Financial Post - Fintech disruption in CanadaMogo is the largest and fastest growing fintech co in Canada. And the only publicly traded one...gotta like it.
The Financial Post reports in its Friday, March 11, edition that PwC says Canadian banks are pursuing opportunities to play an integral part in the growth of fintech, despite the fact that 81 per cent of global banking heads see the pace of technological change as a threat. The Post's Barbara Shecter writes that PwC says Canada's banks are "laser-focused" on responding to both threats and opportunities presented by fintech companies. There are now more than 80 fintech companies in the country, mostly headquartered in Toronto, Waterloo, Ont., and Vancouver, which have attracted investments of about $1-billion since 2010, says PwC. Canada is also attracting competitive firms such as New York-based small business lender OnDeck, and Chicago-based "nearprime" lender Avant, that have found success in the United States. Some fintech firms are working with banks on innovation, while others are bound to present "a series of disruptions and threats" as they make inroads into banks' traditional territory, PwC says. "If Canada's banks don't keep up, they run the risk that outside competitors will bring their proven, successful offerings to Canada and slowly erode market share," Pwc says.