Companies in the fintech space offer a variety of digital solutions to streamline the financial experience. As a major Canadian tech market, Toronto has attracted hundreds of fintech giants and startups. The following are some of the city’s top fintech companies serving both businesses and consumers with products such as payment processing platforms and financing options.
Top Fintech Companies in Toronto
- Morningstar
- KUBRA
- Adyen
- Verafin
- Flexiti
- Versapay
- Wealthsimple
- FreshBooks
Fintech Companies in Toronto to Know
Verafin’s fintech product is an anti-financial crime platform. Used by banks and credit unions to keep an eye out for money laundering and other financial aberrations, the software monitors transaction channels and customer behavior to identify red flags. Financial institutions can then dig deeper to look for indications of fraud or other financial crimes.
Gusto offers a cloud-based HR platform that specifically serves the needs of startups and small businesses. The platform handles automation of tasks like onboarding task reminders, tracking PTO requests, managing benefits and filing payroll taxes. The company enables leaders to ensure that remote staff meet state compliance requirements. It also provides a concierge plan that enables users to get customized support from its team of HR consultants.
iCapital makes fintech tools for alternative investments, including technology services and investment tools that are each designed for specific investment contexts and stakeholders, like hedge funds, wealth managers, private equity firms and asset managers. Users pull from a full suite of these tools to create a personalized menu of services to support the work they do, from research and due diligence to structured investments and defined outcome solutions.
Xero assists small business owners in managing their finances through its accessible accounting platform. The company has office locations worldwide, where employees are encouraged to work. Full-time employees receive various benefits, including 26 weeks of paid parental leave, a $300 annual health reimbursement and the option to purchase company equity.
Morningstar is an investment research company that makes software products and platforms for investors and financial services professionals. By providing investment research, its products enable data-driven decisions that are based on real market conditions, not just trends and guesses. The company’s research covers publicly listed companies, managed investment products and other investment offerings.
Affirm aims to improve the lives of its customers by providing a buy now, pay later service for online and in-store shopping. The company charges no late fees, no prepayment fees and no fees to open or close an account. Affirm is based in San Francisco, but with its remote-first policy, team members are encouraged to follow the work schedule that suits them best.
TransUnion Corporation is a global information and insights company that aims to ensure each customer is reliably represented in the marketplace. Its recent investments have fueled expansion into new areas like fraud, marketing and customer-driven analytics. TransUnion is headquartered in Chicago and has 38 office locations around the world.
Flexiti is a financing solution that works in a similar manner to a credit card, but with options that don’t charge interest. Consumers can make large purchases and either defer payment or begin making monthly payments immediately. Rather than an interest-based model, the company charges a flat subscription access fee to users. Over 8,000 retail stores accept the FlexitiCard, and shoppers get quick approval decisions.
KUBRA’s portfolio of software products includes billing and payment solutions serving industries such as healthcare, telecommunications, utilities, government and insurance. Additionally, it provides EZ-PAY, a secure payment application designed to simplify bill handling for customers across various channels. The company is headquartered in nearby Mississauga.
Toast’s fintech solutions support operations for fine dining restaurants, bars, pizzerias, food trucks, cafes and other food and drink businesses. Its products cover everything from accepting customer payments to managing payroll and other back office responsibilities. Thousands of restaurants benefit from Toast’s products and 24/7 support.
Adyen’s technology covers a comprehensive array of business solutions, from processing online and in-person payments to detecting and responding to fraud. Well-known brands including Uber, Microsoft, Etsy and eBay have used the Adyen platform to enhance their business operations.
Versapay makes a cloud-based B2B product for automating accounts receivable processes. Its ERP payments solutions handles invoices and payments so that client companies can accept payments across all sales channels via credit or debit cards, ACH and other bank-based payment methods. Versapay says businesses that use its platform are able to collect payments quicker and see fewer past due invoices.
Wealthsimple is a financial services business offering online services similar to a bank — managed and self-directed investing, private credit, cash and cryptocurrency. It is well known for its zero-commission trading platform, where users can make market transactions without paying any fees. The company also offers digital banking services like checking and savings accounts.
FreshBooks products include accounting and invoicing software, services for self-employed individuals, sole proprietors and small businesses. Its offerings integrate with tax preparation software, enabling small businesses to save substantially on professional financial services. Because it’s designed for freelancers, FreshBooks says its software isn’t filled with unnecessary features that clog the user experience.
