KPMG

Canada’s financial technology sector attracted US$2.4 billion across 113 deals in 2025, PitchBook data shows, down from 2024’s record but buoyed by major transactions including Converge Technology Solutions’ US$898-million buyout, Wealthsimple’s US$536-million raise and Ripple’s US$200-million acquisition of Rail.

KPMG partner Dubie Cunningham said investors now favour mature firms with scalable platforms and customer traction, a trend expected to continue through 2026 as challenger banks expand and open banking launches. AI fintechs led activity with 29 deals, ahead of crypto and blockchain at 26. Kareem Sadek said clearer rules for stablecoins and governance will boost confidence in digital assets and automation-driven services.

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Canada’s fintech sector cooled in early 2025 but stayed resilient. KPMG reports US$1.62B across 60 deals—well below last year’s record $7.5B, yet strong given global trade tensions. Two mega buyouts dominated: H.I.G. Capital’s US$916.5M purchase of Converge Technology Solutions and Fiserv’s US$201.5M acquisition of Payfare.

Experts stress this is not decline, but a reset: investors want profitability, not hype. Dubie Cunningham of KPMG says there’s “dry powder” waiting, with dealmakers now selective. Canada punched above its weight globally, capturing 2.7% of deals and 3.7% of value, reinforcing its meaningful role in fintech’s shifting landscape.

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Canada ranks near the bottom globally in AI literacy and trust, according to new research from KPMG and the University of Melbourne. Among 47 countries studied, Canada ranked 44th for AI literacy and 42nd for trust. Only 24% of Canadians have received AI training, and just 34% trust information from AI systems.

Despite low exposure to harms, concern remains high—especially around cybersecurity and privacy. Experts warn Canada risks falling behind economically unless education, regulation, and adoption improve. Stronger governance and more public-private collaboration could build the trust needed to unlock AI’s economic potential.

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KPMG in Canada is doubling down on artificial intelligence, launching tools like its proprietary gen AI assistant Kleo and acquiring spatial data firm LlamaZOO. At Web Summit Vancouver, KPMG’s Walter Pela detailed the firm’s “Client Zero” strategy—testing AI internally to inform client-facing solutions.

KPMG’s investments include an Agentic AI Engine and digital twin technologies to improve productivity and decision-making. Pela advises Canadian organizations to define AI strategies, pilot solutions, and train staff while emphasizing ethics and trust. As automation and agentic intelligence rise, KPMG aims to help businesses lead, not follow.

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KPMG Canada is investing heavily in agentic AI—advanced digital agents that can operate independently—to help Canadian businesses boost efficiency and adapt to growing economic pressures. The new Agentic AI Engine will develop and deploy AI agents across risk, tax, audit, and ESG functions, while expanding collaboration with academia and tech leaders.

Early solutions include underwriting, customer service, and due diligence agents. KPMG also launched new executive training modules with Microsoft and integrated agentic AI into its audit platform and internal systems, including KPMG Kleo. The goal: revolutionize Canadian productivity through responsible AI innovation.

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A new KPMG survey reveals growing interest in agentic AI among Canadian business leaders. While only 27% have deployed it, 86% consider it a top investment priority, with 57% planning adoption in six months. Agentic AI uses language models to perform tasks autonomously—handling refunds, customer inquiries, and compliance without human input.

KPMG’s Stephanie Terrill calls it “the most transformative AI” yet. Despite optimism, 55% say their workforce isn’t ready, and 89% foresee major upskilling needs. Cost, data quality, and cybersecurity remain key concerns. Still, 88% believe agentic AI will sharpen competitiveness.

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Canada’s fintech sector secured a record $9.5 billion in 2024, fueled by major deals like Nuvei’s $6.3B take-private transaction and Plusgrade’s $1B private equity investment, according to KPMG’s H2’24 Pulse of Fintech report. Excluding these, fintech investment still doubled year-over-year, surpassing $2B.

The most active sectors included crypto/blockchain (34 deals), AI (19 deals), and payments (14 deals). Venture capital remained strong, with $1.09B invested across 90 deals, including rounds for Koho and Neo Financial. KPMG predicts continued fintech growth, though private buyouts may increase as public companies seek regulatory relief.

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AI is transforming finance in Canada, with 82% of organizations integrating AI, outpacing the global average of 71%, according to KPMG’s latest survey. Nearly 70% report AI meets or exceeds ROI expectations. Canadian firms lead in AI adoption for tax management, but implementation remains slow.

A maturity framework identifies 25% of firms as AI leaders, with stronger investment and governance. Data security and talent shortages remain key barriers. As AI use grows, companies seek regulatory guidance, with over half expecting auditors to review AI governance. Experts stress the need for strategic AI adoption to drive enterprise-wide innovation.

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