Deloitte’s 2024 Technology Fast 50 rankings point out several Alberta-based tech companies contributing meaningfully to the national landscape. The tech ecosystem in Calgary is on the verge of turning heads with two firms—Neo Financial and PurposeMed—leading the chart for the highest revenue growth within the borders of Canada.

Neo Financial, a Calgary based fintech company, has topped the Deloitte’s Fast 50 list with a mind-boggling revenue growth of 154,022% in under four years. PurposeMed, a digital healthcare services provider, was a close second tallying at an impressive 16,169% growth. The two firms had also made it to Deloitte’s Companies to Watch in 2023, proving the growth momentum of the companies.

The technology sector in Calgary has seen quite a few changes in the space of only a little over ten years, and it is starting to gather more interest. “Calgary 15 years ago – we weren’t even on the map,” explained Greg Kwong, managing director for CBRE Alberta. He stated that the tech sector in that city had expanded significantly in the past eight years.

Calgary-based ZayZoon, which ranks 14th with a remarkable growth rate of 1,451% due to its earned wage access service, and Showpass ranked 20th on the list as an event ticketing service. Just as workplace wellness provider headversity, Showpass is another example of the innovation coming out of Calgary.

However, there are still challenges that Calgary evolution faces and the most notable one is the expansion of the tech talent pool. That is why a recent CBRE report indicated that from 2018 to 2023, the tech employment within the city grew by 78%, the highest rate of any city in North America in terms of the growth of tech jobs. Still, it is hard to fill those jobs within the organization not because they do not have them in surplus, but rather due to the many tech bosses who could not bear the heat of the war for talent in the labor market.

Even as Alberta’s technology sector is rapidly enhanced, it has borne witness to a market share in comparison to other areas in Canada such as the Greater Toronto Area and Vancouver in the number of high-growth companies. In spite of this, the growth trend in Calgary cannot be dismissed, with increasing numbers of organizations emerging as innovators at the forefront across the nations.