The #FintechAccelerator innovation program will fuel the success of a leading group of national start-ups looking to expand their businesses
TORONTO, May 26, 2017 /CNW/ - BMO Financial Group and the DMZ at Ryerson University announced today that they would be extending their partnership with the launch of the "DMZ-BMO Fintech Accelerator" program, benefitting Canada's top financial technology startups.
Following the success of 2016's "The Next Big Idea in Fintech" program, the goal of the partnership is to foster innovation and growth for financial services technology startups and identify the ideas BMO can integrate and take to scale quickly.
The program, which will take place at the DMZ – the leading university-based incubator in North America – will include:
- a four-month incubation period in Toronto for the top six selected entrepreneurs;
- mentorship from BMO leaders throughout the process; and
- a culminating event where each finalist will pitch their technology to a panel of BMO and industry-expert judges for a chance to execute a pilot with the bank and additional cash prizes.
The 2016 cohort identified FormHero and its platform of reimagining forms as a standout opportunity to simplify the BMO customer experience, and has since undergone a proof of concept with the bank.
"Innovation and continuously evolving with our customers' needs is a constant driver for all that we do at BMO, which is why this expanded partnership with the DMZ is a natural fit," said Andrew Irvine, Head, Canadian Business Banking & BMO Partners, BMO Bank of Montreal. "The talented entrepreneurs that we get the chance to work with through this program have so much to offer to our industry. We look forward to collaborating with them and helping to provide opportunities that will enhance the Canadian Fintech landscape and ultimately provide a better customer experience."
"Partnerships in Fintech are a key element to building innovations that offer opportunities to benefit Canadian consumers and businesses alike," said Abdullah Snobar, executive director of the DMZ at Ryerson University. "The DMZ-BMO Fintech Accelerator not only signals a desire to facilitate a dynamic financial services sector, but will also provide the country's best tech startups with the opportunity to receive critical resources to help grow their business."
Fintech companies from across Canada are invited to apply by June 25 for one of the six placements, which will be awarded to companies that would be most likely to benefit from a period of incubation at the DMZ.
Applications to the DMZ-BMO Fintech Accelerator program are due by June 25. For more information, eligibility and to apply, visit dmz.to/BMOfintech
About BMO Financial Group
Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $719 billion as of April 30, 2017, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
About the DMZ at Ryerson University
The DMZ is one of Canada's largest business incubators. The top-ranked university incubator in North America and third in the world, the DMZ is a hub of innovation, collaboration and commercialization. Since opening in April 2010, the DMZ and Ryerson Futures Inc.-its affiliated accelerator program-have incubated and accelerated 282 startups, which have collectively raised more than $306 million in funding and fostered more than 2,681 jobs. For more information about the DMZ, visit www.ryerson.ca/dmz
SOURCE BMO Financial Group