Financial Technology Permeates Geography, Sectors in Ranking of Canadian Growth

An annual ranking of Canada’s fastest-growing companies reveals interesting insight into where the momentum of the nations economy is headed.

Geographically, Western Canada made a robust showing in the Report on Business ranking of Top Growing Companies, with Vancouver-area firms representing some of the fastest growers in the country.

Alberta also impressed with several contenders from Calgary and Edmonton placing high on the list.

In terms of sectors, financial technology permeated the G&M list. Some of Canada’s fastest-growing fintechs include Toronto-based online car financing upstart Clutch—which placed 15th overall—and Consumer Genius, a Calgary-made platform that connects consumers with rates and financial products.

Canada’s fastest-growing fintech according to the annual ranking is DealMaker, whose revenue surged 5,000% over three years. The capital raising platform, which ranks 6th in Canada across all sectors, last month joined the Google for Startups Cloud Program.

The startup said that the “huge honour” of being selected by Google will arm the fintech “with the resources to quickly and efficiently scale and expand operations,” according to a late September statement. By integrating AI into the complex capital raise process, DealMaker—leveraging Google Cloud’s sophisticated technologies—can continue to “push the needle forward for capital raising and equity crowdfunding.”

Another fintech on the list tapping into recent advances in machine learning is an Alberta firm called Trust Science.

Based out of Edmonton, Trust Science was building a patent portfolio in stealth for nearly a decade before launching an AI-powered tech platform connecting lenders to “credit-invisible” borrowers.

Now ranking 20th nationwide, Trust Science grew its revenue by more than 2,200% over three years (through 2022) while employing a small workforce of 29. 

Canadian financial technology firms also performed well on LinkedIn’s 6th annual Top Startups list, which ranked among others Calgary’s Neo, Montreal’s Nesto, and Winnipeg-based Conquest Planning.