Each year Business in Vancouver compiles a list of the 100 fastest growing companies in British Columbia. This year’s list, published in August, includes a stellar line-up of both list veterans and new entrants. Beanworks is proud to have entered the list for the first time this year, ranking as the twelfth fastest growing company in BC.
In their accompanying report, BIV says that 80% of the companies on this year’s list come from only two sectors–technology and the service industry–of which tech companies make up the larger portion. While technology companies in BC include a wide variety of different businesses, from health science to cloud services, fintech companies are a notable presence on the list as high growth players.
In general, financial technology has been gaining significant ground in Canada over the last several years. From the Fintech Adoption Index released in 2017, 18% of Canadians report that they have used two or more fintech services in the last six months, compared to 8% who responded the same in 2015. One of the driving factors for fintech companies in Canada is the relatively large talent pool available in Vancouver and the push among fintechs to establish new partnerships with larger institutions.
In November 2016, Beanworks partnered with Sage Accounting, a market leader for integrated accounting, payroll and payment systems. With this partnership, Beanworks became the official AP automation provider in North America for Sage. Only a few months later, Beanworks finalized its Series A funding round, led by Vancouver Founder Fund and TIMIA Capital. The $4.5M in capital that was raised helped Beanworks to scale operations and bring on new staff to support their Sage partnership and other projects.
While BIV’s list is based on the percentage growth in revenue from 2012 to 2016, qualifying companies must also be headquartered in BC. With its head office in on West Pender in Gastown, Beanworks lives right in the heart of Vancouver’s tech community, and also includes a growing remote staff who live on Vancouver Island, in Ireland, and the US.
As a fintech company that provides accounts payable automation to accounting teams, Beanworks has an innovative product to deliver and a dedicated team ready to build on this growth.