Online brokerage Questrade is looking to secure Canadian banking licence

Canadian FinTech are on the move. The latest evidence is a push by Questrade to secure a banking licence.

The online brokerage service revealed the plans in notice in the Canada Gazette. The news follows from the company filing for a trademark application for Quest Bank in October.

The news comes as the Great White is experiencing a FinTech boom. The country’s  FinTech companies have annually attracted more and more investment.

The enterprises in the sector saw $291.1m injected into them in 2014, according to FinTech Global’s data. By 2018, that number had reached $1.14bn and $1bn have already been invested in the Canadian industry so far in 2019. In total, Canada’s FinTech sector has attracted nearly $4.6bn since 2014.

That is on top of venture capital investor Luge Capital having raised $85m to support the country’s FinTech startups.

Copyright © 2019 FinTech Global

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