FinTech Funding Thrives in Canada Despite U.S. Slowdown
Sector data has found that FinTech funding in Canada reached an all-time high last year in twenty years despite slow funding in the U.S. FinTech market. According to PitchBook, which is used by the U.S.-based National Venture Capital Association, funding in the sector in Canada reached $137.7 million last year compared to $21.8 million five years ago and just $7.3 million in 2000, reports Reuters. Last June, the Bank of Canada announced that it sees the potential in FinTech as it can help to ensure a smooth evolution to tomorrow’s financial system. Speaking to Payments Canada in Calgary,....
Related News
Blockchain technology continues to command a fair share of venture funding for fintech, one of the hottest venture capital (VC) targets worldwide. While the number of deals and the total value of fintech VC investment ebbed in Q3 2016, activity is expected to rebound in the fourth quarter and in 2017, according to a global analysis of venture fintech funding by KPMG and CB Insights. The Q3 slowdown in VC fintech funding was due to the lack of $1 billion-plus mega-deals. The total dollars invested this quarter was also less than half of that in Q3 2015. But despite the recent quarterly....
Interest in blockchain technologies in Canada is growing rapidly as new fintech startups and blockchain ventures are launched and governments indicate they are interested in the possibility of Canada becoming a global fintech/blockchain hub. Even the central Bank of Canada is getting in on the act conducting experiments with blockchain technology and digital currencies. A recent AdvantageBC study said that Canada, particularly the western province of British Columbia, is well positioned with technical expertise and a vibrant fintech ecosystem to lead the world as a global fintech hub of....
Investments received by Canadian fintech firms in the year of 2016 has surpassed that of the United States, United Kingdom, and Singapore. Canada is surpassing the United States in the fintech sector. The changing status quo is quite evident from the scale of investments received by Canadian fintech startups compared to their counterparts in the United States. It is reported that the Canadian fintech sector in 2016 received the highest amount of venture capital backed funds since the past two decades. The funds raised by Canadian blockchain and fintech companies is said to have increased....
Brexit has created uncertainty. How does the UK maintain its lead? 2017 is the year when UK FinTech must go mainstream. Uncertainty is slowing down funding, which in turn is leading to a slowdown in innovation. The threat is that London could be overtaken by non-UK FinTech hubs. “Tech funding is officially slowing down,” confirms Katia Lang, co-founder at Disrupts Media and FintNews.com. “In the Q3, European start-ups suffered a sharp decline in funding, raising €2.1 bln from venture capital funds with 464 deals, a drop of a third from the Q2, and 39 percent lower compared with the same....
Regulators in the U.K. and Canada have signed an agreement that will assist FinTech companies, making it easier for them to expand into each other’s markets. In a report from Insurance Journal, the agreement between the U.K. Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) is aimed at helping financial technology firms work with regulations. The FCA and the OSC already have the own FinTech programs in place designed to help startup companies meet the requirements necessary and to test products under their guidance. In November, the FCA announced the first 24....