190+ fintechs 2nd-largest financial centre 240k+ workers

TFI also works with the domestic financial services ecosystem partners to develop and enhance the growth and competitiveness of the sector. This most recent report by Accenture and McMillan LLP was commissioned by TFI to look at the competitiveness of Toronto Region’s fintech ecosystem.

Over 190 fintech companies now call Toronto home. Among them, Wealthsimple, an online investment advisor that has raised more than $165 million in financing since launching in 2014 and currently manages more than $4 billion in assets.

Other Toronto-based fintech stars include FundThrough, Borrowell, Coinsquare and Clearbanc, each of which has successfully raised significant rounds of growth capital in recent years and continue to advance areas as diverse as personal and business lending, payments and financial analytics. While the city is the financial centre of what the World Economic Forum describes as one of the world’s soundest banking systems, “What would surprise people,” says Reynolds, “is that we’re also the second-largest financial centre in North America.”