Fintech investment in Canada, including venture capital, private equity and merger and acquisition activity, totalled US$353.7 million across 57 deals in the first six months of 2023.
The report said the first half of 2023 was one of the weakest for valuations since the first half of 2020. Geoff Rush, partner and national industry leader for financial services at KPMG in Canada, said the decline in investment is the continuation of a downward trend that started last year. "Geopolitical concerns and the failure of several banks in recent months are also playing into investors' decisions."
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Canadian fintech investment shrinks in first half of 2023Investment in Canada's financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday. Startup valuations across the technology spectrum have been hit as high-interest rates and worries over a looming economic slowdown sour investor appetite, leading to a shift towards safer investments with greater focus on profitability and away from cash-burning firms.
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