Discover the Quebec FinTech Report 2023

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!

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