The FinTech incubator says the money will enable it to assist 125 entrepreneurs, startups.
Fintech Cadence has received a $400,000 grant from the federal government’s Canadian Economic Development for Quebec Regions (CED). The money will enable Fintech Cadence to extend the reach and scope of one of its flagship projects, the Fintech Hub.
Fintech Cadence is a nonprofit FinTech incubator, and its Fintech Hub helps startups build and scale. While the incubator works with early stage startups from across Canada, its focus is on the Québec region.
The Fintech Hub works with pre-Series A startups that are developing financial product and service technology in Canada.
The non-refundable grant will be used to expand Fintech Candence’s hub, and will help support 125 entrepreneurs and startups, according to the incubator.
The CED is a federal partner in Québec’s regional economic development, and provides funding and support for small and medium-sized enterprises and economic non-profit organizations in all regions of Québec.
The Fintech Hub will also receive support from industry. Fintech Cadence announced that Meridian, Ontario’s largest credit union, will act as a program partner, and the law firm Osler, Hoskin & Harcourt LLP will join as a legal service provider partner. The incubator said it would announce more partners soon.
Fintech Cadence offers coaching, legal and accounting support, and peer-to-peer support among its services.
“At Fintech Cadence, we believe Quebec has all the elements for a world-class fintech ecosystem,” said Fintech Cadence executive director Layial El-hadi. “The Fintech Hub will help the market realize its full potential by offering inclusive, accessible, and top-tier support to ambitious and talented fintech founders.”
According to Accenture, Québec contains approximately 15 percent (103 startups) of Canada’s 700-plus FinTechs, which would make it the third-largest hub for FinTech innovation in the country after Ontario and British Columbia.
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Quebec is home to such FinTechs as Lightspeed, Nuvei, Flinks, Hardbacon, to name a few, as well as to a number of FinTech accelerators, like the Station FinTech Montréal Accelerator, and FinTech-focused investors such as Luge Capital, and Diagram Ventures.
Fintech Cadence recently announced that it is also recruiting for its third IFH Lab program cohort in mid-March. Fintech Cadence acquired Innovate Financial Health (IFH), a nonprofit that aims to support technology that improves financial health in 2021. The incubator’s IFH Lab program is a six-month, no-fee, no equity program where startups receive industry-specific support.
Fintech Cadence is looking for six to eight startups to participate in the program and that are using technology to improve the financial lives of Canadians, particularly those who are financially vulnerable.
The incubator claims that in its previous two cohorts it worked with 12 startups that went on to raise an additional $11 million, added more than 50 jobs, and helped 25,000 Canadians build emergency funds, access insurance, and avoid having to use payday lenders.
Fintech Cadence formed a partnership with the DMZ’s Black Innovation Programs in early March to address barriers to access that many Black entrepreneurs face when starting a business. The incubator promised to provide expertise and industry connections in the FinTech sector to assist Black FinTech founders.
Fintech Cadence also offers a FinTech certificate that explores subjects such as open banking, understanding artificial intelligence and its use in the financial sector, and an overview of blockchain technology.
Image source Innovate Financial Health.