Intuit launches third edition of Prosperity Accelerator for Toronto FinTech startups

International FinTech platform provider Intuit has launched the third edition of its Toronto-based Prosperity Accelerator.

In partnership with venture capital firm Highline Beta, the Prosperity Accelerator is an equity-free program designed to support startups that aim to improve the economic prosperity of consumers and small businesses. The four-month program is focused on startups based in the Greater Toronto Area.

Selected participants are promised access to Intuit’s business and investor mentoring network, coaching and the opportunity for follow-up investments from Highline Beta. The program is accepting applications until January 13, 2023. Six to eight startups will be selected, and the program will start in February 2023.

“Given the challenging landscape for tech startups in Canada, our support can have a huge impact on a growing startup’s future, now more than ever.”
– David Marquis, Vice President and Country Manager for Canada at Intuit

Startups intending to apply must have a solution focused on one of the following areas: rising mortgage and rent costs; savings and investments; income stability and mitigating debt; supporting small businesses and the self-employed with business management; increasing cost of goods sold; and talent acquisition and retention.

Over the past two years, Intuit said it has worked with 15 startups in its Prosperity Accelerator that Intuit claims have raised over $24 million CAD. Past participants include Stamped, Quote Machine, Beam.city DNA, Homewise, Emma and Willful.

Reanna Ridley, head of partnerships at Intuit Canada, told BetaKit that this year’s programming will be the first to have an in-person component based on Intuit’s new Toronto site.

Intuit and Highline Beta launched the Prosperity Accelerator in 2020 as a response to the financial hardships individuals and businesses were facing due to the shutdowns and job cuts caused by the COVID-19 pandemic.

RELATED: Intuit Canada, Highline Beta Launches New Financial Health-Focused Accelerator

Businesses face a different problem now that the COVID-19 restrictions have eased and trends in consumer behavior have changed. These factors, including geopolitical tensions and inflation, have led to the macroeconomic downturn that saw a decline in venture funding for all technology sectors, including FinTechs.

The second quarter of this year saw a decline in total funding deals for FinTech startups. According to CB Insights’ State of Fintech report, funding fell 75 percent quarter over quarter, from $1.2 billion to $300 million. Compared to the same period last year, which raised $1 billion, funding for Q2 2022 was reduced by 70 percent.

With the third part of the Prosperity Accelerator, Intuit and Highline Beta want to offer their support to Canadian companies during financial difficulties.

“We want to share our resources and innovation methods with startups that are close to breakthrough, preparing for their next round of funding, or require technology resources to take their business to the next level,” said David Marquis, vice president and Canada country manager at Intuit.

“Given the challenging landscape for tech startups in Canada, our support can have a huge impact on a growing startup’s future, now more than ever,” concluded Marquis.

Featured image from Intuit.