BMO and 1871 open WMNfintech applications to support advancement of women-led startups

• WMNfintech is North America’s largest nonprofit fintech accelerator for women-founded and women-led startups, developed by BMO and 1871
• Applications are open from 20 March to 17 April 2023
• Any woman-founded or woman-led fintech startup i North America which has a brand presence in the United States may apply
• More than 15 percent of female fintech entrepreneurs in North America has participated in WMNfintech

CHICAGO, March 21, 2023 /PRNewswire/ – BMO and 1871 today announced a call for applications for its annual WMNfintech program, the largest non-profit fintech industry accelerator for women-founded and women-led startups i North America. Designed to support the financial advancement of women in fintech, the program bridges the gender gap in the startup and technology community by providing female entrepreneurs with access to a powerful ecosystem focused on helping them grow their businesses and bring innovative technologies and products forward which supports the financial sector.

Since launching in 2020, female-led fintechs that have completed WMNfintech has raised more than 31 million dollars in capital and created over 170 jobs. IN North America15 percent of female fintech entrepreneurs have come through BMO and 1871’s doors and become a valuable part of the ecosystem.¹ – which continues to grow after BMOs recent acquisition of Bank of the West, which now positions the bank in three of the top five American markets. In addition, BMO has expanded its national fintech network by hosting “WMNfintech Lounge“at the annual Fintech Meetup in Las Vegasone of the biggest financial technology events in the world happening this week.

Five companies will be selected to participate in the program to support the advancement of female founders in the following ways:

• Curated fintech-enhanced workshops
• Additional curriculum focused on corporate sales cycles, vendor management, information security, risk and regulatory requirements, and media training provided by BMO.
• The ability to pitch investors and BMO ecosystem partners for feedback, guidance, continued connections and/or funding.
• Access to an immersive 12-week educational programming known as PYROS fintech
• Six months free membership to 1871, including access to space, resources and support roadmap.

“BMO is committed to advancing a thriving economy, sustainable future and inclusive society. In the fintech space, WMNfintech is the only program of its kind that connects female founders with one of the best ecosystems in North America to accelerate their business, present products and services to investors and create opportunities to secure capital,” said Andrew Harrison, head of US digital partnerships at BMO. “Each year, our partnership with 1,871 entrepreneurs helps create the growth that supports a thriving economy while eliminating barriers to inclusion. We’re eager to meet this year’s cohort that will undoubtedly transform the banking experience.”

Since WMNfintechThe start-up, BMO, 1871 and its partners have developed proof of concept, partnerships, new products and investments. BMO has also entered into cooperation with previously WMNfintech participants, such as SpringFour – a fintech that offers a cloud-based platform with more than 20,000 financial resources to connect clients with the support they need to regain financial control, repay loans, reduce expenses and get back on track with payments. SpringFour is one of them WMNfintechits first alumni who have collaborated with BMO for more than five years. The company was featured at BMO’s Investor Day conference in 2022 and now acts as a mentor for new entrants WMNfintech participants.

“Women are unapologetically taking the fintech industry by storm, and it’s vital that companies partner with proven young startups to accelerate innovation and success,” said Betsy ZieglerCEO in 1871. “Year after year, we’ve seen extraordinary female founders in this program solve very important problems. We’re excited to partner with BMO once again to deliver this program.”

WMNfintech strongly agrees with BMO Zero barriers to inclusion strategy that supports equality, equity and inclusion inside and outside the bank. The program is also another example of BMO’s Digital First strategy, focused on building a digitally enabled, future-ready bank that drives progress for its customers, unlocks the power of its people and delivers loyalty, growth and efficiency.

BMO is committed to supporting the advancement of women through the following commitments and programs:

• 1.2 million dollars in financing to SheEO – a non-profit company that offers financial support to businesses led by women and non-binary people. BMO’s financial commitment allowed SheEO to fund all 2021 applicant companies.
• BMO Empower 2.0 – a series of long-term commitments to promote inclusive economic recovery and address barriers faced by minority businesses, communities and families the United States. The plan builds on the bank’s previous 5 billion dollars EMpower engagement as the bank exceeded its targets early.
• As part of EMpower, announced 300 million dollars to Women in business and BMO for Black and Latinx businesses to provide better access to affordable credit loans, meaningful partnerships, resources and tools to create more opportunities for growth and real economic progress.
• BMO Celebrates Women’s Grant Program – an annual partnership with Deloitte to award $80,000 in grants, both in the US and Canadato support the high-level growth plans of women-owned businesses.
• BMO return program – a partnership with The Mom Project to provide mothers who have a gap in their career or have left the workforce a smooth path to return without having to start over.
• Set new diversity goals for senior leadership and leadership roles through its Zero Barriers to Inclusion 2025 strategy, including maintaining its leadership in gender diversity with at least 40 percent of senior leadership roles filled by employees who identify as women.

To apply for WMNfintech program of April 17 and learn more about the program, visit https://1871.com/membership/wmnfintech/.

About BMO Financial Group

Serving clients for 200 years, BMO is a highly diversified financial services provider – the eighth largest bank in North America by assets. With total assets of $1.15 trillion as of January 31, 2023, and a team of diverse and highly engaged employees, BMO offers a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million clients and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About 1871

1871 is Chicago’s innovation hub and the #1 ranked private business incubator in the world. It exists to inspire, equip and support early stage, growth stage and corporate innovators in building extraordinary businesses. Home to ~400 tech startups, ~200 growth stages, and ~1,500 members, 1871 is supported by an entire ecosystem focused on accelerating their growth and creating jobs in the Chicagoland area. The membership experience includes virtual and in-person access to workshops, events, mentorship and more. The nonprofit organization has 350 mentors available to its members, as well as access to more than 200 partner companies, universities, educational programs, accelerators, venture funds and others. Since its inception in 2012, more than 850 alumni companies are still active, have created over 14,500 jobs and raised more than 3.5 billion dollars in follow-up capital.

¹ Source: 15 percent of all female fintech founders in North America have participated in the WMNfintech program according to data collected from Crunchbase on female or female-led Fintechs founded from 2017 to 2022, making it the largest nonprofit fintech industry program for women

SOURCE BMO Financial Group