On a research desk in Toronto, an analyst types a question into a search bar instead of pulling up a pivot table. The answer comes back with cited line items from a 10-K, a peer comp, and a chart of segment revenue. That is the pitch Fiscal.ai is selling, and as of June 2025, Portage Ventures has put $10 million behind it [Tracxn, 2025].
The company, founded in 2021 and launched as FinChat in April 2023 [BetaKit, 2023], rebranded to Fiscal.ai earlier this year alongside its Series A [Fiscal.ai, 2025]. The new name signals a bigger ambition: moving from a conversational interface for retail investors to a research Terminal plus APIs and an MCP endpoint for institutions [Fiscal.ai, 2024].
The bet
Fiscal.ai sells access to institutional-grade financial data wrapped in an AI query layer. The wedge is the conversational interface on top of structured fundamentals: segment data, KPIs, transcripts, and comparables. The expansion path is the API and MCP business. A retail subscription product caps out; a data feed that sits behind every fintech app, RIA dashboard, and corporate finance tool is a different category.
The distribution proof point is eToro. Fiscal.ai has a partnership giving Pro access to eToro Club members [Fiscal.ai, 2026], a deal that puts the product in front of an active retail trading audience without Fiscal.ai having to acquire those users one at a time.
Why it could be big
Bloomberg terminals run roughly $30,000 a year per seat. Koyfin, Fiscal.ai's most-cited direct competitor, has built a business by undercutting that price point with a modern interface. Fiscal.ai's argument is that the next layer of unbundling is programmable access. If the company can sell APIs to fintech builders who would otherwise license raw data from S&P or Refinitiv at enterprise prices, the addressable spend is large.
The cap table reflects that thesis. Portage Ventures led the Series A [Tracxn, 2025]. Social use led the $1.5 million seed in 2022 [BetaKit, 2023]. VanEck, the asset manager, is also an investor, signaling a potential commercial relationship [Tracxn, 2025].
| Round | Amount |
|---|---|
| Seed (2022) | $1.5M |
| Series A (2025) | $10M |
The team and traction
Braden Dennis is CEO and a co-founder [BetaKit, 2023]. Adrian Iwanicki is COO [RocketReach, 2026]. Kevin Bojan is CPO and Ryan White is CTO [Preqin, 2025] [TinySeed, 2022]. Chet Flanagan and Danielle McFaul round out the founding group [LinkedIn, 2026]. Dennis came to the company from a Canadian retail-investing audience he had built personally, which is part of why the original FinChat product found early traction.
The company reportedly hit $1M ARR in 2023 [Starter Story, 2023]. Current open roles include a backend engineer and two equity analyst positions [Workable, 2026], the latter of which is telling: hiring analysts in-house suggests Fiscal.ai is investing in the proprietary data and KPI coverage that differentiates its Terminal.
The honest counterfactual
Koyfin has a head start in the modern-Terminal category [Tracxn, 2025]. The incumbents have decades of relationships with the buy-side and compliance-cleared data feeds that are non-trivial to replicate. AI-generated answers over financial data also carry a specific failure mode: if the model misattributes a number from a footnote, the analyst who relied on it has a real problem. Bulls answer that the conversational layer is a feature, and the moat is the structured KPI and segment dataset Fiscal.ai is building underneath it.
What to watch
The next twelve months will be about whether Fiscal.ai can convert the Series A into API revenue rather than just more Terminal seats. Watch for a second named platform partnership in the eToro mold, watch the pricing page for an enterprise tier with usage-based API pricing, and watch the engineering hires. A Series B in 2026 or early 2027 would likely need to show that institutional ARR, not retail subscriptions, is the growth engine.