Gone are the days of queuing in long lines at the bank and manually balancing checkbooks. Digital banking, online investment platforms and neobanking have given people more immediate and interactive ways to manage their money, driving explosive growth across the finance sector. Toronto’s talent and entrepreneurial spirit are contributing to Ontario’s success in this particular arena, with 85 percent of the province’s fintech firms based there and all five of Canada’s largest banks having a significant presence. Below are a few standout companies to watch.
Finance Companies in Toronto
- Bank of Montreal
- Scotiabank
- Cash App
- Capco
- Affirm
- Square
- Toast
Top Finance Companies in Toronto
Colloquially known as BMO, the Bank of Montreal is the eighth-largest bank in North America by assets, offering personal and commercial banking, global markets and investment banking services to millions of customers. Over the next few years, BMO plans to enhance opportunities for both employees and customers who face systemic barriers. The bank’s headquarters is located in Toronto.
Founded over 125 years ago, Scotiabank is a multinational, full-service bank providing a wide array of financial services, including corporate lending and investment banking, to customers worldwide. Employees work on a hybrid schedule, splitting their time between remote work and the company’s various office locations.
Cash App aims to redefine the world’s relationship with money by making it instantly available and easily accessible. Through its platform, users can send and receive money and pay for purchases in person or online. The company also offers a no-fee savings account with up to 4.5 percent interest on savings.
From building standalone digital banks to modernizing core banking operations, Capco aims to deliver tailored end-to-end solutions to its growing portfolio of organizations across the banking and payments, capital markets, wealth and asset management, insurance, and energy sectors. The company has offices in leading financial centers across the Americas, Europe and Asia Pacific.
Affirm provides buy now, pay later loans and other services with no fees, allowing customers to make purchases without waiting for payday. The specific terms and interest rate for each purchase are shown at checkout. Affirm’s Canadian office is located in Old Toronto.
Square offers a unified platform that helps merchants sell online, manage inventory, book appointments and handle staff payroll. At the point of sale, they can also access business loans and track their cash flow — all in one place. The company has 15 office locations, but many roles can be done remotely, allowing employees to work from wherever they feel most productive.
Toast is a hardware and cloud-based software company that provides restaurants an all-in-one platform of fintech solutions, including point of sale, payments, supplier management, digital ordering and delivery, marketing and loyalty, and more. The company has gained a reputation for helping restaurants of all sizes run their businesses efficiently. Toast has offices across North America, including in Toronto.
