Top Toronto Startups Transforming Canada’s Financial Services Landscape

January 17, 2024

Toronto, Ontario, Canada is a hotbed for financial startups that are making waves, particularly those founded in 2020 or later. In an industry that is continuously evolving, these start-ups bring fresh perspective and innovation, propelling the Financial Services industry forward. From blockchain technology, digital banking, investment automation to mortgage brokering platforms, these companies are not only changing how we do business but also how we interact with finances on a daily basis.

Resilience and ability to adapt to changing tech trends has been critical for these startups, more so with the global pandemic. Many of these companies have not just survived but thrived in unprecedented times, highlighting not only their robust business models but also the undeniable demand for these digital, finance-focused solutions.

Let’s take a closer look at some of these innovative startups operating in the Financial Services sector, their offerings, the brains behind these operations, and what makes them unique in the industry.

Firefly Exchange

Founded by Nikodem Grzesiak and Zabi Mohebzada, Firefly Exchange is a decentralized exchange for financial products with a focus on blockchain, fintech, and trading platforms. The exchange combines the security of decentralized exchanges with the efficiency of centralized ones. The company has managed to garner the support of several notable investors such as Polychain Capital and Three Arrows Capital.LinkedIn

Lemonade Finance

Established by Olalere Ridwan and Rian Cochran, Lemonade Finance serves as a digital bank for the African diaspora. The company provides personal and business banking solutions to users in their country of origin and country of residence. Facebook | LinkedIn


Composer, founded by Ananda Aisola and Benjamin Paul Rollert, offers an opportunity to build, test and manage automated investment strategies without the need for code. This Toronto based fintech startup is making financial investment easier for the masses. LinkedIn


With its cutting-edge technology, Finneo, co-founded by Amar Nijjar, Hovsep Seraydarian, and Nolan Apers, is revolutionising the Commercial Real Estate (CRE) financing industry. It offers unique solutions including lender matching algorithms and an end-to-end platform for debt origination, placement and management. LinkedIn

My Forex Funds

Steered by Anurag Jaiswal, My Forex Funds is part of the burgeoning forex trading platform industry. The Toronto-based startup is carving a name for itself as a standout player in the financial services sector. Facebook | LinkedIn


Founded by Ade Labinjo and Anthony De Guzman, Breezeful is an online mortgage brokering platform that’s applying machine learning to reduce the cost of mortgage finance. The platform matches users with over 100 lenders for the best mortgage options. Facebook | LinkedIn

Frontwell Capital Partners

Frontwell Capital Partners, based in Toronto, Canada, provides transitionary senior debt financing to middle-market companies across the United States and Canada. With over USD $350 million in seed capital, Frontwell offers innovative financial solutions for businesses looking for liquidity support beyond traditional sources.


Operating in the cryptocurrency, financial services and payments sectors, biquiti is another fintech startup contributing to the thriving financial services scene in Toronto. LinkedIn

Charged Particles

Co-founded by Ben Lakoff, CFA, and Rob Secord, Charged Particles sits at the forefront of the defi sector, merging art, finance and NFTs. Their groundbreaking technology is designed to become a core infrastructural tech in the development of NFT platforms. Facebook | LinkedIn


Sharechest, an analytics, software and financial services start-up, is another standout company contributing to the financial services industry in Toronto, Canada. Facebook | LinkedIn


Ubineer stands as a leading AI financial tech company focused on delivering productivity to financial decision makers. Their commitment is to being the optimal software companion for investment professionals to optimise their processes at quant scale. LinkedIn

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