Key Canadian FinTech investment stats in 2024:
- Canadian FinTech funding grew by 8% YoY
- Deals over $100m increased by 38% YoY as investors favoured larger deals
- Cohere, a Toronto-based AI startup specialising in enterprise-focused AI solutions, secured the biggest Canadian FinTech deal of the year with a $500m Series D funding round
Canadian FinTech funding increased by 8% YoY
The Canadian FinTech market demonstrated resilience in 2024, with total funding reaching $2.2bn, marking an 8% increase from the $2bn recorded in 2023 and a 34% growth from the $1.6bn raised in 2020.
However, deal volume continued to decline, with only 113 deals completed in 2024, reflecting a 27% drop from the 155 deals seen in 2023 and a 49% decrease from the 223 deals recorded in 2020.
The average deal size surged to $19.5m in 2024, up 47% from $13.1m in 2023 and over 2x higher than $9.2m in 2020, signalling a shift toward larger transactions despite the overall decline in deal activity.
Deals over $100m increased by 38% YoY as investors favoured larger deals
Funding from deals under $100m in 2024 totalled $825m, a 21% drop from the $1bn recorded in 2023 and a 12% decline from the $940m raised in 2020.
On the contrary, larger deals worth $100m or more saw substantial growth, reaching $1.4bn in 2024—a 38% increase from the $994m recorded in 2023 and a 96% jump from the $702m raised in 2020.
This shift highlights a growing investor preference for high-value transactions, as capital continues to concentrate in larger, more established FinTech firms rather than early-stage startups.
Cohere, a Toronto-based AI startup specialising in enterprise-focused AI solutions, secured the biggest Canadian FinTech deal of the year with a $500m Series D funding round
The investment, backed by industry leaders including Cisco, AMD, and Fujitsu, alongside Canadian pension investment manager PSP Investments and Canada’s export credit agency EDC, pushes the company’s total funding to $970m.
Cohere has been scaling rapidly, with annualised revenue growing from $13m at the end of 2023 to $35m by March 2024, and plans to double its workforce to approximately 250 employees.
The company’s AI platform is designed for secure enterprise deployment, offering cloud-agnostic flexibility, virtual private cloud (VPC) integration, and on-premise solutions to ensure data privacy.
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