These Six Canadian Fintech Firms Are on Track for Billion-Dollar Revenue

Earlier this summer, Communitech unveiled the first ever Team True North. The Kitchener-based hub for entrepreneurship created the list to spotlight “the best of Canadian tech”—which by their measure is defined as high-performing tech firms tracking to $1 billion in annual revenue with growth rates that match the top 1% of companies in the world.

The list—determined through data from Silicon Valley Bank using a model developed by New York data science firm Two Sigma designed to assess company potential—has now expanded.

Communitech has added 26 Canadian tech firms to Team True North, which “represents the top one per cent of global private tech companies in Canada.”

“We’re thrilled to have identified 26 more world-class tech firms in Canada’s innovation economy to add to our 2022 Team True North roster,” stated Chris Albinson, CEO of Communitech. “Our tech ecosystem’s ability to weather current economic challenges is due to their impressive growth.”

Revealed today at Communitech’s Techtoberfest event, six Canadian fintech startups were added to Team True North 2022:

Bench – Vancouver
Borrowell – Toronto
Brim Financial – Toronto
Koho Financial – Toronto
Neo Financial Technologies – Calgary
Versapay – Toronto

The 61 companies on Team True North had $8 billion in combined annual revenue with an average annual revenue of $132 million and an average year-over-year revenue growth of nearly 200%. The companies also employ a total of 37,000 people—and are actively hiring for thousands more across Canada, according to jobs data from Communitech.

The original list featured Toronto’s ClearCo, Toronto’s Flexiti Financial, London’s Paystone, Toronto’s FreshBooks, and Toronto’s Ledn.

Team True North functions as a pillar of Communitech’s mission and vision recently shared at its 2022 annual general meeting. The True North Strategy included a sharpened focus on supporting tech founders with access to talent, sales opportunities, and growth capital.

Updates to the roster of tech firms on Team True North will be published yearly.