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!