Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
The state of Canadian FinTech in four charts
Betakit | | Sep 24, 2018
Last year, we released the first edition of Ferst Capital Partners’ FinTech Map, plotting all FinTechs serving Canadians by vertical and growth stage. We received a lot of great feedback and were proud to see our work referenced by both investors and regulators.
Today, we are releasing an updated version, along with some other telling charts on the overall state of FinTech in Canada. There is a lot of data packed into these charts (426 companies were analyzed), so we encourage you to grab a cup of coffee and take your time as you go through them. We have included several of our own takeaways below each diagram but, with plenty of ways to slice the data, you will undoubtedly develop many of your own.
As a result of this exercise, we found two recurring themes worth highlighting. The first one is obvious to all of us tracking the space, while the second may be more subtle.
If we want home-grown companies to lead the next wave of financial services in Canada, both regulators and investors will need to play their part.
The more obvious theme is that the cryptocurrency and blockchain vertical has seen the most action in Canadian FinTech over the last 12 months. To put some data around this, we have seen 21 net new companies enter the space over the last year (net new refers to new companies minus dissolved ones). This is more than double the activity of the next two most active verticals, lending and insurance, which both saw nine net new startups enter the space.
See: Fintech Reports and Research
We have also tracked seven net new cryptocurrency and blockchain startups entering the expansion stage, again leading the pack amongst all verticals. This indicates that companies are not only entering this vertical at a rapid pace, but they have been relatively successful in gaining traction. While several forces are at play here, the lack of regulation plays an important role: it tends to take these companies less time to get to market than other FinTechs given there are fewer regulatory hurdles to overcome. Likewise, it also seems to take these companies far less time to achieve international expansion than other FinTechs given the lack of regulatory hurdles away from home.
The second, less obvious theme is how B2B (business-to-business) startups have achieved a significantly higher success rate than B2C (business-to-consumer) startups. Even though B2B startups make up 54 percent of all Canadian FinTechs, they add up to 75 percent of all startups we tracked in the expansion stage. On the other hand, B2C companies make up 35 percent of all FinTechs but only 18 percent of all startups in the expansion stage. These are significant differences.
We believe with the right funding and the right network, B2C FinTechs can be very successful in this country as they have elsewhere.
While all FinTechs face common challenges, including the difficulty of forming partnerships with incumbents and heavy customer acquisition costs, these challenges appear to be exacerbated when going direct-to-consumer. As a result, several of the FinTech-focused funds in this country tend to favor B2B companies, which now makes funding a bigger challenge for B2C companies.
Investors will look at these numbers as validation for their B2B-focused strategies, while B2C entrepreneurs will argue that they need more capital support to be successful. Is it the chicken or the egg?
See: $57.9B deployed into fintech so far this year, Canada one to watch
Despite these results, at Ferst Capital we have maintained our focus on B2C FinTech. We believe with the right funding and the right network, B2C FinTechs can be very successful in this country as they have elsewhere. Moreso, our mission is to help improve financial services for Canadians and we believe that, when looking at FinTech on a global scale, the B2C companies like Revolut, Credit Karma, Lending Club, Wealthsimple, and Mylo are the ones that have made the most impact in advancing how consumers interact with their money.
Continue to the full article --> here
FCP FinTech Map - Sept 2018 by on Scribd
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Capital | Sep 26, 2023 Luge Capital, a trailblazer in fintech-focused venture capital, has unveiled a significant milestone: the first close of its second fund, Luge Capital Fund II, amassing CA$71 million. MONTRÉAL – September 26, 2023 – With an ambitious target of $100 million for the fund, this announcement is set to reverberate across the fintech investment landscape. Since its launch in 2018, Luge Capital has been synonymous with innovation, backing early-stage startups in Canada and the U.S. that are led by transformative founders. Their inaugural fund of roughly $85 million saw investments in 21 pioneering companies, including standout names like Flinks, Plooto, and Owl. The second fund promises to be even more impactful. Not only will it continue the legacy of its predecessor, but it's also broadening its investment horizons. Luge is setting its sights on verticalized fintech startups that intersect with major industries and is also venturing into the realm of ESG-focused fintech startups. See: Browse AI Secures US$2.8M Seed Funding: Vancouver Tech Startup’s Success Several prominent investors have returned, such as CDPQ, Desjardins, BDC Capital, and Sun Life, showing their continued trust in Luge's vision, while simultaneously attracting new investors such as Inovia Discovery Fund I, ...
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Launch Release | Sep 25, 2023 Canadian digital assets infrastructure provider, Aquanow, unveils its latest venture: the AQN Digital Ventures Fund. Aquanow Overview Founded in 2018, headquartered in Canada with offices in Toronto and Vancouver. Aimed at pioneering digital assets investment funds for Canadians in a transparent manner. Team strength of over 100 professionals. AQN Digital is a wholly owned subsidiary of Aquanow CEO Phil Sham has a background in traditional finance, with roles at Connor, Clark & Lunn Financial Group and CIBC. Regulatory Moves in 2022: Registered AQN Asset Management, Ltd. with regulatory authorities in British Columbia and Ontario. Aimed at pioneering digital assets investment funds for Canadians in a transparent manner. The Fund Already invested over $1 million in seven companies. Notable investments include BoomFi and Mash. Fund valuation stands at $13.4 million CAD ($10 million USD). Comprises individuals and entities closely associated with Aquanow, including early investors and long-standing customers (especially ventures that align with Aquanow's core business of digital asset infrastructure and liquidity). Targeting early-stage investments in blockchain technologies, payments, infrastructure, and compliance within the crypto domain. Aims to invest between $100,000 and $500,000 per venture, and plans to make one to two additional investments monthly ...
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