growing due to risk management. Some of these companies are even parented by existing financial institutions as an alternative way for consumers to manage their financial assets. These global leaders in financial technology solutions are also world-class Canadian fintechs, and some of them are even offered on a global scale.
Best Fintech Stocks to Invest In
While fintech stocks have become much more volatile, there are many that are more popular than others. Here are 3 of the tip fintech stocks in Canada.
- The first stock is Propel Holdings (TSX:PRL). They have a market capitalization of $240.28 million, and shares sit around $22.62 each. They have two brands, MoneyKey and Credit Fresh, and offer different forms of credit.
- Next is Payfare (TSX:PAY). They have a market capitalization of $238.33 Million and cost around $4.00 per share. This company is a global fintech company that offers mobile banking, among other things.
- Last is Mogo (TSX:MOGO). The market cap is $91.9 million, with a cost of around $1.28 per share. Mogo offers financing along with free credit monitoring and prepaid credit cards.
How Fintechs Differ From Traditional Banks
In general, traditional banks (retail banking) and fintech companies offer a lot of the same services. That said, because fintech companies don’t have physical branches, they’re able to offer unique digital solutions and get you your money faster. Because of their online presence, they can also offer 24/7 service and a wide range of products and services.
The great thing about fintech companies is that they also offer on a customer-first basis since the customer is the heart of their business. They also have a lot more flexible credit facilities than traditional banks since they follow different regulations. Machine learning allows them to enhance their financial applications and make the experience better for borrowers. They also have financial reporting and data tools to help make their process as efficient as possible.
Where Does Spring Financial Fit in?
Spring Financial is an online lending company that has been helping Canadians get funded since 2016. We offer personal loans ranging from $500-$35,000 with rates starting at just 9.99% and use an open banking platform. We don’t just offer personal loans either; we also offer credit-building loans.
Spring’s credit-building loans start with the Foundation. The foundation works if you have either biweekly or monthly payments. Half of this payment goes towards interest, and the rest goes into your savings account. This financial product will then be added to your credit report along with every positive payment. Once you have paid into the Foundation for 12 months, you will then have $750 in savings.
Once you have completed the Foundation, you are then eligible for the Evergreen Loan. So, you can choose to take the $750 out of your savings or receive the Evergreen $1,500 loan at 18.99%. All payments are also reported to the credit bureaus. In fact, all of our products, including our personal loans, are reported to the credit bureaus.
Lastly, Spring Financial also offers mortgages and other options for new and existing homeowners, including:
- Mortgages
- Home Equity Loans
- Home Equity Line of Credit and Mortgage Combos
We have licensed agents available to speak with to help you get the best possible rate. Just like all of our products, you can apply online and complete the process without having a face-to-face meeting.echnology can help businesses succeed by allowing more money to go into the businesses instead of using the tools used to create those businesses.es instead of the tools used to create those businesses.
