Who Are Ontario’s Most Influential Banking Startups Transforming Finance in 2023?

The Ontario province has become a booming hub for various banking startups. These startups provide innovative financial services from unique payment methods, digital banking, and cryptocurrency to open banking. They have shown significant potential in the realm of banking. Allowing for easier and faster transactions on both consumer and business levels, these startups have made significant strides in redefining modern banking.

With innovators and investors alike flocking to the Ontario province for its bustling startup scene, there is no doubt that this area will only continue to grow both locally and globally. The significant contribution of these startups to the banking industry is not only helping businesses and individuals broaden their financial perspectives, but also boosting the economic development of Ontario and Canada.

Here, we showcase some of the most promising startups that are putting Ontario on the map in the world of banking. Ranging from digital banks to innovative payment solution providers, these startups are offering more convenient and efficient ways to transact, invest, save, and spend.

Lemonade Finance

Lemonade Finance is a digital bank that is bridging the gap for Africans abroad, allowing them to send and receive money within just minutes. Founded by Olalere Ridwan and Rian Cochran, this startup is revolutionizing cross-border transactions for the African diaspora.


Founded by Paul Klicnik and Yoseph West, Relay is a digital bank designed specifically for growing businesses. It provides platforms for banking, data integration, financial services, payments, and more, all tailored to the unique needs of small and medium businesses.

CIBC Innovation Banking

CIBC Innovation Banking is a financial partner for entrepreneurs and investors. As an arm of CIBC, a longstanding pillar of Canadian banking, it provides resources and services fit for the innovative tech and startup sector.

Blockchain Venture Capital

Enabling financial services on the blockchain, Blockchain Venture Capital offers unique financial offerings in the rapidly emerging blockchain space.


Founded by Miro Pavletic, STACK provides immediate rewards and tools to manage money. It offers innovative mobile payments and personal finance solutions, bringing convenience to payments.

Boss Insights

Boss Insights, founded by sibling duo Keren and Luke Moynihan, gives businesses data-driven lending solutions. It leads the industry in open banking solutions, providing global access to business customers’ financial data.


Founded by Mike Bradley, Click2pay is pioneering a new method of making payments. Simplifying checkouts, reducing fraud, and providing better customer experiences, Clik2pay is revolutionizing the way we pay.

Lendle Corporation

Lendle Corporation is another Fintech startup in the Neo Banking Sector, providing innovative ways for businesses to manage their finances.

Simplii Financial

Offering round-the-clock online, mobile, and telephonic baking services, Simplii Financial has become a key player in online banking services in Ontario.


RBCx supports tech companies with access to capital, innovative products and operational expertise. It’s a great example of traditional banking institutions embracing the startup landscape.


Founded by Bryan Woods and Rene Bharti, Spend merges cryptocurrency seamlessly to fiat with its universal bank account, providing users with a unified banking experience.

Matador Gold Technologies

Matador Gold Technologies, founded by Deven Soni, offers a unique online solution for buying, storing, and selling real gold – all in under 5 minutes.


HealthBank, started by Odero Otieno, is leading the way in healthcare payments infrastructure for all parties involved from patients, providers, pharmacies and insurance carriers to benefits and HR.

WFCU Credit Union

WFCU Credit Union is an innovative financial organization based in Windsor and Essex County. Offering a wide range of banking, financing, and insurance services, it is playing a pivotal role in the region’s financial landscape.

Exact Cash

Founded by Brandon Musselman, Exact Cash is Canada’s Leading ATM Operator. Functioning on a core philosophy of customer focus, it provides an essential service to Canada’s economy.

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Canada Venture News

CanadaVenture.news is a Canadian venture magazine that covers startups, business, technology, and innovation in Canada. The online publication provides news, insights, and resources for entrepreneurs, investors, and business professionals, featuring articles, interviews, and analysis of the latest trends and developments in the Canadian startup ecosystem.