It’s not uncommon to hear that fintech is the field of the future. And looking at the market, you’d be wise to believe it.
Currently, the Canadian fintech market is chock full of interesting, exciting small-cap companies. In this article, the Investing News Network profiles some of the hottest stocks on the market. Representing Calgary, Vancouver and Toronto, these three companies are all making a mark in fintech.
Cortex Business Solutions (TSXV:CBX)
Cortex is a company that provides eProcurement solutions to improve efficiency, decrease costs and streamline procurement and supply chain processes. Through the Cortex Trading Partner Network, the company enhances the exchange of business-critical documents to improve cash flow management and business controls, while at the same time reducing administrative costs.
Furthermore, Cortex’s Procure-to-Pay (P2P) solutions zero in on the unique needs of the buying organization. These solutions offer an electronic connection between the buyer and suppliers through e-Invoice Basic, e-Invoice Pro, e-Invoice Enterprise and P2P Integration.
TIO Networks (TSXV:TNC)
TIO’s inclusion on this list is a no brainer. The Vancouver company’s most recent accolade was inclusion in the 2016 PROFIT 500 list with five-year revenue growth of 125 percent. TIO has also ranked on the highly respected TSX Venture 50 list. The annual list ranks the exchange’s strongest performers across five sectors. Companies are chosen based on three equally weighted criteria: market cap growth, share price appreciation and trading volume.
The IT company specializes in processing bill payment transactions through a secure, internet-enabled platform. That means the company operates as a cloud-based, multi-channel bill payment processor serving North American telecom, wireless, cable and utility network operators.
VersaPay rounds out this list of the top players in Canadian fintech. The Toronto-based company is a leading provider of cloud-based invoicing, accounts receivable management and payment solutions. Through VersaPay Solutions, VersaPay focuses on accounts receivable management and payments with ARC, a software solution designed for mid-sized businesses. This section of the business also offers business and consumer customers a cloud-based credit card and electronic funds transfer service.
In August, VersaPay reported that total revenue for Q2 of 2016 increased by 23 percent, to $1.72 million compared to $1.41 million in Q2 2015.
This article is an updated version of an article originally published on June 15, 2016.
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Securities Disclosure: I, Morag McGreevey, hold no direct investment interest in any company mentioned in this article.