We are pleased to present the first half-yearly update of the Quebec Fintech Report 2024.

The result of a collaboration between Fathon4sight and Finance Montréal, this report summarizes the fintech market activity in Quebec for the period of January – June 2024.

Quebec’s FinTech ecosystem has rapidly emerged as a significant force within the global financial landscape. Continuing with the momentum from 2023, it continues to grow this year as well with exciting new launches and increased partnership activity. The following points provide a snapshot of the major trends and developments from the first six months of 2024 that are shaping Quebec’s FinTech ecosystem:

• Quebec is home to 257 fintech companies, employing over 19,900 people in Canada and more than 86,000 globally (including Canada).
• The fintech ecosystem of Quebec has shown a healthy growth in recent years, with more than 21% of its current companies founded post the year 2020.
• Montreal plays a central role in this growth, with 80% of Quebec’s fintechs headquartered in the city, underscoring its increasing influence in the industry.
• The B2B model remains the dominant business strategy, with 56% of Quebec’s fintechs focused on providing products and services to other businesses.
• Approximately 60% of Quebec’s fintechs are classified as small-sized businesses, employing between 5 and 99 people, and contributing to 16% of the sector’s employment in Canada. In contrast, large firms (500+ employees), which constitute only 4% of Quebec’s FinTech companies, employ 73% of the sector’s workforce across Canada.
• PayTech, LendTech, and AI & Data continue to be the leading sectors within the ecosystem.
• In the first half of 2024, six Quebec-headquartered fintechs secured a total of US$63.9 million in funding, and six acquisition deals involving Quebec-based FinTechs were announced.

Enjoy your reading!