Atlantic Fintech is a catalyst for growth in the financial technology sector across the four Atlantic Canadian provinces: New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador. This sector initiative aims to accelerate the industry’s expansion by building a connected global network of founders and experts and forming strategic partnerships with fintech hubs and accelerators worldwide.
Atlantic Canada, known for its stunning landscapes and maritime culture, is emerging as a significant player in the fintech sector, and Atlantic Fintech is at the forefront of this growth, fostering collaboration and raising awareness of the region’s innovative companies. Atlantic Fintech focuses on connecting the region with global networks, shortening the learning curve, and raising the visibility of companies, leadership, and fintech innovations in the region. With over 150 fintech companies spread across the four provinces, the region is rapidly gaining recognition as a hub for financial services solutions.
The 2021 acquisition of Verafin, a Canadian fraud-detection firm, by NASDAQ for CAN$3.72 billion, shone a spotlight on Atlantic Canada’s potential. This success story highlights the region’s capacity to produce globally competitive solutions. Atlantic Canada’s journey to becoming a fintech hub has deep roots. The region has a rich history in financial services, with major banks such as Bank of New Brunswick, Bank of Nova Scotia, and Royal Bank of Canada originating here. This foundation has fostered a deep understanding of the financial industry and its evolving needs, and the region has subsequently matured into a major financial center, known for creating solutions with international appeal.
These stories are not in isolation, however. Several Atlantic Canadian fintech companies are gaining recognition. Beauceron Security is gamifying cyber security, while Carbide secures data and privacy globally. Four Eyes Financial is changing the compliance landscape, and Paytic is revolutionizing card program management in financial institutions. These companies are just a few examples of the innovation and potential exemplified within the Atlantic Canadian fintech landscape.
Looking forward, Atlantic Fintech is focused on nurturing the next global-scale success stories. The organization aims to increase the visibility of Atlantic Canadian fintech companies, particularly in the U.S., and facilitate their market entry and sustainable growth. Canada’s robust banking sector, which accounts for a larger percentage of its economy than in the U.S. and other developed nations, presents a fertile ground for fintech expansion.
Economic data suggests a bright future for Canada’s fintech sector, with potential for explosive growth. The Canadian government’s gradual embrace of open banking, the abundance of talent, and the openness of digitally savvy consumers to innovation all contribute to its growing momentum. As Atlantic Fintech continues to foster collaboration, provide support, and promote the region’s capabilities, Atlantic Canada is poised to solidify its position as a thriving fintech hub on the global stage.
With government and industry support, Atlantic Fintech is building a supportive community. This collaborative environment, combined with the region’s existing economic strengths and enviable lifestyle, positions Atlantic Canada for continued success in the fintech industry. A profound transformation is underway, driven by innovation and entrepreneurial spirit, propelling Atlantic Canada towards a bright future, and what we’ve seen so far can only be described as the tip of the iceberg.
