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Rapidly-Growing Fintech Company, Stripe, Sets its Sights on the Toronto Region

Rapidly-Growing Fintech Company, Stripe brings together everything that’s required to build websites and apps that accept payments and send payouts globally. Stripe’s products power payments for online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between. Stripe also helps companies beat fraud, send invoices, issue virtual and physical cards, get financing, manage business spend, and much more.

When two young Irish brothers, John and Patrick Collison, started their first company, they struggled with one of the most important parts of running a business online: accepting payments. These young brothers went on to attempt to solve that fundamental problem by becoming co-founders of Stripe, with the ultimate goal of building digital economic infrastructure and growing the GDP of the internet. Stripe takes away the financial complexity around online payments, working with financial institutions, regulators, payment networks, banks, and consumer wallets, so businesses who run on Stripe don’t have to.

Globally, Stripe processes billions of dollars in payments a year, across billions of transactions for millions of users. Today, Stripe operates in 195 countries in 135 currencies, with 14 offices around the world. Stripe’s rapid growth brought the company to the Toronto Region. Given Toronto Global’s impressive track record of supporting companies looking to tap into the Toronto Region’s business community and facilitating the successful expansion of businesses in various sectors, Stripe was referred to Toronto Global by the City of Toronto.

Stripe started in Canada in 2012 – one year after the company was founded – and since then, major Canadian businesses, such as Shopify, SkipTheDishes and Clearco, have processed billions of dollars through Stripe. Moving from a small remote presence over the last few years, Stripe is planning to open a new office in downtown Toronto, building a team focusing on engineering, product, and sales, to draw on local talent and increase the company’s product suite in Canada.

With Canadian e-commerce growing a staggering 75 per cent in 2020, Canada is one of Stripe’s top markets in the world. With an internet economy that ranks as one of the fastest growing in the world, this expansion was a natural next step for Stripe. Toronto has the second fastest-growing tech market in North America, and one of the highest concentrations of tech workers on the continent. Boasting an impressive cohort of Toronto Region graduates helping to power Stripe’s innovative digital payment solutions, the company has experienced first-hand the strength of our region’s talent pool.

About Rapidly-Growing Fintech

“Toronto has dynamic startups, major financial services, and world-leading tech talent, so opening an office was a natural next step,” said Yunong Xiao, Stripe’s Head of Engineering in Canada and Toronto Office Lead. “Stripe has worked side by side with Canadian businesses for nearly a decade now. With a new office and a slew of new products, we’ll be able to help even more businesses and further accelerate Canada’s internet economy.”

Visit Stripe to discover its fully integrated suite of payments products, and learn more about current job openings in Toronto.

A recent report by Youthful Cities and RBC ranked Toronto the number one spot for young people to live and work. The Urban Work Index looks at a number of characteristics from 30 Canadian cities, including affordability, education and training, good youth jobs, entrepreneurial spirit, economy, equity and diversity, health, transportation and digital access.

The report outlines why Toronto is so attractive to young people to move to, but questions why they choose to stay. Well, we have the answers. Here are five reasons why young people flock to the Toronto Region for good.

Education

There is no shortage of top-notch education in a wide variety of fields with 18 colleges and universities in and around the Toronto Region. Whether it’s a Bachelor of Commerce at University of Toronto’s renowned Rotman School of Management or a Bachelor of Animation at Sheridan College – also known as the “Harvard of Animation” – there is something for everyone at postsecondary institutions in our region.

More than 370,000 international students choose to learn their desired skill in the Toronto Region, and Canada’s favourable student immigration policies make it easy to stay. In 2022, over 46,000 international students in the Toronto Region held a Post-Graduate Work Permit, allowing them to work in Canada for any employer for up to three years. After the three years is up, many choose to apply for permanent residency to continue their career that was built here.

Diversity

The Urban Work Index marks that diversity is the fourth most important trait that young people value in their place of residence, even more than education. If young people are looking for diversity, there is nowhere in the world more diverse than the Toronto Region. The cities of Brampton, Mississauga and Toronto all ranked in the top three spots for equity diversity and inclusion.

Roughly half of the Toronto Region is foreign born, with over 250 ethnicities and 190 languages represented. Residents of the Toronto Region feel at home here because they can find a small piece of their home wherever they go.

Mississauga has the largest number of Japanese companies in Canada, Brampton’s population is 38 percent of South-Asian descent, the most common language in Markham is Cantonese. All these communities are the reason why young people from all over the world feel comfortable staying in the Toronto Region.

Transportation

Young People

The formerly stated cities and more make up the Toronto Region, which means that they are all accessible by GO Transit, our regional transit system comprised of over 1,200 kilometres of transit routes and over 6,000 services per week. GO trains and buses allow young people to live anywhere in the Toronto Region while working elsewhere with ease, as GO trains travel beyond the region into the cities of Hamilton and Waterloo.

Climate action was noted as an important factor for young people, which goes hand in hand with public transportation. GO Transit’s operator, Metrolinx, announced in 2017 a target of having electric trains running every 15 minutes in both directions within the most heavily travelled sections of the GO train network.

With GO Transit across the region and TTC in Toronto, young people may never have to drive again – and if they do, they will be living in the region that produced Canada’s first zero-emission vehicle. It’s safe to say the options are endless when it comes to transportation in the Toronto Region.

Economy

The Toronto Region is the second-largest financial centre in North America, and the largest in Canada. As Canada’s financial centre, the Toronto Region’s diverse industrial make-up contributes about 20 percent to the country’s total GDP.

In an age of economic uncertainty for young people, the Toronto Region’s economy is resilient. We surpassed pre-pandemic levels of employment by the end of 2021 and our job numbers continue to grow steadily.

With 38 percent of Canada’s multinational headquarters and nearly half of Fortune 500 companies located in the Toronto Region, there is ample opportunity for young people to enter the workforce and join an economy they can count on.

Entrepreneurial Spirit Young People

Young people want to be in the room where it happens, and at the risk of boasting, that room is most often in the Toronto Region.

For example, Sheridan Animation grad, Domee Shi, became the first woman to solely direct a Pixar film and went on to win an Academy Award for her 2018 short film Bao. Shi is just one of countless students from the Toronto Region who use their experience here to innovate, inspire and do something that has never been done before.

In the Toronto Region, we believe that quality of life plays a role in innovation and entrepreneurship. Home to five major professional sports teams, countless theatres and event venues – including the oldest operating theatre in North America, the Royal Alexandra Theatre – young people in the Toronto Region can enjoy their five to nine after their nine to five.

Learn more

It is no question as to why young people want to stay in the Toronto Region with its cities dominating the leader boards of the Urban Work Index. Want to learn more about quality of life across the Toronto Region? Click here.

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