Canada is a developed nation with limitless opportunities. Every year, many companies crop up in this land. Fintech is one such domain that has flourished well in the last few years. According to a report, there are more than 700 fintech companies there. The number of companies is still growing and big organizations are joining the fray.
As a result, investing in fintech stocks is the wisest thing to do. With these stocks, the investors are able to make plenty of profits easily. Also, they are able to secure gains and other profits for a long time. Thus, there are some stocks that promising investors must be interested in.
Top Canadian Fintech Stocks That Investors Must Know
These companies have gained prominence with innovative solutions. They are also doing amazingly well when it comes to treating their investors.
1. Propel Holdings (TSX: PRL)
Propel Holdings offers a range of products through its two subsidiaries: CreditFresh and MoneyKey. The services it provides include lines of credit and installment loans. The company focuses on profitability and revenue growth while keeping its products useful. Furthermore, its Q2 2022 report showed 90% growth in profits. With a C$240.28 Million market cap, it’s a favorite of all investors.
2. Payfare (TSX: PAY)
Payfare provides instant payment and mobile banking solutions to the gig economy. Still, the company has some really big names in its clientele. Some of them are Doordash, UBER, and Lyft. In 2021, Payfare went public and continued to make profits progressively. In Q2 2022, it reported C$33.6 Million.
3. Sylogist (TSX: SYZ)
Sylogist provides software-as-a-solution (SaaS) provider for nonprofits and the public sector. Its portfolio includes CRM applications, ERP software, fundraising, and payment solutions. The company extends services to many nations including the US and the UK as well. On top of that, it serves 2000 clients that involve non-governmental organizations, and private and public companies. With a market cap of C$136.32 Million, it’s a prudent buy for investors.
4. Tenet Fintech Group (TSXV: PKK)
Tenet owns a group of fintech and artificial intelligence companies. These firms offer services to a number of financial institutions and businesses. The company is a frontrunner in facilitating business-to-business transactions across Canada. In addition to that, it’s planning a launch of a unique business hub. It serves a large number of enterprises and its market cap is C$133.09 Million.
5. GoldMoney (TSX: XAU)
GoldMoney delivers fintech services to enterprises that deal with precious metals. It even facilitates the buying, selling, and holding of gold, platinum, silver, and others. More than that, it makes spending or withdrawing cash directly easier. It provides a MasterCard that users can employ for managing reserves of metals. Its market cap is C$116.07 Million and serves as a great buy for investors.
Conclusion
The fintech industry is booming at a great pace and it may never stop. It is because it is the need of the world. Moreover, the technology is consistently evolving to make everyone’s life better. Hence, the companies offering fintech services are going to be great in terms of financial gains. For investors, they remain valuable always. However, one needs to analyze the markets and companies before making the move.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/06/canadian-fintech-stocks-that-could-do-wonders-in-september-2023/