As of August 2023, ReInvestWealth has facilitated connections with 12 financial institutions, managing well over 100 distinct connections. In this remarkable journey, an impressive $30 million CAD has been analyzed, organized, and classified through an innovative AI accounting system, presenting helpful accounting solutions for Canadian business owners.
Among the array of financial partners, the spotlight falls on the big 3: RBC, TD, and BMO. These titans continue to assert their dominance, orchestrating the majority of business transactions within the nation's borders.
Interestingly, ReInvestWealth users exhibit a preference towards a newer financial institution that embraces Open Banking. Wise, which offers an international business account, is preferred over conventional players and has more connections with ReInvestWealth than Scotiabank, CIBC, and National Bank combined. The ascent of Wise to the fourth position underscores a resounding shift towards Open Banking, exemplifying an era where versatile digital-first financial products cater to the discerning needs of modern business owners.
In a turn of events, PayPal occupies an unexpected position in the last place of the list. Once perched atop the realm of online payments, PayPal's recent stagnation stands in stark contrast to the progress observed among other financial institutions, such as payment platforms like Stripe. This serves as a reminder that sustained innovation is vital in the ever-evolving financial landscape.
For astute business owners seeking guidance on choosing the optimal financial partners, we invite you to explore our comprehensive post on the best business bank accounts and credit cards in Canada. This resource offers a curated selection tailored to the unique requirements of businesses.