The latest in a flurry of announcements, MaRS Discovery District today made public its partnership with CUBO, a FinTech innovation hub in São Paulo, Brazil. As part of the partnership, CUBO will join MaRS’ own FinTech cluster.
Adam Nanjee, head of the MaRS FinTech cluster, told BetaKit that the aim of the partnership is to strengthen business networks and programs across both hubs, hopefully leading to new investments and job creation in both Canada and Brazil.
“By working together Canada’s largest FinTech hub at MaRS and São Paulo’s newest FinTech hub are creating opportunities for ventures in both jurisdictions to grow globally,” said Nanjee. “Adding CUBO to MaRS’ network of international partners provides our startups with a landing space in South America and connects our financial services partners with fintech entrepreneurs across the globe.”
CUBO is a joint venture between Itau Unibanco, one of Brazil’s largest banks, and the São Paulo branch of Redpoint Ventures. The innovation hub plans to hold 250 FinTech startups over its six floors of space in Vila Olimpia, São Paulo.
“Ontario is Canada’s hub for banking and financial technologies,” said Michael Chan, Ontario Minister of Citizenship, Immigration and International Trade, in a statement to BetaKit. “This partnership will go a long way to help Ontario tech companies find opportunities in the Brazilian market and to create lasting partnerships with Brazilian companies.”