Finance Montréal initiative Station FinTech and Highline Beta have teamed up to open a new pan-Canadian Montréal-based FinTech accelerator focused on connecting early-stage tech startups to large financial institutions.
For its first cohort, the Station FinTech Montréal Accelerator is seeking North American tech startups with a product that could make payments safer, quicker, and more reliable and has shown early signs of traction. Applications for the four-month program are now open, and set to close on May 23.
Applications for the four-month program are now open, and set to close on May 23.
The new accelerator plans to address the needs of financial institutions through innovative partnerships with startups. By creating opportunities for collaboration between FinTech startups and large companies in the financial sector, the program aims “to stimulate FinTech innovation in Quebec and across Canada.”
“We are very happy to join forces with Finance Montréal and to deploy our corporate accelerator and investment model to boost the ecosystem by promoting the development of FinTech startups as well as relationships and collaborations with companies in connection with their needs,” said Marcus Daniels, founding partner and CEO of Highline Beta.
Highline Beta is a venture studio and investor focused on startup-corporate collaboration. The Toronto-based firm aims to help Fortune 1000 companies identify new areas for growth, “co-innovate” with startups, and build corporate ventures. It invests in startups that have “a meaningful relationship” with its corporate partners.
The program and benefits provided through this newest accelerator will be tailored to participating startups’ needs, and focused on helping them meet business development goals. Startups have the option to receive a $25,000 minimum initial investment from Highline Beta in exchange for two percent equity.
RELATED: Mogo to acquire Moka in $64 million deal as it looks to launch free stock trading
The accelerator is set to begin in June and conclude in October at Finance Montréal’s Canada FinTech Forum. The program offers hands-on, weekly coaching on growth plan development, fundraising, and corporate engagement as well as curated events, corporate pitch sessions, and private sessions with advisors.
Like many of Highline Beta’s programs, most of the accelerator’s operations will take place remotely. “With the first cohort, we are aiming to have at least the Demo Day in person at the Canada FinTech Forum,” said Andrea Fagundez, program director at Highline Beta.
For Kick-Off and Demo Day, the accelerator will be physically based at Station FinTech.
Fagundez said the program is primarily looking for early-stage startups at the pre-seed or seed stage. However, she added that the accelerator wants to support the best founders and the best tech, “so we will be evaluating applicants on an individual basis.”
Photo courtesy of Finance Montréal
