On a research desk somewhere 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 the bigger ambition. The original product was a conversational interface for stock research, aimed at retail and prosumer investors. The new product is a research Terminal plus a set of APIs and an MCP endpoint targeted at platform builders and institutions [Fiscal.ai, 2024]. In other words, less chatbot, more financial data infrastructure.
The bet
Fiscal.ai sells access to institutional-grade financial data wrapped in an AI query layer, with a Terminal for individual analysts and APIs for the firms that want to embed the data into their own tools [Fiscal.ai, 2024]. The wedge is the conversational interface on top of structured fundamentals: segment data, KPIs, transcripts, comparables. The expansion path is the API and MCP business, which is where Portage's check size starts to make sense. A retail subscription product caps out fast. A data feed that sits behind every fintech app, RIA dashboard, and corporate finance tool is a different category.
The distribution proof point so far 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. It is also the kind of contract that hints at a B2B2C motion the API thesis would need.
Why it could be big
The market shape is favorable. Bloomberg terminals run roughly $30,000 a year per seat. FactSet and Capital IQ are not far behind. Koyfin, Fiscal.ai's most-cited direct competitor, has built a real business by undercutting that price point with a modern interface. Fiscal.ai's argument is that the next layer of unbundling is not just cheaper screens, it 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, the Sagard-affiliated fintech specialist, led the Series A [Tracxn, 2025]. Social use, Howard Lindzon's firm, led the $1.5 million seed in 2022 [BetaKit, 2023] and stayed on the cap table. VanEck, the asset manager, is also an investor, which is a useful signal: strategics on the cap table tend to indicate either a commercial relationship or a credible path to one. TinySeed, the bootstrapper-focused accelerator, backed the company in its 2022 cohort [TinySeed, 2022], and the Series A announcement was framed by TinySeed as a move to power "the financial data layer behind the tools and platforms that finance teams and fintech companies rely on" [TinySeed, 2025].
Seed (2022) | 1.5 | $M
Series A (2025) | 10 | $M
The team and traction
Braden Dennis is CEO and a co-founder [BetaKit, 2023]. Adrian Iwanicki is COO, based in Toronto [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 as co-founders on the engineering and strategy sides [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 with self-directed investors before the institutional pivot.
The company has reportedly hit $1M ARR according to a 2023 Starter Story breakdown [Starter Story, 2023], a figure that predates both the rebrand and the Series A. 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 from a thin wrapper over public filings.
The honest counterfactual
The bear case is straightforward and worth naming. Koyfin has a head start in the modern-Terminal category and a loyal user base [Tracxn, 2025]. The incumbents (Bloomberg, FactSet, S&P Capital IQ) 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, not the moat, and that the moat is the structured KPI and segment dataset Fiscal.ai is building underneath it, plus the API distribution that would let it sell into builders rather than competing seat-by-seat with Bloomberg. The eToro partnership [Fiscal.ai, 2026] and the VanEck investor relationship are early evidence the embedded-data motion is real.
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 backend-heavy roadmap suggests the data infrastructure bet is the priority. A Series B in 2026 or early 2027 would likely need to show that institutional ARR, not retail subscriptions, is the growth engine.
When the AI layer over financial data becomes table stakes, does the winner own the model, the dataset, or the distribution into every fintech app that needs a chart?