Fintech Cadence, a national non-profit on a mission to develop Canada’s future fintech leaders has announced the 8 startups selected for its IFH Lab 2021 cohort.
IFH Lab is a six-month program for startups improving the financial lives of Canadians, particularly those more financially vulnerable. The goal of the program is to help these startups scale their impact and find mission-aligned partners. IFH Lab is supported by JPMorgan Chase, Meridian Credit Union, Canadian Bankers Association, Progressa, and Fasken.
“The financial health fintech ecosystem has grown incredibly here in Canada since we started this journey over 2 years ago. We’re now seeing more and more solutions being developed for specific segments of underserved Canadians from newcomers to self-employed to temporary foreign workers. More importantly, we’re proud of how our program is resonating with those with lived experiences of the day-to-day challenges Canadians face. ” says Fintech Cadence’s Director of Financial Health and founder of IFH Lab, Elvis Wong.
For its 2nd cohort, IFH Lab received 50 applications from across Canada, of which over 40% were from female founders and over 70% from founders of colour.
The eight startups selected to the program are:
- Benji (Toronto, ON): Benji is an all-in-one chequing account for small businesses.
- Bounc3 (Toronto, ON): Bounc3 is the insurtech solution for the exploding segment of self-employed and freelance Canadians.
- Kynza (Ajax, ON): Kynza brings rotating savings into the digital age by streamlining the entire management experience in one consolidated platform.
- Labora (Vancouver, BC): Labora is the leading digital payroll transfer Fintech for temporary foreign workers.
- MICC Financial (Charlottetown, PEI): MICC is a rotational savings and credit building platform that allows individuals to pool money to achieve their financial goals.
- Seedwell (Toronto, ON): Seedwell is a platform that uses Automated Income Allocation at each pay cycle to build employees wealth and financial wellness.
- Untangle Money (Toronto, ON): Untangle Money helps women understand their Now Money and their Future Money and how the two are related.
- WALO (Quebec City, QC): Walo is a neobank for families that empower parents to teach their kids about money.
IFH Lab’s inaugural 2020 cohort included four startups altruWisdom, PolicyMe, Quber, and ZayZoon which have since raised $6.8 million+ in additional capital, added 20+ team members, and most importantly have helped thousands of Canadians improve their financial lives.
IFH Lab’s advisory council includes: Supriya Syal, Deputy Commissioner at the Financial Consumer Agency of Canada, Hannah Calhoon, VP of Innovation at US-based Financial Health Network, Narinder Dhami, Managing Partner at Marigold Capital, Dinaro Ly, Head of Innovation Partnerships and Community Engagement at Interac, and Elodie Young, Director of Impact and Innovation at Prosper Canada.
Our IFH Lab Program will conclude in October – subscribe to our newsletter to stay in the loop for our Demo Day!
