156
Backers in a recent round
138 added at least one new company in this market. The remainder participated only in companies they had already backed here.
Explore recently active backers ↗MARKET NOTES / 001CANADA / TORONTO / FINTECH
LESS GUESSWORK. A BETTER RESEARCH LIST.FinTech.
FinTech.
Toronto.
Map the capital.
Find your next conversation.
Who backs this market, where they enter, and how recently they have added a new company. A directory built around the questions founders actually ask.
Build your research shortlist ↘Companies are based in Toronto · investors can be based anywhere
Dataset through 22 May 2026 · calculated 14 Sep 2026
01 / THE SHORTLIST LAB
Make the list work for your company.
51 backers based in Toronto are shown by default. Compare up to three.
A CLOSER LOOK AT WHERE
Find investors in your preferred location.
Search a recorded city, country or neighbourhood among the backers of this market.
Five location searches per day. Results use recorded locations; some investors have city-level coverage only.
51 of 254 selected backers · Toronto only
Shows investors whose recorded city is Toronto. Unknown cities are excluded. Market charts cover all investor locations.
Theme filtering selects backers of companies carrying that theme tag. Entry-stage filtering selects backers with an entry at that stage; the two matches may be different companies. Row metrics describe their entire dated FinTech history in Toronto.
Your side-by-side comparison
Lead flags and later investments may be incompletely recorded. Repeat counts are not adjusted for time since entry.
| Compare | Investor / recorded location | Companies here | New in 24 months | Median total entry round | Companies backed again | Latest investment |
|---|---|---|---|---|---|---|
| Loading investors… | ||||||
No backers match these filters. Broaden the theme, location, entry stage or activity window.
02 / THE MARKET READActivity is a better starting point
Activity is a better starting point
than a long list of names.
Latest 24 months: after 22 May 2024 through 22 May 2026.
48
Distinct equity rounds
Across 42 companies, versus 85 rounds in the preceding 24 months. Each company round is counted once.
See the recent evidence ↗41.7%
Rounds at Angel, Pre-Seed or Seed
20 of 48 recent rounds. Compare your stage with its own financing range before sizing the ask.
Compare stage ranges ↗80%
Participations were first entries
138 first investor–company relationships out of 173 participations. The other 35 were later rounds together.
Find backers adding companies ↗Build a syndicate beyond the city.
Of 156 recently active backers, 21 have a recorded Toronto location and 104 are based elsewhere. Location is missing for 31. Search by market experience first, then investigate the people and their remit.
Match the whole round to your plan.
Recent Seed rounds have a median size of $2.6M, across 14 disclosed amounts. That is total company financing. An individual investor’s cheque or available capital is not disclosed here.
03 / EMERGING THEMES
Which themes are gaining share?
Follow financing activity across the company classifications represented in this market.
Latest four complete quarters: 01 Apr 2025–31 Mar 2026 · 23 market rounds, versus 26 in the preceding four quarters.
Alternative lending
27.6%8 of 29 rounds in Q2 2021, compared with 9.8% over the prior four quarters.
Small sample: 3 rounds across 3 companies. Treat this as a theme to monitor.
Payments
25.0%3 of 12 rounds in Q4 2022, compared with 12.9% over the prior four quarters.
Small sample: 2 rounds across 2 companies. Treat this as a theme to monitor.
Investment tech
+9.7 pp4 of 23 recent rounds (17.4%), versus 2 of 26 (7.7%).
Small sample: 4 rounds across 4 companies. Treat this as a theme to monitor.
Banking tech
27.3%3 of 11 rounds in Q1 2024, compared with 12.1% over the prior four quarters.
Small sample: 2 rounds across 2 companies. Treat this as a theme to monitor.
SPIKE DETECTION
Look beyond the headline total.
Share of market roundsPrior four-quarter shareDetected spike
Scroll sideways to explore all quarters.
Q1 2024 · 3 of 11 market rounds · 3 companies · 27.3% share. A detected spike, 2.25× the prior four-quarter share.
Select a dot to inspect the exact count and baseline. The partial quarter through 22 May 2026 is shown but cannot trigger a spike.
The theme shift, year by year.
Share of all recorded FinTech rounds in Toronto. Each cell also gives its theme-round count.
| Investment theme | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026* |
|---|---|---|---|---|---|---|---|
| 5.6%2 / 36 | 23.6%17 / 72 | 20.3%12 / 59 | 15.2%5 / 33 | 20.0%6 / 30 | 7.7%2 / 26 | 16.7%1 / 6 | |
| 11.1%4 / 36 | 6.9%5 / 72 | 17.0%10 / 59 | 12.1%4 / 33 | 16.7%5 / 30 | 7.7%2 / 26 | 16.7%1 / 6 | |
| 27.8%10 / 36 | 20.8%15 / 72 | 23.7%14 / 59 | 21.2%7 / 33 | 13.3%4 / 30 | 15.4%4 / 26 | 16.7%1 / 6 | |
| 19.4%7 / 36 | 5.6%4 / 72 | 15.3%9 / 59 | 12.1%4 / 33 | 23.3%7 / 30 | 7.7%2 / 26 | 33.3%2 / 6 | |
| 0.0%0 / 36 | 2.8%2 / 72 | 5.1%3 / 59 | 0.0%0 / 33 | 13.3%4 / 30 | 0.0%0 / 26 | 0.0%0 / 6 | |
| 8.3%3 / 36 | 19.4%14 / 72 | 6.8%4 / 59 | 12.1%4 / 33 | 13.3%4 / 30 | 15.4%4 / 26 | 0.0%0 / 6 | |
| 0.0%0 / 36 | 0.0%0 / 72 | 0.0%0 / 59 | 0.0%0 / 33 | 0.0%0 / 30 | 0.0%0 / 26 | 0.0%0 / 6 | |
| 5.6%2 / 36 | 6.9%5 / 72 | 8.5%5 / 59 | 12.1%4 / 33 | 0.0%0 / 30 | 7.7%2 / 26 | 16.7%1 / 6 | |
| 2.8%1 / 36 | 8.3%6 / 72 | 6.8%4 / 59 | 3.0%1 / 33 | 10.0%3 / 30 | 11.5%3 / 26 | 0.0%0 / 6 | |
| 22.2%8 / 36 | 23.6%17 / 72 | 22.0%13 / 59 | 21.2%7 / 33 | 16.7%5 / 30 | 34.6%9 / 26 | 33.3%2 / 6 |
*2026 is partial. Company themes use the tags available in this dataset, applied to historical rounds; they do not date when a business adopted a technology. Themes overlap, so shares do not add to 100%. Each company round is counted once within a theme. These charts cover investors from all locations; the shortlist keeps its own location filter.
How a spike is detected
A complete quarter is flagged when its theme share is at least 1.75× the share across the preceding four quarters and at least 5 percentage points higher. It must contain at least 3 theme rounds across 3 companies, at least 10 market rounds, and at least 3 theme rounds in the baseline. All four baseline quarters must have market observations. A zero baseline, missing observations or partial quarter cannot produce a flag.
This is a transparent screening rule, not a statistical significance test or a forecast. A higher share can accompany fewer rounds when the wider market contracts; the counts beside the chart make that distinction visible.
04 / THE DEPTH MAP
One appearance, or a pattern?
662 of 804 backers with dated histories appear in just one company. Select a cell to explore the directory.
| Portfolio breadth here | 1 company | 2 companies | 3–5 | 6–10 | 11+ |
|---|---|---|---|---|---|
| Firms & institutions | |||||
| Individual angels |
Circle area increases with backer count. The shortlist includes backers with 2 or more companies in this market, plus other backers active in the latest 24 months. In the 1-company cell, only recently active backers are available to explore. The shortlist’s investor-location filter also applies; select all locations to broaden the results. 6 backers have only undated entries.
05 / ROUND DESIGN
Different stages. Different capital.
Recent equity rounds · 24-month window.
Amounts are in USD.
StageDistinct roundsMedian / middle half
Seed
20
$2.6M$1.6M–$4.6M14 disclosed
Series A
10
$10M$5.0M–$15M9 disclosed
Series B
7
$23M$22M–$25M5 disclosed
Series C
3
$50M$50M–$50M1 disclosed · small sample
Series D
2
$76M$53M–$99M2 disclosed · small sample
Series E+
1
$393M$393M–$393M1 disclosed · small sample
PE
1
UndisclosedNo disclosed amounts0 disclosed · small sample
Post-IPO
4
$2.7M$2.2M–$2.9M4 disclosed · small sample
06 / FOLLOW THE EVIDENCE
The most recent recorded rounds.
Distinct company rounds.
Named backers are shown lead-first.
Digital business banking platform that helps small businesses manage cash flow with multi-account structures
$50M total equity round1 named backer
General Catalyst
Offers retirement plans to employees
$8.7M total equity round10 named backers
Agetech Capital · Alan Broadbent · Eventi Capital Partners · Flow Capital · Good & Well · +5 more
Rent payment with credit builder solution for tenants
$10M total equity round4 named backers
Khosla Ventures · Air Canada · Crossbeam · Venrex
Online platform for Bitcoin mining
$1.0M total equity round2 named backers
Jacob Smith · Zachary Smith
Developer of a platform providing identity verification and risk management
$5.0M total equity round7 named backers
ANAGRAM · Franklin Templeton Investments · PL Capital · ABCDE · Blockchain Coinvestors Acquisition Corp · +2 more
Developer of AI SMS agents for insurance teams and workflows
$7.2M total equity round5 named backers
Radical Ventures · Aidan Gomez · Comma Capital · Kevin Wang · a16z speedrun
07 / READING THE ATLAS
What these patterns can tell you.
The market boundary
Recorded equity rounds for companies tagged FinTech and located in Toronto. Investor headquarters may be elsewhere. Company sector and location reflect the available company records, not necessarily the location or sector at the investment date.
The time boundary
Data coverage ends 22 May 2026. The latest market round is 19 May 2026. There are 11 undated participations, excluded from timing metrics. Activity after the cutoff is unknown.
The relationship boundary
“New” is the first dated relationship between a backer and a company in this market. “Backed again” requires a later dated round together. A first observed entry may follow an earlier unrecorded investment.
The financing boundary
Amounts describe entire equity rounds, not personal cheques, fund capacity or returns. Medians exclude missing and non-positive amounts; the middle half spans the 25th–75th percentiles. A recorded investment does not establish current availability.
08 / PRISM RESEARCHWhat is worth building.
What is worth building.
What still needs solving.
Related studies and the research themes around them. A starting point for founder investigation.
GLOBAL FINANCE LITERATUREComplete publication years · 2022–2025Measured 12 Sep 2026
Follow a theme’s share of the finance literature, then read a study behind it. The chart measures research attention; the questions below are editorial prompts for your own validation. Research scope is global, while the investment directory above focuses on Toronto companies.
OPPORTUNITY TO VALIDATE+203.7%
Financial inclusion
Change in share · 2022 → 2025
Papers per 10,000 finance papers
5,910 of 239,060 finance papers in 2025 · 2.47% share
Measure who benefits from access.
A 2025 review of 96 studies identifies gaps in evidence about fintech’s real impact on inclusion and regulation. Access to a product is only one part of the research question.
FOUNDER QUESTION
Which underserved users become active, sustained customers—and what measurable improvement do they experience?
Financial inclusion and fintech: a state-of-the-art systematic literature review ↗
Literature review · global scope
Counts and matching terms
Exact topic tags: financial inclusion.
| Year | Theme papers | Finance papers |
|---|---|---|
| 2022 | 1,710 | 210,081 |
| 2023 | 2,483 | 236,981 |
| 2024 | 3,178 | 242,269 |
| 2025 | 5,910 | 239,060 |
PROBLEM TO SOLVE+165.7%
Fraud detection
Change in share · 2022 → 2025
Papers per 10,000 finance papers
1,657 of 239,060 finance papers in 2025 · 0.69% share
Test against the fraud you actually face.
A review of 104 articles maps machine learning approaches to financial fraud detection. It finds credit-card detection prominent and examines the datasets and performance measures used in experiments.
FOUNDER QUESTION
Does your evaluation reflect your own payment channels, fraud patterns and the cost of blocking legitimate customers?
Financial fraud detection through the application of machine learning techniques: a literature review ↗
Literature review · studies published 2012–2023
Counts and matching terms
Exact topic tags: credit card fraud · fraud detection · financial fraud.
| Year | Theme papers | Finance papers |
|---|---|---|
| 2022 | 548 | 210,081 |
| 2023 | 737 | 236,981 |
| 2024 | 1,111 | 242,269 |
| 2025 | 1,657 | 239,060 |
METHOD TO INVESTIGATE+35.1%
Credit risk & scoring
Change in share · 2022 → 2025
Papers per 10,000 finance papers
2,659 of 239,060 finance papers in 2025 · 1.11% share
Make lending decisions explainable.
This study examines explainable credit-risk prediction in supply-chain finance. It uses feature importance to make Random Forest and Gradient Boosting decisions more transparent to financial decision-makers.
FOUNDER QUESTION
Can a lending partner understand the factors behind a decision, and does the model hold up on your borrowers?
Prediction of bank credit worthiness through credit risk analysis: an explainable machine learning study ↗
Method study · supply-chain finance
Counts and matching terms
Exact topic tags: credit risk · credit scoring.
| Year | Theme papers | Finance papers |
|---|---|---|
| 2022 | 1,730 | 210,081 |
| 2023 | 1,974 | 236,981 |
| 2024 | 1,758 | 242,269 |
| 2025 | 2,659 | 239,060 |
ADOPTION CHALLENGE+86.4%
Open banking & embedded finance
Change in share · 2022 → 2025
Papers per 10,000 finance papers
140 of 239,060 finance papers in 2025 · 0.06% share
Infrastructure still needs customer trust.
A study of the Dutch open-banking ecosystem identifies inclusion challenges around customer checks, communication and trust. Its European setting provides questions to investigate locally, rather than evidence about Indian users.
FOUNDER QUESTION
Where do consent, onboarding and partner handoffs cause your intended users to drop out?
Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem ↗
Stakeholder study · Netherlands / European Union
Counts and matching terms
Exact topic tags: open banking · embedded finance.
| Year | Theme papers | Finance papers |
|---|---|---|
| 2022 | 66 | 210,081 |
| 2023 | 60 | 236,981 |
| 2024 | 75 | 242,269 |
| 2025 | 140 | 239,060 |
How to read the research trends
Source: Fliar Prism’s research dataset, analysed 12 Sep 2026. Each year counts distinct research papers. A paper enters the finance denominator when its topic tags match the finance vocabulary; it enters a theme when it also matches that theme’s displayed tags. A paper can belong to multiple themes.
Each chart shows theme papers ÷ finance papers × 10,000. The change compares the unrounded shares in 2025 and 2022. Raw counts and denominators are available on every card. Different cards use different vertical scales, with exact values printed at every point. Years after 2025 are excluded because their publication window is incomplete.
These are trends in the indexed literature, not changes in demand, fraud incidence or company performance. Tagging and coverage can change. The linked studies illustrate each topic; their own results are separate from the publication trend. The study summaries were checked against publisher abstracts, and the founder questions are interpretations to investigate.
Finance matching vocabulary: finance · financial services · financial system · financial economics · financial markets · financial market · financial inclusion · financial technology · fintech · banking · mobile banking · retail banking · central bank · payment · mobile payment · settlement (finance) · stock market · capital market · portfolio · investment · risk management · credit risk · loan · microfinance · insurance · accounting · audit · blockchain · cryptocurrency · digital economy.
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Explore Fliar Prism ↗Start with the company or question you want to understand.Calculated 14 Sep 2026 · 254 investor histories to explore