MaRS Launches FinTech cluster to tackle Financial Tech innovation

Cryptocurrencies, blockchain, alternative lending, and the tech payments wars have the financial services industry buzzing as  technology merges with finance. To bring stakeholders and innovators together, MaRS has launched FinTech hub today, to work with the financial services sector and startups developing the next generation of tech for finance.

The new FinTech Cluster, led by Adam Nanjee, previously Vice President of Business Development in Emerging Payments at MasterCard Canada, will start accepting applications as of this week at The FinTech at MaRS aims to support entrepreneurs and offer easy access to investment, product feedback, sales opportunities, and business advice from industry experts.

MaRS has partnered with PayPal Canada, Moneris, UGO, and other movers and shakers in the industry to bring the new cluster to life. “We are excited about the opportunity to work with MaRS,” said Rob Cameron, Chief Product and Marketing Officer at Moneris, one of the first partners of MaRS on the FinTech front.  “Advances in mobile point-of-sale, omni-channel retailing, and core payment technology have been central to Moneris and we look forward to future collaboration with startups to help steer the development of market-changing payment technologies.” As one of North America’s largest providers of payment processing solutions, Moneris is a huge player in FinTech space.

“We are working with MaRS to help Canadian startups create meaningful and innovative digital commerce experiences,” said Alexander Peh, Head of Market Development and Mobile at PayPal Canada.

Salim Teja, Executive Vice President of Ventures at MaRS, said these partnerships will “add expertise and insight to power local development and help to establish Toronto as a hub for innovative financial tech.”


Andrew Graham, CEO of Toronto-based startup Borrowell, which recently closed a $5.4M round of financing, says it will help his company grow faster. “It’s great to see MaRS and other industry partners paying attention to the FinTech space, and the innovation that happens there. Having access to the industry expertise and other startups in the space makes for a stronger ecosystem, and will accelerate our growth.”

MaRS will also work more closely with Bitcoin Decentral and Toronto’s cryptocurrency community going forward, and welcoming new tenants in the FinTech space. Cryptiv, a Toronto-based cryptocurrency startup will be moving into the MaRS shortly, and the 900-member Toronto Bitcoin & Ethereum Meetup will find a new home at MaRS this March.


Elena Yunusov

Elena Yunusov works at the intersection of digital communications and experience design. She is known in Toronto’s startup community as a HoHoTO & Toronto Maker Faire co-organizer. She likes coffee, robots, and wearable tech.

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