#Challenger Banks in Canada
8 digital-first banks headquartered here.
8
Challenger banks
1
With developer portal
0
With sandbox
#All challenger banks
KOHO
A no-fee spending account with instant cash back & an app designed to make managing your money easy.
Neo Financial
Neo Financial (Neo) is a technology company working hard to build a better financial experience for all Canadians.
NorthOne
NorthOne is a bank account that helps small businesses save time and money. We empower you to take control of your finances.
Payfare
Payfare is a global FinTech company offering mobile banking, instant payment and loyalty-reward solutions for today’s workforce. Payfare’s financial technology platform is providing financial inclusion and empowerment to millions of next-generation workers around the globe with a full-service mobile bank account and debit card with instant access to their earnings and relevant cash-back rewards.
Pillar
All-in-one Financial Platform for Small Businesses
Shopify Balance
Financial products built for independent businesses and entrepreneurs. Get faster access to your funds with a Shopify Balance account and earn rewards while you spend with a Shopify card.
STACK
STACK is a smarter way to spend, save or share your money, fee-free and straight from your mobile or with your STACK Prepaid Mastercard®.
Venn
Venn (formerly Vault) is a Canadian business banking platform for SMBs and entrepreneurs offering multi-currency accounts in CAD, USD, GBP and EUR, corporate Mastercards with cashback, expense management, accounts payable, multi-currency invoicing, FX and global wires to 180+ countries. Venn is a technology company and not a chartered bank — Venn Account Balances are held at Bank of Montreal (a CDIC member institution), and Venn Mastercard Charge Cards are issued by Peoples Trust Company. Venn Software Inc. is registered with FINTRAC as a money service business (M22941967) and is approved by the Bank of Canada as a Payment Service Provider under the Retail Payments Activities Act. Founded in 2021 in Toronto by Saud Aziz and Ahmed Shafik (former Revolut and KOHO operators) as Vault, the company rebranded to Venn in February 2025 alongside a $21.5M Series A. Venn Intelligence layers AI tools and accounting agents (auto receipt matching, AI category suggestions, rule engine) on top of the platform, and external CAD bank accounts can be linked via Plaid. Venn is currently not available to businesses in Quebec.