AI and Big Data are in the headlines these days; financial technology companies are set to transform the banking industry landscape with their innovation and disruptive technologies. Despite Silicon Valley leading the revolution, according to Thomson Reuters, thanks to the high level of talent coming from the University of Toronto and Waterloo for engineers and developers, VC investment level in Canadian fintech companies are at it’s all time high to help put Canada on track to potentially becoming runaway success stories in the next 10 years.
Below are 5 fintech companies to watch in 2017.
Started by 28-year-old entrepreneur, Michael Katchen, Wealthsimple uses software and algorithms to help manage your online investment. With it’s extremely friendly mobile platform and ability to fully automate portfolio rebalancing, dividends reinvesting and tax optimization, it’s no surprise this fintech company is Canada’s leading robo-advisor .
With borrowing rate starting at 5.6% APR, much shorter application processing and approval time while without having a single interaction with anyone in person, Borrowell is the true definition of disruptive and has completely re-define lending.
Started in 2011, in addition to offering software that assists businesses with online payment transactions, Payfirma also offers customers with payment analytics to help with decision making. To take this even further, the company also has expansion plans to include PayPal and cryptocurrencies in the future.
Think private equity investing is only reserved for billionaires? Well, not anymore! InvestX has engineered the first platform that will provide accessibility for private equity investing to the general public for the first time.
Traditionally, bonds have been issued manually by big Wall Street banks with individual tools servicing portions of the process, but Overbond seeks to change that. Overbond is bringing all bond market participants together and makes primary bond issuance digital, transparent and secure.
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