Key Canadian FinTech investment stats in 2024:
- Canadian FinTech investments grew by 8% YoY
- Average deal value increased to $19.5m as investors loosened purse strings and focused on higher value opportunities
- Brim Financial, a leading FinTech infrastructure company transforming credit card platforms and payment automation, secured one of the biggest Canadian FinTech deals of the year with an $85m Series C funding round
Canadian FinTech investments grew by 8% YoY
In 2024, the Canadian FinTech sector demonstrated mixed results, with funding showing an increase while deal activity continued to decline.
A total of 113 deals were recorded in 2024, representing a 27% drop from the 155 deals completed in 2023 and a 49% decrease from the 223 deals in 2020.
This marked the lowest number of deals in the last five years, reflecting an ongoing contraction in deal activity.
However, funding for Canadian FinTech companies increased to $2.2bn in 2024, a modest 8% rise compared to the $2bn raised in 2023 and a 34% increase from the $1.6bn raised in 2020.
This growth in funding despite declining deal volumes indicates that investors are concentrating their capital on larger transactions and more established firms in the FinTech ecosystem.
Average deal value increased to $19.5m as investors loosen purse strings and focus on higher value opportunities
The average deal value in 2024 was approximately $19.5m, a 48% increase from the $13.1m average in 2023 and a significant 2.5x increase from the $7.4m average in 2020.
This peak in average deal value suggests that while the number of deals has dwindled, investors are prioritizing strategic investments in high-value opportunities.
Brim Financial, a leading FinTech infrastructure company transforming credit card platforms and payment automation, has secured one of the biggest Canadian FinTech deals of the year with an $85m Series C funding round
The funding round was led by EDC Investments, alongside participation from Vistara Growth and other investors.
The funding will accelerate Brim’s US expansion, enhance its product development, and support strategic alliances, including integrations with open banking capabilities to modernise credit card infrastructure.
Leveraging its modular, scalable platform, Brim enables financial institutions, FinTech companies, and global brands to rapidly deploy advanced payment solutions while reducing costs and time to market.
This investment also positions Brim to expand its team, further redefine the credit card and payment infrastructure landscape, and maintain its strong growth momentum in North America.
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