Fiscal.ai
All-in-one investment research platform combining institutional-grade financial data, analytics, and conversational AI.
Website: https://fiscal.ai/
Cover Block
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| Field | Value |
|---|---|
| Name | Fiscal.ai |
| Tagline | All-in-one investment research platform combining institutional-grade financial data, analytics, and conversational AI |
| Headquarters | Ontario, Canada |
| Founded | 2021 |
| Stage | Series A |
| Business Model | SaaS |
| Industry | Fintech |
| Technology Type | AI / Machine Learning |
| Geography | North America |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (3+) |
| Funding Label | Series A |
| Total Disclosed | ~$13,000,000 [Tracxn, 2025] |
Links
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- Website: https://fiscal.ai/
- LinkedIn: https://www.linkedin.com/company/finchat-io
- Careers: https://apply.workable.com/fiscal-ai/
Executive Summary
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Fiscal.ai is an Ontario-based investment research platform that pairs institutional-grade financial data with a conversational AI interface. It is worth investor attention because it has just transitioned from a bootstrapped consumer-facing chat tool into a venture-backed data infrastructure company aiming at the layer beneath fintech and finance teams [Fiscal.ai, 2025] [TinySeed, 2025]. The company launched as FinChat in April 2023 after going through TinySeed's Fall 2022 cohort, and rebranded to Fiscal.ai in June 2025 alongside a $10 million Series A led by Portage Ventures with continued participation from Social use and VanEck [BetaKit, 2023] [Fiscal.ai, 2025] [Tracxn, 2025].
The core product is a research Terminal with company pages, screening, and APIs (plus an MCP endpoint for platform builders) that lets users query global public-equity, ETF and fund data through natural language as well as traditional spreadsheet-style interfaces [Fiscal.ai, 2024] [Crunchbase, 2025]. The founding team is led by CEO Braden Dennis, COO Adrian Iwanicki, CPO Kevin Bojan and CTO Ryan White, with co-founders Chet Flanagan and Danielle McFaul also publicly identified [Preqin, 2025] [TinySeed, 2022] [LinkedIn, 2026]. Total disclosed capital stands at roughly $13 million across a 2022 seed and the 2025 Series A, with the business model centered on SaaS subscriptions plus an emerging API and embed motion [Tracxn, 2025] [Fiscal.ai, 2024]. Over the next 12 to 18 months the watch items are API revenue traction, the depth of the recently announced eToro Club partnership, and whether the Terminal can earn seats inside professional buy-side and corporate finance workflows that have historically belonged to Bloomberg, FactSet and Koyfin [Fiscal.ai, 2026] [TinySeed, 2025].
Data Accuracy: GREEN -- Confirmed by Fiscal.ai company posts, BetaKit, TinySeed, Tracxn, Crunchbase and Preqin.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Series A [Tracxn, 2025] |
| Business Model | SaaS subscriptions plus APIs / MCP [Fiscal.ai, 2024] |
| Industry / Vertical | Fintech, investment research [Crunchbase, 2025] |
| Technology Type | AI / Machine Learning over financial data [Fiscal.ai, 2024] |
| Geography | Headquartered in Ontario, Canada; global data coverage [Preqin, 2025] |
| Growth Profile | Venture scale, post Series A [Fiscal.ai, 2025] |
| Founding Team | Six named co-founders [Preqin, 2025] [LinkedIn, 2026] |
| Funding | ~$13M disclosed across two rounds [Tracxn, 2025] |
Company Overview
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Fiscal.ai began life as FinChat, a Toronto-area startup founded in 2021 by Braden Dennis and a group of co-founders that public records identify as Adrian Iwanicki, Kevin Bojan, Ryan White, Chet Flanagan and Danielle McFaul [Tracxn, 2025] [Preqin, 2025] [LinkedIn, 2026]. Dennis was already known to Canadian retail investors through the Stratosphere brand and an investing podcast audience. The original premise was to let any investor type a question about a public company in plain English and get back structured financial data and KPIs rather than a generic chatbot answer [Starter Story, 2023] [Startups for the Rest of Us, 2023]. The product launched publicly in April 2023, with backing from the TinySeed Fall 2022 cohort already in place [BetaKit, 2023] [TinySeed, 2022].
The company's first institutional round came in 2023, when Social use led a $1.5 million USD seed to expand the AI-powered stock research platform [BetaKit, 2023]. Over the following two years FinChat moved from a chat-first consumer tool toward a more conventional research Terminal, adding company pages, segment-level KPIs, screening and APIs that mirror the workflows of professional analysts [Fiscal.ai, 2024] [Skywork, 2025]. In June 2025 the company announced a $10 million USD Series A led by Portage Ventures with continued participation from Social use and VanEck, and rebranded from FinChat to Fiscal.ai to signal that the ambition had moved "beyond the Chat interface" toward financial data infrastructure [Fiscal.ai, 2025] [Tracxn, 2025].
The legal entity remains based in Ontario, Canada, with team members publicly listed in Toronto and remote roles posted through Workable [Preqin, 2025] [RocketReach, 2026] [Fiscal.ai, 2026]. Key milestones in chronological order: incorporation in 2021, TinySeed acceptance in late 2022, public product launch as FinChat in April 2023, Social use-led $1.5M seed in 2023, $10M Series A and rebrand to Fiscal.ai in June 2025, and an eToro Club partnership extending Pro access to eToro members announced subsequently [TinySeed, 2022] [BetaKit, 2023] [Fiscal.ai, 2025] [Fiscal.ai, 2026].
Data Accuracy: GREEN -- Confirmed by Fiscal.ai, BetaKit, TinySeed, Tracxn and Preqin.
Product and Technology
MIXED
Fiscal.ai positions itself as "a leading research and data platform for capital markets with a powerful research Terminal with modern APIs" [Fiscal.ai, 2024]. The Terminal surfaces company-level pages for global public equities, ETFs and funds with standardized financials, segment and KPI data, valuation metrics, and investor-relations material. The Microsoft, AMD, ASML, Super Micro and Old Dominion company pages indexed on the site illustrate the breadth of coverage across US and European listings [Fiscal.ai, 2024]. The conversational layer, inherited from the FinChat era, lets users ask natural-language questions about a company or screen and receive structured answers grounded in the underlying dataset rather than free-form generation [Crunchbase, 2025] [Skywork, 2025].
The second product surface is the API and MCP (Model Context Protocol) endpoint marketed to "platform builders and institutions" on the pricing page [Fiscal.ai, 2024]. TinySeed's write-up of the Series A frames this layer explicitly as "powering the financial data layer behind the tools and platforms that finance teams and fintech companies rely on every day", which is consistent with the rebrand language about moving beyond a single chat interface [TinySeed, 2025] [Fiscal.ai, 2025]. The MCP exposure in particular is notable because it makes Fiscal.ai's dataset directly addressable from third-party LLM agents, an integration pattern that did not exist when FinChat first launched [Fiscal.ai, 2024].
On the underlying stack, the company has not published a detailed engineering architecture. However, the open Senior Software Engineer (Backend) role and the parallel hiring of Equity Analysts on Workable suggests a hybrid model where software engineering supports data ingestion and platform delivery while in-house analysts curate and validate the financial dataset (inferred from job postings) [Fiscal.ai, 2026]. That mirrors how Koyfin and earlier financial-data challengers have historically built coverage, and it puts data quality and analyst throughput at the center of the cost structure rather than pure model training spend [Skywork, 2025].
Data Accuracy: GREEN -- Confirmed by Fiscal.ai product pages, TinySeed, Crunchbase and Workable postings.
Market Research and Opportunity
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The market that matters here is the professional and prosumer investment-research stack, a category long dominated by Bloomberg, Refinitiv (LSEG), FactSet and S&P Capital IQ, and now being pressured from below by web-native challengers and from the side by general-purpose LLMs [Skywork, 2025]. Fiscal.ai sits at the intersection of two demand pools: individual and small-fund investors who cannot justify a five-figure terminal seat, and fintech and finance teams that need programmatic access to clean fundamentals, segment data and KPIs to power their own products [TinySeed, 2025] [Fiscal.ai, 2024].
No named third-party report in the captured research sizes the AI-native investment-research segment specifically, so any TAM here has to be triangulated from adjacent public categories rather than asserted. The legacy financial-data terminal market is well understood as a multi-tens-of-billions annual spend dominated by a handful of incumbents. The API-first market-data layer (analogous to what providers like Polygon, Intrinio, and Financial Modeling Prep address) is a separate, faster-growing slice tied to fintech and embedded-finance build-outs [Skywork, 2025]. Fiscal.ai's own framing in the Series A announcement, that it intends to be the data layer behind other fintech tools, is an explicit bet on that second slice expanding [Fiscal.ai, 2025] [TinySeed, 2025].
The demand drivers the cited research surfaces are concrete. First, the rise of MCP and agentic LLM workflows has created fresh willingness among software teams to pay for structured, queryable financial datasets that an agent can call directly, which the company has met with an MCP endpoint [Fiscal.ai, 2024]. Second, retail and prosumer investing platforms continue to compete on research depth, and the eToro partnership giving Club members Pro access is a concrete example of a distribution channel willing to bundle Fiscal.ai's research as a differentiator rather than build it in-house [Fiscal.ai, 2026]. Third, the bootstrapped-to-venture origin story documented in BetaKit, Starter Story and the Startups for the Rest of Us podcast indicates the company reached meaningful paid traction before raising institutional capital, which suggests genuine willingness to pay in the prosumer segment [BetaKit, 2023] [Starter Story, 2023] [Startups for the Rest of Us, 2023].
Key adjacent and substitute markets include general-purpose AI assistants (ChatGPT, Claude, Perplexity Finance) that can answer surface-level company questions without a subscription, dedicated terminals (Koyfin, Bloomberg, FactSet) that own the professional seat, and developer-focused market-data APIs that compete on price and latency rather than analyst-grade curation. Regulatory and macro forces are mostly indirect: any tightening around AI-generated financial advice would push platforms toward Fiscal.ai's model of grounding answers in audited source data, while a sustained downturn in fintech spend could compress the API customer pipeline.
| Sizing claim | Value | Source |
|---|---|---|
| Total disclosed funding to date | ~$13M | [Tracxn, 2025] |
| Series A round size | $10M USD | [Fiscal.ai, 2025] |
| Seed round size | $1.5M USD | [BetaKit, 2023] |
The absence of a named third-party TAM is itself informative. The AI-native research category is new enough that investors are underwriting the team's ability to redirect demand from incumbent terminals and general-purpose LLMs, not a pre-validated market line item.
Data Accuracy: YELLOW -- Funding figures confirmed by Tracxn, BetaKit and Fiscal.ai; market sizing remains analogous rather than directly cited.
Competitive Landscape
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Fiscal.ai is positioned as a modern, AI-forward alternative to the legacy terminal, with Koyfin as its closest publicly named peer and Bloomberg / FactSet / Capital IQ as the incumbents whose seats it would ultimately need to displace to reach venture-scale outcomes [Tracxn, 2025] [Skywork, 2025].
| Company | Positioning | Stage / Funding | Notable Differentiator | Source |
|---|---|---|---|---|
| Fiscal.ai | AI-native research Terminal plus data APIs / MCP for fintech builders | Series A, ~$13M disclosed | Conversational interface grounded in curated fundamentals; MCP endpoint for agents | [Fiscal.ai, 2024] [Tracxn, 2025] |
| Koyfin | Web-based terminal for professional and prosumer investors | Series B-stage challenger | Deep charting and global coverage at a fraction of Bloomberg pricing | [Tracxn, 2025] [Skywork, 2025] |
The segment-by-segment map has three layers. At the incumbent layer, Bloomberg, Refinitiv, FactSet and S&P Capital IQ own the institutional desktop and the data-license relationships with exchanges and filers. Their moat is workflow lock-in (chat, OMS integrations, sell-side research distribution) rather than pure data quality. At the modern-challenger layer, Koyfin is the most direct comparable to Fiscal.ai's Terminal product, having spent several years building a web-native interface and global coverage at a sharply lower price point than Bloomberg [Skywork, 2025]. At the substitute layer sit general-purpose LLMs and consumer finance apps that increasingly answer basic company questions for free, plus developer-focused market-data APIs that compete on the embed motion Fiscal.ai is now entering.
Where the company has a defensible edge today: the combination of a curated, KPI-and-segment-level dataset with an LLM interface and an MCP endpoint is genuinely differentiated against both Koyfin (which has historically led with charting and breadth, not conversational query) and against general-purpose LLMs (which lack grounded, audited fundamentals) [Fiscal.ai, 2024] [Skywork, 2025]. The bootstrapped consumer audience that FinChat built before the rebrand also gives Fiscal.ai a distribution and content advantage that pure-API competitors do not have, reinforced by the eToro Club bundle [Fiscal.ai, 2026]. The durability of that edge depends on whether the conversational layer remains a meaningful workflow improvement once incumbents ship their own LLM features, which is not guaranteed.
Where Fiscal.ai is most exposed: Koyfin has a multi-year head start on professional charting depth and on relationships with the buy-side prosumer segment, and an institutional buyer comparing terminal-replacement vendors today is likely to evaluate both. On the API side, established market-data vendors and dedicated API-first players have deeper coverage of pricing, options and alternative data than Fiscal.ai has publicly demonstrated. On the agent layer, OpenAI, Anthropic and the major cloud providers can ship grounded financial answers themselves if they license the underlying data directly, which would compress the value of being an independent MCP endpoint.
The most plausible 18-month competitive scenario: winner if Fiscal.ai converts its MCP and API motion into two or three flagship fintech embeds in the next year and uses that revenue to fund deeper professional-tier coverage; loser if Koyfin ships a comparable AI query layer on top of its larger existing user base before Fiscal.ai locks in those embed deals.
Data Accuracy: YELLOW -- Subject confirmed by Fiscal.ai and Tracxn; Koyfin comparison drawn from Tracxn and Skywork analyst write-up rather than head-to-head benchmarks.
Opportunity
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If Fiscal.ai executes, the prize is becoming the default AI-native data layer for public-market research, sitting between raw filings and every fintech, finance team and agent that needs grounded financial answers.
The headline opportunity. The single largest outcome Fiscal.ai could plausibly become is the modern, API-first replacement for the research-and-fundamentals slice of the legacy terminal stack, with a parallel embed business inside other fintech products. The Series A announcement explicitly frames the company as moving "beyond the Chat interface" to "build the future of financial data and AI", and TinySeed's write-up describes the goal as "powering the financial data layer behind the tools and platforms that finance teams and fintech companies rely on every day" [Fiscal.ai, 2025] [TinySeed, 2025]. That outcome is reachable rather than aspirational because the company already has a paying prosumer base from the FinChat era, a Tier-1 Canadian fintech investor (Portage) plus a financial-services strategic (VanEck) on the cap table, and a live distribution partnership with eToro that demonstrates the embed motion in practice [Fiscal.ai, 2026] [Tracxn, 2025].
Growth scenarios.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Embedded API for fintech | Fiscal.ai's API and MCP endpoint become the default fundamentals layer inside neobrokers, robo-advisors and analyst-tooling startups | Two to three flagship embed deals modeled on the eToro Club partnership | eToro partnership already shows a major retail platform willing to bundle Fiscal.ai rather than build [Fiscal.ai, 2026] [TinySeed, 2025] |
| Prosumer terminal at scale | The Terminal becomes the go-to research environment for independent analysts, family offices and small funds priced out of Bloomberg | Continued coverage expansion plus AI features that materially shorten research cycles | Bootstrapped traction prior to the seed round indicates real willingness to pay in this segment [Starter Story, 2023] [BetaKit, 2023] |
| Agent-native data standard | MCP endpoint becomes a reference integration for LLM agents doing financial workflows | Adoption of MCP across major model providers and continued inbound from agent builders | MCP endpoint is already shipped and marketed to platform builders [Fiscal.ai, 2024] |
What compounding looks like. The flywheel has three loops that reinforce each other. The first is data: every additional ticker, segment KPI and IR document the in-house analyst team curates makes the Terminal more useful and the API more attractive to embed customers, which funds more analyst hiring (the parallel Equity Analyst and Backend Engineer postings on Workable suggest this loop is actively being scaled) [Fiscal.ai, 2026]. The second is distribution: each consumer-facing partner like eToro Club exposes Fiscal.ai to a new audience of prosumer investors, some of whom convert into direct paid users, lowering blended CAC [Fiscal.ai, 2026]. The third is platform: every fintech that embeds the API has a switching cost that grows with usage, similar to how Plaid's bank-data layer became progressively harder to rip out of fintech stacks. Early evidence of all three loops starting is visible in the Series A narrative, the eToro partnership and the active hiring on both data and engineering [Fiscal.ai, 2025] [Fiscal.ai, 2026].
The size of the win. A useful comparable is Koyfin, which has built a meaningful business as a modern terminal challenger over the past several years and is the named competitor in Fiscal.ai's Tracxn profile [Tracxn, 2025] [Skywork, 2025]. The legacy terminal market measured in tens of billions of annual spend is the longer-horizon ceiling. If the embedded-API scenario plays out and Fiscal.ai becomes a recognized fundamentals layer for a meaningful slice of fintech builders, the outcome looks more like a vertical data-infrastructure company than a research app, with the corresponding revenue-multiple step-up. Even a partial success in only the prosumer segment would justify a multiple of the current $13M raised, given the willingness-to-pay already demonstrated in the bootstrapped era [BetaKit, 2023] [Starter Story, 2023].
Data Accuracy: YELLOW -- Strategic narrative grounded in Fiscal.ai, TinySeed, Tracxn and BetaKit; scenario sizing is analogical and explicitly labeled.
Sources
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[Fiscal.ai, 2024] Fiscal.ai homepage | https://fiscal.ai/
[Fiscal.ai, 2024] The Modern Financial Data Platform | https://fiscal.ai/help/
[Fiscal.ai, 2024] Pricing - Fiscal.ai | https://fiscal.ai/pricing/
[Fiscal.ai, 2025] FinChat is now Fiscal.ai, Announcing our $10M Series A and Rebrand | https://fiscal.ai/blog/series-a-announcement/
[TinySeed, 2025] Fiscal.ai Secures $10M Series A to Build the Future of AI-Powered Finance | https://tinyseed.com/latest/fiscal-ai-10m-future-ai-finance
[Tracxn, 2025] Fiscal.ai 2025 Company Profile, Team, Funding & Competitors | https://tracxn.com/d/companies/fiscal.ai/__VEU0zqgx4en-xiri1nAgisz6GmdhME4XORiWTl9ax1I
[Tracxn, 2025] Fiscal.ai 2025 Funding Rounds & List of Investors | https://tracxn.com/d/companies/fiscal.ai/__VEU0zqgx4en-xiri1nAgisz6GmdhME4XORiWTl9ax1I/funding-and-investors
[Preqin, 2025] Fiscal.ai Asset Profile | https://www.preqin.com/data/profile/asset/fiscal-ai/611050
[Crunchbase, 2025] Fiscal.ai Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/finchat-dfe3
[BetaKit, 2023] FinChat secures $1.5 million USD from Social use to expand AI-powered stock research platform | https://betakit.com/finchat-secures-1-5-million-usd-from-social-use-to-expand-ai-powered-stock-research-platform
[TinySeed, 2022] FinChat (TinySeed Fall 2022 Cohort) Secures $1.5 Million to Expand AI-Powered Stock Research Platform | https://tinyseed.com/latest/finchat-tinyseed-fall-2022-cohort-secures-15-million-to-expand-ai-powered-stock-research-platform
[Starter Story, 2023] How Three Founders Built FinChat to $1M ARR by Revolutionizing Investment Research | https://www.starterstory.com/finchat-breakdown
[Startups for the Rest of Us, 2023] Episode 705, From Bootstrapped to Mostly Bootstrapped to Venture Backed | https://www.startupsfortherestofus.com/episodes/episode-705-from-bootstrapped-to-mostly-bootstrapped
[Fiscal.ai, 2026] Fiscal.ai Current Openings | https://apply.workable.com/fiscal-ai/
[LinkedIn, 2026] Chet Flanagan LinkedIn profile | https://www.linkedin.com/in/chet-flanagan-a27a2315b/
[LinkedIn, 2026] Danielle McFaul LinkedIn profile | https://www.linkedin.com/in/daniellemcfaul/
[Skywork, 2025] Fiscal.ai (Formerly FinChat) Review 2025 | https://skywork.ai/skypage/en/Fiscal.ai-(Formerly-FinChat)-Review-2025:-Your-AI-Co-Pilot-for-Investment-Research/1976115350401118208
[PitchBook, 2026] Stratosphere Technology Company Profile | https://pitchbook.com/profiles/company/522522-19
Articles about Fiscal.ai
- Fiscal.ai Wants Every Equity Analyst's Terminal to Talk Back — The Ontario startup formerly known as FinChat raised $10M from Portage to wedge into the data stack behind Bloomberg and Koyfin.