Start your own digital banking app in Toronto and take on RBC and Wealthsimple
By SendPay Business · · 3 min read
Toronto is one of the biggest money cities in Canada. Canada's banking is dominated by a few big names, and more people every year are switching to app-first alternatives. Most of it flows through RBC, TD, Scotiabank and BMO, plus apps like Wealthsimple and KOHO. A brand built for Toronto, its neighbourhoods, communities and small businesses, can win people the national giants treat as just another account number.
How Toronto pays today
Toronto is Canada's financial capital, with the big banks' towers on Bay Street. Interac e-Transfer is how Canadians send money to each other every day.
It's also one of the world's most diverse cities, with large communities sending money abroad, so a brand built for one of them has room to grow.
Who you'd be competing with in Toronto
The big banks, RBC, TD, Scotiabank and BMO, are everywhere in Toronto. The apps, like Wealthsimple and KOHO, won people over by being simpler. Your edge is being local: your language, your community, your city's name on the card.
What you can launch under your own brand
An everyday account app with balances and a branded card, a money transfer app, a payment-link product for invoices, a marketplace that pays its sellers, or a membership platform. Each is a template: your name, your colours, your domain, your fees.
How it works, in a few clicks
Pick the template closest to your idea, type your platform name and preview every page before you pay.
- Pick a template.
- Name it and choose your colours. The site changes as you type.
- Preview the finished platform, page by page.
- Verify with a selfie and pay your invoice.
- Go live on your own domain within 24 hours and invite your first users.
You set the fees, you keep them
Charge 1%, 2.9% or nothing: it's your call. On every dollar your users move, your platform earns the fee you set.
Permissions: the honest part
The accounts, cards and payments behind your platform are powered by licensed partners. Depending on what your platform does and who it serves, you may also need your own registration, and serving customers in Canada can bring local rules from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). We tell you in writing which permissions apply to your platform before you pay, and introduce specialists who handle them. We are not licensed advisers and don't guarantee outcomes.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
Can I really compete with RBC in Toronto?
Not on size on day one. But you can beat any big bank on focus: a platform built for one city, community or kind of customer, with a better experience and fairer fees.
Can I call it a bank?
In most countries, including Canada, "bank" is a protected word you can only use with a banking licence. Call it an account, an app or a platform.
Is SendPay Business connected to RBC or Wealthsimple?
No. We name them only to describe the market. SendPay Business is an independent technology company, not a bank.
Should I put Toronto in my app's name?
It can help if you only plan to serve Toronto, because people trust a local name. If you want to grow across Canada later, pick a name that still works outside the city. The free name generator gives you ideas and opens your favourite straight in the builder.
Payment app name generator →How much could a platform in Toronto earn?
It depends on how many people in Toronto use it, how much they move and the fee you set. Put your own numbers into the free calculator.
Platform earnings calculator →Is there a guide for the whole of Canada?
Yes, the Canada guide covers the national picture.
Canada guide →Is there a step-by-step plan I can follow?
Yes. The free launch checklist takes you from picking your people and naming your app to setting fees, going live and winning your first ten customers. Tick each step off as you go.
Digital bank app launch checklist →How do I start?
Pick a template, name it and preview every page before you pay. Your platform can be live on your own domain within 24 hours of confirmation.
Build my platform →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.