Canada is no stranger to technology and innovative startups, which makes it the right candidate for a perfect fintech hub. Toronto, in particular, brings in a lot of pleasing pieces of evidence.
Tech companies in Toronto are starting to become competitors to tech giants found around the world. Before fintech flourished in Canada’s technological landscape, culture, arts, and sports are some of Canada’s best offerings.
Now, everything has changed, and it is all because of the recent fintech startups that dominated the market.
Canada’s decision to be on top of tech trends
In 2016, the government started a movement that led to creating a very solid roadmap. Trudeau’s office is following the roadmap even today. The global recession is coming but Trudeau’s team has hope in tech industries and start-ups. On the verge of the fourth industrial revolution, Canada decided to become the top player in a global market when it comes to implementing the latest technologies.
The first wave happened along with the successful development of mobile and cloud systems. According to entrepreneurs, Mobile is a new TV, so every business was in need of adaptation. From 2017, digital companies in Canada were fully adapted to mobile and cloud platforms. The digital gaming industry was the first to create its own mobile applications and offer players different platforms for gaming. Digital casino space is very developed in-country as those companies are pioneers when it comes to implementing the latest technologies.
Top online casinos Canada created the application and implemented the latest casino games into the app. The government believes that mobile is a future and the digital economy should fully adapt to mobile applications or platforms. Developing casino games to mobile apps turned out to be a good decision as the authority of Canadian casinos increased through international gamblers. Digital casinos always help the government to test the latest tech trends and act with actual data.
Canada is the Home for the Current Generation’s Fintech Startups
Fintech companies aren’t claiming success very early. There are a lot of stages to go through to become stable and a serious competitor to other fintech startups.
The expansion stage is the very last part of the transition that fintech companies need to undergo. Data suggests that out of 185 startups in Toronto, 43% of those are all fintech companies.
On the other hand, the city of Vancouver has the highest percentage of fintech companies that are on the expansion stage with 31%. The impressive thing about this is that it surpasses the national benchmark, which is 24%.
Toronto is a perfect city to start on if you want to have a broader business ecosystem. Vancouver focuses more on growth and long-term business ventures, while Montreal’s popularity is unmatched.
The cities of Canada offer different opportunities for startups of various sorts. It is the main reason why they produce high-quality fintech startups in our current generation.
Shopify’s Success Mirrors Canada’s Fintech Startup Capabilities
Shopify dominates other fintech companies with a staggering 47 percent increase in revenue compared to its last year.
The e-commerce company made its beginnings in Ottawa, where they worked their way to compete and establish a name.
Shopify gained an increase in profit from its holiday sales, effective payment options, and famous merchants. With the United States market in mind, Shopify is determined to compete with Amazon. They are making efforts to lower shipping fees and faster shipping time by building fulfillment centers throughout the US.
According to Shopify’s financial head, Amy Shapero, they are investing $1 billion to open a development center in Ottawa. The center is crucial for their technology research, which will aid them in robotics and warehousing.
Shopify’s eye for expansion is now on the works with its plan to open an office in Vancouver that will employ 1,000 people to work together. Additionally, they are aiming to open a location in Toronto.
The growth and expansion of Shopify are examples of Canada’s nurturing technology landscape. With over one million merchants populating the e-commerce platform, Shopify will stay as Canada’s fintech giant.
Toronto is a Candidate for a Perfect Fintech Hub
Shopify’s success is an excellent example of Canada’s capability to host fintech startups. Canadians are also best at adopting new technologies and implementing them in their daily lives.
Toronto, in particular, is a perfect candidate to become a fintech hub.
One aspect where Canada strives is the smartphone user base. According to statistics, 22 million Canadians use a smartphone and 8 million of those benefits from NFC.
The vast internet access also favored fintech business models by a lot. Cashless payments and e-commerce are also everyday things anyone can use.
Mobile banking, in particular, enabled anyone to gain control of their spending. Having control also means that citizens can spend whenever they want, as long as they have their smartphones with them.
Canadians’ reliability to mobile technology and the internet put Toronto at the top spot of the best fintech hub worldwide.
