Another Canadian city is making healthy gains in its financial technology sector.
Fintech has taken the world by storm, as cities across the world are scrambling to recruit top fintech talent while creating environments for new firms to work in.
Vancouver, another Canadian city, previously made headlines for its push for new accelerators and collaboration with PayPal.
Now Toronto is starting to make waves and the city just might have what it takes to become a global fintech leader.
Toronto already boasts many major fintech names in its ranks. According to theGlobeandMail.com, Toronto has more financial companies with a $50 billion valuation than either New York or London.
This is due to the highly concentrated customer base in the city and the business-to-business focus of Toronto firms.
Additionally, Toronto finance and business executives have a culture of collaboration with fintech firms and provide fintech startups with key resources and insight.
Toronto is also highly centralized, meaning fintech companies can enjoy increased standardization and cooperation throughout the financial sector.
Lastly, the major hubs of Canadian finance, including Toronto, are a top destination for global talent from abroad.
Toronto certainly has its work cut out for it. Although it may not have the resources of Silicon Valley, New York or London, it definitely has the chance to use its own advantages to carve out its own slice of the fintech pie.