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.
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