Canadian fintechs shine as investments near record

Toronto

VENTURE capital-backed investment in Canadian financial technology companies hit its highest level in almost two decades last year, even as the flow of funds into major fintech markets such as the United States declined, according to sector data.

Fintechs, or companies that use innovative technology to revamp everything from banking to fraud security, globally draw billions in investment annually.

In Canada, fintech is revitalising the startup scene and has attracted a new crop of Canadian venture capital funds looking to invest specifically in young fintech companies.

According to PitchBook, used by the US-based National Venture Capital Association, venture capital financing in Canadian fintech was US$137.7 million …