On the TechTO stage ×1
First seen on a TechTO stage in 2026. Every TechTO talk is searchable — ask the archive about Ricky ↗
In their words
We love that heavy regulatory lens, and we think that's actually going to be a real moat for financial services and fintech going forward.
We're still in the early innings of all of those funds, so there's an incredible amount of capital that is active, ready to be deployed. And what we need to do is just attract them to Canada.
Venture capital activity has definitely rebounded, but that doesn't mean it's the Oprah style where money gets handed out to everybody. I think the bar is higher.
Around the web ×2
Quick answers
What does Ricky Lai invest in at Portage?
He is one of the general partners at Portage, focused on early-stage venture — mostly Series A and B entry checks with heavy follow-on investing; some ventures-portfolio companies have gone past Series D. Portage sees itself as fintech experts: every investment needs a financial-services application, so no horizontal AI models.
Why does he call regulation a moat for fintech?
Unregulated software competes on features, and features have become a commodity you can build quickly. Balance-sheet and core-infrastructure businesses — lending, deposit-taking — carry licensing and compliance you can't vibe-code overnight. With open banking finally going live, OSFI streamlining bank charter approvals, and Bill C-15 enacted, he argues 2026 is the window for Canadian founders to use those tailwinds.
What did he say about AI and fintech funding in 2026?
Every fintech company today is really also an AI company — AI is table stakes in a data-rich industry. In Q1, half of all global VC dollars went into AI companies, most of it into two. Companies with AI capability get funded at a 2.5x median premium — 3.5x the price of companies not exploring AI — while Portage stays valuation-disciplined. He also flagged the exit rebound: WonderFi sold to Robinhood, and Stripe, Revolut, Kraken, Plaid and Wealthsimple sit in the IPO pipeline.