CRH Key Points Blog

Northern lights – Canadian FINTECH comes of age

By August 23, 2017 No Comments

A funny thing happened on the way to FINTECH: Canada sleeping tech world woke up and stretched and discovered the world likes what it’s seeing. From propertybid.ca to sensibill.com to tulip.io‘s remarkable $40 million  funding round with Silicon Valley venture capital heavyweight Kleiner Perkins this very week.

Wow.

Here’s the skinny: the big guys have come to play. Way, way back in 2016, Goldman Sachs funded the Toronto-headquartered retail buyer hub called (not surprisingly) hubba.com; Montreal’s Element  AI won an eye-watering $102 million series A round (in English: the design-build phase cash) from the Data Collective last June.

Getting there, getting there, you say?

Well, things are clearly ramping up—and not slowly either.

Canada is one tough place to get tech off the ground—just like film and TV projects—but Canada’s historically problematic tech marketplace, suffering from key talent heading to Menlo Park, Silicon Valley and points west as well what might well have been the least adventurous venture capital market in the developed world seems, in a uniquely contrary Canadian way, a startup’s best asset.

The sheer grit needed to stick at the process of designing, funding, developing, building, marketing and rolling out FINTECH culls the less determined but good here. While nobody’s expecting miracles (it’s Canada, after all), US capital rolling into Canada hit some $1.06 billion in 2016, reports the most recent Deloitte FINTECH investment white paper, citing Thomson Reuters data.

It’s getting hot out there.

That’s not all.

In our next KEY POINTS podcast, CRH’s Mark Page has a crackling conversation with propertybid.ca‘s Stephen Moore, himself a world-class tech and executive search specialist (‘they used to call me Elliot Ness’), who, together with partner Josh Gold, is bringing a startlingly simple new way for realtors, home buyers and sellers to close Canadian home sale deals transparently, from anywhere around the globe.

Enjoy the last fortnight of summer, 2017. But stay tuned to KEY POINTS: cool stuff’s happening.

image credit: Vincent Guth | Unsplash

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