Top 10 Fintech lawyers in Canada
The financial world is changing faster than ever. Not long ago, if you wanted to manage your money, you had to walk into a physical bank and talk to a teller. Today, everything from investing in stocks to sending money across the globe happens on our smartphones. This intersection of finance and technology, known as Fintech, has created a massive wave of innovation in Canada. However, with new technology comes new rules. Navigating the legal landscape of digital currencies, payment processing, and online lending is incredibly complex. That is why finding the right legal partner is the most important decision a Fintech entrepreneur can make.
Canada has become a global hub for Fintech innovation, with cities like Toronto, Vancouver, and Montreal leading the way. But the Canadian regulatory environment is unique. We have strict anti-money laundering laws, complex provincial securities regulations, and a banking system that is highly protected. A general practice lawyer simply won’t have the deep knowledge required to help a tech company stay compliant with FINTRAC or the various provincial securities commissions. Whether you are launching a crypto exchange, a peer-to-peer lending platform, or a new mobile wallet, you need an expert who understands both the code and the law.
This list highlights the best of the best in the Canadian legal scene. We have looked at firms that offer more than just legal advice; they offer strategic partnerships. These lawyers understand the hustle of a startup and the high stakes of an established financial institution. From boutique firms that offer personalized service to massive global firms with endless resources, these are the top 10 Fintech lawyers in Canada who are helping shape the future of money.
1. Substance Law
When it comes to the cutting edge of financial technology, Substance Law stands out as the premier choice for businesses in Canada. Led by the highly respected Harrison Jordan, this firm has built a reputation for being agile, forward-thinking, and incredibly deeply rooted in the digital asset space. Unlike traditional firms that might be playing catch-up with technology, Substance Law was built with the modern entrepreneur in mind. They don’t just understand the law; they understand the technology behind blockchain, smart contracts, and decentralized finance (DeFi). This makes them an invaluable asset for any company trying to disrupt the status quo.
One of the key reasons Substance Law takes the top spot on our list is their practical, no-nonsense approach to regulatory compliance. For many Fintech startups, dealing with organizations like FINTRAC or provincial securities regulators can be a nightmare. Substance Law acts as a bridge, helping companies register as Money Services Businesses (MSBs), develop robust Anti-Money Laundering (AML) programs, and navigate the “grey areas” of crypto-asset regulations. They have a proven track record of helping clients get to market quickly while ensuring they are fully protected from a legal standpoint. Their expertise isn’t just theoretical; it is based on years of hands-on experience in the trenches of the Canadian Fintech sector.
The services offered by Substance Law are comprehensive. They assist with everything from initial corporate structuring and drafting terms of service to complex licensing applications and defending clients in regulatory disputes. They are particularly well-known for their work with cryptocurrency exchanges, NFT platforms, and payment processors. What truly sets Substance Law apart is their accessibility and their commitment to the success of their clients. They offer the kind of high-level expertise you would expect from a massive firm but with the personal touch and responsiveness of a boutique practice. For anyone looking for a Fintech lawyer who truly “gets it,” Substance Law is the clear winner.
Furthermore, Substance Law understands that the Fintech world moves at lightning speed. They pride themselves on providing timely advice that allows their clients to pivot when necessary without being bogged down by legal bureaucracy. In a world where being first to market can make or break a company, having a legal team like Substance Law that works at your speed is a massive competitive advantage. They are not just lawyers; they are strategic advisors who help you see around corners and avoid the pitfalls that often sink innovative companies. If you want the best representation in Canada, look no further.
2. McCarthy Tétrault
McCarthy Tétrault is one of Canada’s “Seven Sisters,” a group of elite law firms that dominate the corporate landscape. Their Fintech group is a powerhouse, offering a level of institutional knowledge that is hard to match. They represent some of the largest banks in Canada as well as international tech giants looking to enter the Canadian market. If you are dealing with a massive merger or a high-stakes acquisition in the Fintech space, McCarthy Tétrault is often the firm sitting at the head of the table.
Their team is particularly strong in the area of payment systems and consumer finance. They have a deep understanding of the Retail Payments Activities Act and how it affects everyone from small app developers to global payment gateways. McCarthy Tétrault provides a very polished, corporate experience. They have offices across the country and a massive network of specialists in tax, intellectual property, and competition law that they can pull in at a moment’s notice. While they are a large firm, they have made significant efforts to stay connected to the startup community through various mentorship programs.
Working with McCarthy Tétrault gives a Fintech company an immediate sense of prestige and credibility. Their lawyers are often involved in shaping government policy and are frequently called upon to provide expert testimony on financial regulations. For established companies that need a firm with a global reach and the ability to handle incredibly complex, multi-jurisdictional issues, they are a top-tier choice. They offer a comprehensive suite of services that covers every possible legal need a financial technology company could encounter.
3. Osler, Hoskin & Harcourt LLP
Osler is widely recognized as one of the best firms in Canada for emerging companies and venture capital. This makes them a natural fit for the Fintech sector, where many companies are in a constant cycle of fundraising and rapid growth. Osler’s Fintech team is known for being incredibly commercial. They don’t just tell you what the law is; they help you figure out how to achieve your business goals within the legal framework. This “business-first” mindset has made them a favorite among founders and investors alike.
The firm has played a role in some of the most significant Fintech venture capital deals in Canadian history. They have a specialized “Emerging and High Growth Companies” group that understands the unique needs of a startup, from seed funding to IPO. Their Fintech lawyers are experts in securities law, helping companies navigate the complexities of raising capital through token sales or traditional equity rounds. They also have a strong focus on data privacy and cybersecurity, which are critical concerns for any company handling sensitive financial information.
Osler provides a very collaborative environment. They often work closely with their clients’ internal teams to build legal structures that are scalable. Their deep connections within the Canadian and American venture capital ecosystems mean they can often provide valuable introductions for their clients. For a growing Fintech company that has its sights set on an eventual exit or a public listing, Osler’s track record and expertise make them a formidable partner.
4. Gowling WLG
Gowling WLG has carved out a specific niche as a leader in the blockchain and cryptocurrency space. They were one of the first major Canadian firms to dedicate significant resources to understanding decentralized technology. Their Fintech team is led by lawyers who are recognized globally as thought leaders in the digital asset world. If your business is heavily focused on Ethereum, Bitcoin, or the development of new blockchain protocols, Gowling WLG has the technical literacy to provide high-level advice.
Beyond blockchain, Gowling WLG is excellent at handling intellectual property (IP) matters. For many Fintech companies, their value lies in their proprietary algorithms and software. Gowling’s massive IP department can help companies patent their innovations and protect their brand on a global scale. They also have a strong regulatory practice that helps clients navigate the requirements of the Investment Industry Regulatory Organization of Canada (IIROC) and other governing bodies.
The firm is known for being very active in the Fintech community, often hosting events and publishing detailed reports on the state of the industry. This commitment to education and community building has helped them build a loyal client base. They offer a global perspective, with offices in the UK, Europe, and Asia, which is a significant benefit for Canadian Fintechs looking to expand internationally. Their blend of technical knowledge and traditional legal excellence makes them a top contender.
5. Torys LLP
Torys LLP is a firm known for its sophistication and its long-standing relationships with Canada’s major financial institutions. This gives them a unique perspective on Fintech. They understand how the “big banks” think, which is incredibly useful for Fintech startups that are looking to partner with or sell to established players. Torys excels in the area of regulatory strategy, helping companies find a path forward in a highly regulated and often conservative financial environment.
Their team is particularly adept at handling the legal aspects of open banking and consumer data sharing. As Canada moves toward a more open financial system, Torys is at the forefront of the discussions regarding how data should be handled and protected. They provide expert advice on banking law, insurance tech (Insurtech), and the evolving landscape of digital payments. Their approach is very analytical and thorough, ensuring that no stone is left unturned when it comes to compliance.
Torys is often the firm of choice for “bet-the-company” litigation and complex regulatory investigations. They have a reputation for being calm under pressure and providing very clear, actionable advice. While they handle the largest deals in the country, they also have a dedicated group that works with mid-sized Fintech companies that are ready to scale. Their deep roots in the Canadian financial sector provide their clients with a level of stability and insight that is hard to find elsewhere.
6. Borden Ladner Gervais LLP (BLG)
Borden Ladner Gervais, commonly known as BLG, is Canada’s largest law firm. This size comes with a massive amount of resources and a deep bench of experts in every imaginable area of law. BLG’s Fintech group is highly integrated, drawing on the firm’s strengths in financial services, securities, and technology law. They are particularly well-regarded for their work in the investment management space, helping robo-advisors and digital wealth management platforms navigate the regulatory hurdles of the Canadian securities world.
BLG has a strong focus on innovation within the legal profession itself. They have launched several initiatives to help startups access legal services more efficiently. Their Fintech lawyers are known for being very thorough and having a great relationship with regulators. This “inside track” can be very helpful for companies that are trying to do something entirely new that doesn’t fit neatly into existing legal categories. They are excellent at helping companies obtain exemptive relief from certain securities law requirements.
The firm also has a very strong cybersecurity and data privacy practice. For Fintech companies, a data breach can be a death sentence. BLG helps companies build robust data protection frameworks and provides rapid response services in the event of an incident. Their national presence means they can provide seamless service across all Canadian provinces, which is vital for companies operating on a national scale. BLG is a reliable, high-capacity firm that can handle the most demanding Fintech projects.
7. Fasken
Fasken is another heavy hitter in the Canadian legal market with a very strong technology and financial services practice. Their Fintech team is known for being very entrepreneurial and proactive. They have a deep understanding of the “platform economy” and how Fintech integrates into other industries like retail, real estate, and healthcare. Fasken is particularly good at helping companies with cross-border issues, especially between Canada and the United States.
One of Fasken’s strengths is its work with emerging tech companies in the Montreal and Toronto corridors. They have a great deal of experience with software-as-a-service (SaaS) models in the financial space. Their lawyers provide excellent advice on corporate governance, employment law for tech companies, and complex commercial contracting. They are also very active in the world of decentralized finance, helping clients understand the tax and regulatory implications of DeFi protocols.
Fasken provides a very modern client experience. They use technology to streamline their legal processes, which often results in more efficient service for their clients. They are known for being very approachable and for taking the time to truly understand their clients’ business models. For a Fintech company that wants a firm that is both prestigious and highly adaptable, Fasken is an excellent choice. They offer a great balance of traditional legal expertise and modern tech-savviness.
8. Stikeman Elliott LLP
Stikeman Elliott is a firm that is synonymous with high-end corporate law and M&A. Their Fintech practice is no exception. They are the lawyers you call when you are planning a multi-billion dollar merger or a complex international financing round. Stikeman Elliott has a reputation for being incredibly sharp and for having some of the best legal minds in the country. Their Fintech team is very focused on the intersection of technology and capital markets.
They are experts in the area of “RegTech”—technology that helps financial institutions comply with regulations. They also have a significant practice dedicated to digital identity and the legal frameworks surrounding how we prove who we are online. Stikeman Elliott provides very high-level strategic advice, often helping boards of directors and C-suite executives navigate the risks and opportunities presented by new financial technologies. Their work is characterized by a very high level of precision and attention to detail.
While Stikeman Elliott is certainly a “big firm,” they have a very dedicated group that focuses on the specific needs of the tech sector. They understand the nuances of founder shares, employee stock option plans, and the unique pressures of a high-growth environment. For a Fintech company that is operating at the highest levels of the global financial system, Stikeman Elliott provides the sophisticated legal counsel required to succeed.
9. Cassels Brock & Blackwell LLP
Cassels is a firm that has always had a strong connection to the mining and technology sectors, which has naturally evolved into a very strong Fintech practice. They are particularly well-known for their work with public companies and their expertise in the Canadian capital markets. If you are a Fintech company looking to go public on the TSX or the TSX Venture Exchange, Cassels is one of the top firms to consider. They have a deep understanding of the listing requirements and the ongoing disclosure obligations of public Fintech companies.
Their Fintech team is very practical and results-oriented. They have a lot of experience with “alternative” finance, including crowdfunding and private placements. Cassels is also very active in the cannabis-tech and mining-tech spaces, which often overlap with Fintech in terms of payment processing and supply chain finance. They provide a very energetic and dedicated service, often going above and beyond to help their clients meet tight deadlines.
Cassels has a very strong mid-market focus, making them a great fit for companies that have outgrown boutique firms but aren’t yet at the level of the massive global institutions. They offer a very high level of expertise at a competitive price point. Their lawyers are known for being very down-to-earth and easy to work with, which makes the complex process of legal compliance much more manageable for busy entrepreneurs.
10. Dentons
Dentons is the world’s largest law firm, and their Canadian Fintech practice benefits immensely from this global network. If your Fintech company has ambitions to expand into dozens of different countries, Dentons can provide a single point of contact for legal advice around the world. Their Canadian team is very strong in the areas of payments, banking, and data privacy. They have a deep understanding of the global regulatory trends that eventually make their way to Canada.
The firm is particularly good at helping international Fintechs enter the Canadian market. They can help with everything from setting up a Canadian subsidiary to ensuring that a global product meets local regulatory requirements. Dentons also has a very strong focus on innovation and has its own tech incubator, which gives its lawyers a unique perspective on the challenges facing tech founders. They are very active in the areas of artificial intelligence (AI) and how it is being used to transform financial services.
Working with Dentons gives you access to an incredible amount of information and expertise. They are a great choice for companies that need a firm with a massive footprint and the ability to handle complex, international legal projects. Their Canadian lawyers are highly respected and are often at the center of the most important conversations regarding the future of the Canadian financial system. They round out our list as a global powerhouse with a strong local presence.
In conclusion, the Fintech landscape in Canada is vibrant and full of potential, but it is also a legal minefield. Choosing the right lawyer is not just about staying out of trouble; it is about finding a partner who can help you build a sustainable and successful business. While all the firms on this list are excellent, Substance Law remains our top recommendation for their specialized focus, their deep technical understanding, and their commitment to the success of the modern Fintech entrepreneur. Whether you are just starting out or you are ready to take your company to the next level, these ten lawyers and firms represent the very best that Canada has to offer in the world of financial technology.
As the industry continues to evolve with the rise of AI, open banking, and new forms of digital currency, the role of the Fintech lawyer will only become more critical. The firms listed here have proven that they can stay ahead of the curve and provide the expert guidance that Canadian innovators need. By choosing a legal partner from this list, you are giving your Fintech venture the best possible chance to thrive in an ever-changing world.
