Who are Toronto’s Most Influential Banking Startups in Canadian Fintech?

Canada, particularly Toronto, Ontario, is a hotbed for innovative and transformative startups disrupting traditional industries. Special mention goes to the banking and financial sector where tech-backed entities are providing services aimed at bridging gaps, satisfying niche markets, and reinventing how businesses and individuals manage their finances. This article introduces a selection of these pioneering Toronto-based banking startups and provides a glimpse into their driving missions and unique offerings.

In the current digital age, the way people handle their money and conduct financial transactions has undergone a seismic shift. Fintech firms are at the forefront of this revolution, providing agile, reliable, and faster banking solutions. Toronto’s banking industry is benefiting greatly from this wave of technological innovation. The startups range from those serving specific ethnic communities to those leveraging the power of blockchain, from firms offering universal banking solutions to those endeavoring to link credit and healthcare.

While the traditional banking industry may raise concern over the advent of these technology-propelled entities, the sectors’ coexistence is beneficial for the consumers, who experience better services, and the industry at large, which stands to evolve and become more resilient. Below are profiles of 15 entities shaping today’s banking startup landscape in Toronto.

Lemonade Finance

Lemonade Finance is a digital bank dedicated to serve expatriate Africans. The startup developed a platform that allows expats to send and receive money efficiently and with ease. Lemonade Finance is the brainchild of Olalere Ridwan and Rian Cochran.


Co-founded by Paul Klicnik and Yoseph West, Relay offers a digital bank designed for growing businesses. It caters to the banking needs of SMEs, integrating their data and making financial transactions convenient.

CIBC Innovation Banking

CIBC Innovation Banking is the entrepreneurial arm of CIBC. It is invested in being a financial partner to budding entrepreneurs and investors and provides banking, business development, and financial services.

Blockchain Venture Capital

Blockchain Venture Capital is a financial service company that uses Bitcoin Blockchain technology to provide banking and financial services. The company identifies as a FinTech banking entity.


STACK is revolutionizing how clients manage and spend their money. The venture, established by Miro Pavletic, developed a digital platform that provides instant rewards to customers.

Boss Insights

Keren Moynihan and Luke Moynihan founded Boss Insights to use open banking, providing unparalleled access to business customers’ financial data. It’s an award-winning company operating in the commercial lending space.


With Clik2pay, co-founder Mike Bradley presents an innovative digital platform for making payments. It is both a FinTech platform and a new method for making payments.

Lendle Corporation

Lendle Corporation is a FinTech startup operating in the Neo Banking sector. It provisions banking and financial services using the power of digital technology.

Simplii Financial

Simplii Financial is a digital banking platform that offers round-the-clock digital banking services through online, mobile, and telephonic channels.


Offering specialty access to capital and innovative products, RBCx is focused on helping tech companies scale.


Spend, co-founded by Bryan Woods and Rene Bharti, created a universal bank account that merges cryptocurrency seamlessly to fiat.

Matador Gold Technologies

Made for gold buyers, Deven Soni established Matador as the only online solution for safely buying, storing, and selling real gold.


HealthBank paves the way in connecting consumer and enterprise healthcare payments infrastructure for patients, providers, and insurers, founded by Odero Otieno.

Exact Cash

Founded by Brandon Musselman, Exact Cash identifies as Canada’s leading ATM Operator and offers financial services in the banking sector.


Mahmoud Hashem’s Blockgration offers a one-stop multi-currency digital wallet platform and blockchain-centric technology and payment solutions.

Toronto’s banking startups reflect a forward-looking industry populated by innovative ventures that are not afraid to push the boundaries of what’s possible in banking and financial services. These companies are proof of the city’s dynamic and ever-evolving business landscape.

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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.