As Fintech Market Expands, Canadians Adopt ‘Multi-Bank’ Approach to Money

Canadians are expanding how they manage, move, and grow their money by combining traditional and digital-first providers, finds new research from the Canadian Prepaid Providers Organization.

As consumers look for more personalized and digital financial tools, the Canadian fintech market is projected to reach $18.84 billion by 2033, according to CPPO, with growth reinforced by consumers who are more cost-conscious and focused on day-to-day money management.

Canadians are embracing a “multi-banked lifestyle,” says Jennifer Tramontana, the CPPO’s Executive Director.

“Consumers are building a financial system that works for them by choosing tools that prioritize convenience, lower costs, and stronger money management,” she remarked.

Nearly half of Canadians now use digital-first banks and 41% have relationships with both traditional and digital providers, according to the CPPO report, “Supply Meets Demand: How Prepaid Technology is Accelerating Canada’s Consumer-Led Fintech Economy.”

“From challenger banks like KOHO and EQ Bank to fintech platforms like Wise or Buy Now, Pay Later providers like Affirm, Canadians are embracing a new mix‐and‐match approach to managing their money,” reads the report. “Consumers see multi-banking as building a financial toolkit, using different providers for different needs.”

As motivators for using neobanks, Canadians cite lower fees or better rates (42%) and stronger mobile experiences (29%).

The CPPO is hosting an annual symposium at the Globe and Mail Centre in Toronto this month.

As real-time rail technology and open banking finally comes to Canada, Symposium 2026 explores how prepaid remains the connective tissue of modern money movement amid shifts in tech and commerce.

Sessions include “Why Prepaid Still Wins: The Backbone Powering Canada’s Next Payments Era,” “How Canada’s Digital Banks Are Shaping Financial Services,” and “The Agents Are Here: Navigating the Dawn of Agentic Commerce.”

Other sessions include “Beyond Points: Turning Payment Data into Hyper Personalized Reward Experiences,” “Deepfakes and Dollars: Strengthening Payments Security in the Age of AI,” and “The Great Rail Shift: Competing and Coexisting in Canada’s Real-Time Economy.”

The Canadian Prepaid Providers Organization was established in 2015 and launched the annual Symposium event in 2017.