Neobanks in Canada
These 6 are headquartered in Canada — parsed from the registered base of each company, so the count is complete. Availability is a different and much harder question: it is verified for 11 products in Canada so far, out of 379 tracked, so a neobank missing from the second table below has not been ruled out — it has not been checked. Corrections are welcome on GitHub.
The 6 based in Canada
| neobank | type | hq | custody | license / structure | reported users |
|---|---|---|---|---|---|
| EQ Bank | traditional | Toronto, CA | Custodial | Trade name of Equitable Bank, Schedule I chartered bank (OSFI, Canada); CDIC member | — |
| Haventree Bank | traditional | Toronto, CA | Custodial | Schedule I Canadian bank (CDIC member) | — |
| KOHO | traditional | Toronto, CA | Custodial | Pursuing Schedule 1 bank license | — |
| Mogo | hybrid | Vancouver, CA | Custodial | Cards issued by Peoples Trust Company; MogoTrade is a CIRO-regulated broker (Canada) | — |
| Neo Financial | traditional | Calgary, CA | Custodial | Partner banks (Peoples Bank of Canada, Concentra Bank); CDIC-insured deposits | — |
| Wealthsimple | traditional | Toronto, CA | Custodial | Broker-led: CIRO-registered investment dealer (WSII); cash held at CDIC member banks | — |
Also verified as available in Canada
6 more products are verified as available to customers in Canada without being based there. This list is as complete as the availability field, which is to say partial.
| neobank | type | hq | custody | license / structure | reported users |
|---|---|---|---|---|---|
| Relay | traditional | Toronto/US | Custodial | Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust | — |
| Wise | traditional | London, UK | Custodial | E-money/payment licenses globally | 19M customers (FY26) |
| Crypto.com | hybrid | Singapore, SG | Custodial | MiCA CASP, MAS MPI, US MSBs | — |
| Coinbase Card | hybrid | San Francisco, US | Custodial | US state licenses, MiCA; Public (COIN) | — |
| Krak | hybrid | San Francisco, US | Custodial | US state licenses; MiCA (EU) | — |
| Deel | hybrid | San Francisco, US | Custodial | MSB + US state money-transmitter licenses (DPayments); US wallet via Alviere/CFSB; DLUSD via Bridge | — |
Common questions
Neobanks in Canada: how many are there?
6 of the 379 neobanks tracked here are headquartered in Canada. Every entry is verified active and listed on this page with its custody model, license detail and the regions it serves.
Which neobanks in Canada are the largest?
Not answerable from public data: only 0 of these 6 disclose a user figure at all. The list below is therefore not a ranking, and anyone presenting one for this category is guessing.
How is this list of neobanks in Canada built?
These 6 are headquartered in Canada — parsed from the registered base of each company, so the count is complete. Availability is a different and much harder question: it is verified for 11 products in Canada so far, out of 379 tracked, so a neobank missing from the second table below has not been ruled out — it has not been checked. Corrections are welcome on GitHub.
Related
Neobanks in United States (66) · Neobanks in United Kingdom (29) · Neobanks in Germany (8) · Neobanks in France (11) · Neobanks in Brazil (11) · Neobanks in Argentina (10) · Neobanks in Mexico (11) · Neobanks in Colombia (7)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.