A global survey on financial trends and innovations has ranked Toronto as the fifth leading fintech financial sector. Location, tech talent and the competitive business environment are just a few of the reasons why Toronto is already speeding along the track towards becoming a leading global fintech hub.
And here’s why:
Toronto is located an hour’s drive to the U.S. border, with short flights to New York, Boston and other major business centres. Toronto is strategically positioned to access the world’s largest economies.
Toronto’s rapidly growing fintech sector is characterized by a culture of innovation with more than 13, 000 tech companies in the Toronto region. Many have led to the establishment of globally successful firms. The latest generation of Toronto fintech startups are bringing new and innovative solutions to previously untouchable traditional banking services which endured decades or even centuries of payments and cards.
With over 44 colleges and universities in Ontario, Toronto’s talent is highly educated where their programs encourage and foster many start-ups. 50% of the country’s approximate 60,000 Fintech employees, the Toronto region offers one of the most highly educated workforces in the developed world.
The synergies between the financial services and technology sectors of Toronto have not only laid a solid foundation for the fintech scene of the future but have attracted massive investment. Collectively, companies within the fintech sector across Canada have attracted more than $1-billion in funding since 2010. Fintech companies doing business in Toronto benefit from one of the lowest software development costs in the industrialized world. Toronto is much more affordable than London and New York City which is one of the many reasons why the Canadian software industry has grown 23% from 2009 to 2014.
With such a diverse and digitally advanced fintech ecosystem already in place, and expected to grow exponentially, it’s no wonder that Toronto is the second largest financial centre in North America by employment, and ranked by the Banker publication as the 8th most important global financial centre per their yearly International Financial Centre ranking. It’s clear that Toronto’s place in the fintech world has evolved to become globally significant and will be a source of innovation for a long time to come.
IA360° is lucky to call Toronto our home, at the centre of the fintech revolution contributing to the technology community and the financial industry. A global retail first launched in 2014, IA360° introduced a mobile Instant Issuance solution in a retail environment providing an innovative way for organizations to acquire more customers.
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