We are happy to unveil the Quebec Fintech Report 2023, prepared by Fathom4sight and Finance Montreal to summarize the Fintech market activity in Quebec for 2023.
This report covers trends & insights for the entire year 2023 and follows previous Quebec Fintech Reports that were published in 2022 & 2023. Information contained in the report is current as of December 31, 2023.
The report demonstrates that Quebec has a vibrant and one of the fastest-growing Fintech ecosystems in North America! As we explore the market activity and major trends in the Quebec Fintech space in 2023, here are some key takeaways from this report:
- There are 234 Fintechs based in Quebec, which comprises 11% of the total Fintechs headquartered in Canada.
- Recent years have seen a healthy growth of the Quebec Fintech ecosystem with 16% of the Quebec Fintechs founded post 2020.
- Montreal continues to grow as the Fintech hub with 77% of Quebec-based Fintechs headquartered in Montreal.
- These 234 Fintechs in Quebec employ around 19.2k people in Canada, and overall a total of around 86k employees globally (including Canada).
- Quebec Fintechs raised a total of CA$285.32M across 8 funding rounds.
- In 2023, 10 acquisition deals happened which involved a Quebec-based Fintech as the acquirer or acquiree.
- Compared to 2022, AI & Data sector has jumped from the 8th largest sector to the 2nd largest Fintech sector in Quebec in 2023.
- ~60% of the Quebec Fintechs are small-sized businesses with 5-99 employees, constituting ~15% of the total employment by Quebec Fintechs in Canada. Whereas, Large-sized companies constitute only 4% of total Fintechs in Quebec but employ 74% of the total employment by Quebec Fintechs in Canada.
Enjoy your reading!
Read the report
