- Investment 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.
From January to June 2023, investments, including venture capital, private equity and merger and acquisition activity, totaled $353.7 million across 57 deals, according to data compiled by PitchBook for KPMG in Canada. There were no IPOs, continuing the drought from last year. "Investors are still quite concerned about the state of the global economy, with fears of a recession, elevated inflation and interest rates continuing to put a significant strain on valuations," said Geoff Rush, partner and national industry leader for financial services at KPMG in Canada.