Following up on our recent blog highlighting the progress of Fintech development in Canada at the regulatory level, we thought it important to make note of some of the brightest new players in the Canadian financial technology scene. Fortunately, several firms that fit this definition to a tee were recognized at the end of 2018 by the Canada Fintech Forum!
Chosen among 118 start-ups from Canada, the United States, Europe, Asia and Africa, a small group of finalists had the opportunity to present their innovative solutions to a panel of judges made up of industry leaders.
One of two Jury Prize winners, Vancouver’s own Owl.co were recognized for their contributions to the development of secure, highly granular data collection, management and processing tools for financial institutions such as banks and insurers dealing with highly sensitive personal information. In an industry and an era of tech where there is a continuous, competing desire to balance the need for more and more personalized data-driven service models with the need for security, anonymity and “leak-proof” best business practices, such tools are certain to have a powerful impact.
Symend, based in Calgary, were the second firm to be recognized as Jury Prize winners. Their platform is built around the use data tools to optimize the efficiency, acquisition/transaction cost, and customer retention rate of the collections process. This notoriously challenging industry is due for a fresh approach after having to battle against the negative brand associations long held by customers about the collections process.
The Ontario-based firm Nesto were also recognized as a People’s Choice award recipient. In this firm’s case, the power of fintech is being leveraged to help prospective homeowners with finding affordable mortgage rates. Nesto’s partnerships with major financial institutions show evidence of the growing trend toward collaboration between fintechs and their more traditional forebears in the finance world.
As these three nominees have shown, Canadian fintech is evolving to meet a variety of the most important financial needs and concerns for citizens nationwide. Fintech is proving its ability to specialize and scale effectively in a variety of models and deployment strategies. It’s an exciting space to be a part of, and one that will likely see even more innovation in the coming years!