Fintech Cadence, Atlantic FinTech partner to create national reach
Partnership hopes to unite FinTech clusters across the country.
Fintech Cadence, a Montréal-based non-profit organization that aims to help early-stage startups, has partnered with Atlantic FinTech.
With this partnership, Atlantic FinTech will have access to the Fintech Cadences Hub for pre-Series A startups.
The Hub is a free, equity-free program that gives startups access to industry and knowledge experts, pro-bono legal office hours, discounted software, workshops and peer-to-peer support. The hub also offers access to a network of financial institutions and corporate partners, particularly in Toronto, Montréal and Calgary where Fintech Cadence already has a strong presence.
“In several years, we hope that this program has laid the groundwork to help build bridges for startups across the country.”
While Fintech Cadence is not the only innovation center in Atlantic Canada, this FinTech-focused partnership with other regions of Canada is the first of its kind. The partnership is intended to help FinTech startups in Atlantic Canada accelerate their growth at the same pace as other Canadian regions. The organization hopes that partnerships like this create a more unified FinTech ecosystem across the country in the future.
“A regional or provincial focus will hinder efforts to build a sustainable and successful FinTech startup,” said Fintech Cadence CEO Layial El-Hadi. “In several years, we hope that this program has laid the groundwork to help build bridges for startups across the country.”
Launched in April 2021, the hub is supported by Canadian Economic Development for Quebec Regions, TD Ready Commitment, The City of Toronto, Meridian Credit Union, The autorité des marchés financiers, Osler, Hoskin & Harcourt LLP and Payments Canada.
In that time, Fintech Cadence claims to have signed up over 130 startups to be part of its hub, provided discounted services for 20 software vendors, delivered 10 workshops and provided more than 90 hours of coaching.
Atlantic FinTech was founded in 2021 to develop Atlantic Canada’s FinTech ecosystem by collaborating with stakeholders, governments, investors and international FinTech groups. Atlantic Canada is home to over 500 businesses in the financial sector, according to Atlantic FinTech.
RELATED: Report: Atlantic Canada 10th strongest blue economy startup ecosystem globally
Atlantic FinTech says Atlantic Canada calls an “unspoken superpower”: a well-developed middle and back office industry with non-customer-facing support and administrative staff, such as accounting and IT. “Our firms here that have raised less money have technology that can compete with anyone on a global scale. In many ways, this region is one of the world’s best-kept secrets,” said Jonathan Dunnett, Atlantic FinTech head of global ecosystems and member success.
Atlantic Canada has a long history in Canadian finance, founding both Scotiabank and RBC. In recent years, Verafin, a fraud detection and management platform from Canada’s Atlantic, was acquired by Nasdaq for $2.75 billion in 2020.
A report by Accenture identified Atlantic Canada as the smallest FinTech hub in Canada with 14 companies in 2020. However, a report from last year created by Atlantic FinTech refers to 140 FinTech startups which places the region closer to some of Canada’s larger FinTech markets such as Vancouver and Montréal, but still behind the biggest FinTech hub, Toronto.
“The (Atlantic) ecosystem has the right formula to continue to grow and create financial products and services that will not only impact Atlantic Canada, but also the rest of Canada,” El-Hadi said. “This formula includes a burgeoning financial sector, an entrepreneurial mindset, government buy-in and support, ideal community structures and a successful academic landscape.”
