Canadian fintech investment falls more than 50% in first half of 2023: report

Investment in Canada’s financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday.

Startup valuations across the technology spectrum have been hit as high-interest rates and worries over a looming economic slowdown sour investor appetite, leading to a shift towards safer investments with a greater focus on profitability and away from cash-burning firms.