Canadian fintech investment has declined threefold in H1 2023, mirroring a slide in valuations not seen since COVID-19’s onset.
KPMG Canada reveals a drop in investment to $353.7 million across 57 deals, down from $1.09 billion across 87 deals in H2 2022 and $834.1 million across 109 deals in H1 2022.
Macro concerns drive the decline, affecting valuations and geopolitical confidence. Venture capital investments sank to early pandemic levels, with early and seed-round deals indicating support for innovative startups at reasonable valuations.
While challenges persist, positive signs for Canada’s fintech ecosystem remain in young companies securing early financing.
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