We are proud to present the first update of the Quebec FinTech Report 2023. The result of a joint effort between Finance Montréal, Station Fintech Montréal and Fathom4sight, this report confirms that Quebec's FinTech ecosystem continues to develop this year, with growth marked by the launch of a number of FinTech and partnership activities.
In this report you'll find a detailed overview of market activity in Quebec for the first half of 2023, including all acquisitions, partnerships and funding announcements, as well as key insights and trends.
Some highlights:
- There are 226 FinTechs headquartered in Quebec, of which 10 were launched in 2023 (YTD)
- 12% of the Quebec FinTechs were founded in the last three years showing a continued and healthy growth of FinTech ecosystem in Quebec in recent years.
- Quebec-based FinTechs employ 87,299 employees globally (including Canada) and 19,621 employees in Canada.
- ~60% of the Quebec FinTechs are small sized businesses with 5-99 employees, constituting 13% of the total employment by Quebec FinTechs in Canada.
- More than 50% of the Quebec FinTechs have a B2B business model and offer products/services directly to businesses.
- Montreal continues to be a preferred destination for FinTech entrepreneurs with 77% of Quebec FinTech headquartered in Montreal.
- The sectors that experienced the most activity this year so far, in terms of funding, acquisitions, partnerships and new product launches, are - AI & Data, InsurTech and PayTech.
Enjoy your reading!
