We are pleased to present the 2025 edition of the Quebec Fintech Report, produced in collaboration with Fathom4sight. This report offers a comprehensive analysis of the dynamics shaping Quebec’s fintech market, highlighting key trends, signals of maturity, and growth prospects for industry stakeholders.

This report is an essential resource for finance professionals, investors, and decision-makers seeking to better understand current market dynamics and the future outlook of Quebec’s fintech sector. 

Access the report 

Key highlights of Quebec’s fintech ecosystem in 2025

• Quebec is now home to 294 active fintech companies, confirming sustained growth and reinforcing its position as one of Canada’s leading fintech hubs;

• The ecosystem continues to mature, with a strong concentration of growing SMEs and a limited number of large firms driving a significant share of employment;

• The B2B model remains dominant (57%), reflecting strong alignment with the needs of financial institutions and businesses;

• Montreal remains the core of the ecosystem, accounting for over 80% of fintechs, while activity continues to expand across other regions of Quebec;

• The payments, lending, and AI & data sectors continue to structure the market, alongside increasing diversification into insurance, asset management, and enablement solutions;

• Employment continues to grow, notably supported by the international expansion of Quebec-based fintechs;

• In 2025, Quebec fintechs raised $161.3 million across 14 funding rounds;

• Investment has concentrated in key segments such as RegTech, ESG, and operational efficiency solutions, reflecting a growing focus on compliance, data, and sustainability;

• The market was also marked by sustained M&A activity (up to 16 transactions), primarily driven by consolidation and the strengthening of existing market positions.

Between consolidation and new growth dynamics

The year 2025 confirms a significant evolution of Quebec’s fintech ecosystem. Beyond the increase in the number of companies, we observe a progressive maturation marked by more structured business models, capital concentration, and the rise of key players.

The report also highlights a growing diversification of use cases, particularly at the intersection of fintech, artificial intelligence, cybersecurity, and sustainable finance—segments expected to play a defining role in the years ahead.

In a context where investment is becoming more selective, Quebec fintechs are demonstrating their ability to adapt, position themselves in high-value niches, and strengthen their relationships with institutional partners.

For more information, contact Simon Dandavino, Deputy Vice-President, Fintech and Technological Innovation at Finance Montréal.