The 5 Hidden Fintech Hubs: Montreal
We all know Berlin as a center of Fintech activity – one that has flourished in the past few years and has become widely popular for industry enthusiasts. Other Fintech hubs in the world have yet to follow Berlin’s footsteps in becoming universally acknowledged. Today, we start a new series on our blog about the five Fintech hidden Fintech hubs all over the world.
Montreal is the most populated city in Quebec, Canada. With both French and English as the official language, the city is a source of diversity and growth. In the past few years, Montreal has gained international recognition by thriving as one of the large financial centers and cultural capitals. It is now one of three North American cities that are home to the United Nations. Simultaneously, it has been named as “City of Design” due to the city’s elaborate buildings and imaginative architecture.
Montreal, however, has grown into something more for the Fintech industry – a hidden hub. The city has formed a goal to contribute to financial activity in Canada as a whole. Thus, the International Financial Centre and its team have met with hundreds of world influencers to introduce the city of Montreal on the financial map. The initiative is shown by Quebec’s growing numbers: the financial services industry generates 6.2% of Quebec’s GDP and has grown more than 5% in the first decade of the 21st century. Montreal itself has prospered by entering the top 20 of the Global Financial Centres Index.
A fusion of venture capitalists, financial experts and a great environment has made Montreal a contender on the Fintech scene. The city has become host for events such as Startup Weekend Montreal or the Canada Fintech Forum. Needless to say, Fintech companies such as Lightspeed Retail or Blockstream have gained confidence in Montreal by earning impressive VC deals and developing their business models. Not only is Montreal a home for many Fintechs, but it is also the place where the first Fintech-focused venture capital firm was created – M2S Capital. With the support of the government, a great range of expertise and the creativity of the city, Montreal is slowly growing to be one of the leading financial centers and Fintech hubs not only in Canada, but also internationally.
Montreal Global Financial Centre
2015: The Year of Montreal’s FinTech Big Bang