This non-refundable contribution of $400,000 will be used to expand the Fintech Hub and support 125 entrepreneurs and startups.
Montreal, QC, April 5 2022 – Non-profit fintech incubator and ecosystem development organization Fintech Cadence has received a $400,000 Canadian Economic Development for Quebec Regions (CED) grant to extend the reach and scope of the Fintech Hub, one of their flagship programs. This program focuses on helping early-stage startups and founders from across Canada, with a focus in the Quebec region, to develop core knowledge, connect to peers and access industry leaders to build, grow and scale their solutions.
The Fintech Hub will serve pre-Series A startups that are using technology to build a more accessible, dynamic and diverse financial products and services landscape in Canada. Applications for the rolling admission program are now open.
The expanded program will enhance the Montreal-based organization’s ability to provide high quality, customizable programming that is easily scaled, allowing them to serve 100+ high potential early-stage startups or founders each year.
The grant recognizes the growing strength of the Quebec fintech ecosystem, and the importance of a solid pipeline of support to maintain this momentum. In particular, Fintech Cadence wants to make sure the ecosystem doesn’t miss out on exciting innovations from founders who are not tied into the Quebec ecosystem already, or who don’t have the personal wealth or social capital that is too often a prerequisite for an entrepreneur’s success in those critical early days.
“At Fintech Cadence, we believe Quebec has all the elements for a world-class fintech ecosystem,” says Fintech Cadence Executive Director Layial El-hadi. “The Fintech Hub will help the market realize its full potential by offering inclusive, accessible, and top-tier support to ambitious and talented fintech founders. We are incredibly excited to announce the Fintech Hub and can’t wait to see more and more Quebecois and Canadian founders flourish.”
Fintech Cadence was founded in 2017 by Jan Arp (now Founding Managing Partner at The HoltXChange) with the goal of stimulating collaboration amongst Montreal’s promising FinTech ecosystem. Since then, Fintech Cadence has focused on a three-tier mandate of educating fintech talent, supporting startups (through programs like the Fintech Hub and their cohort based Ascension and IFH Lab programs), and collaborating with financial institutions and universities to identify and help solve emergent industry challenges.
The no-fee no-equity program takes a soft-touch “choose your own adventure” approach, providing enrolled startups with unlimited access to monthly business fundamentals, workshops and office hours from program partners, peer-to-peer learning opportunities, lunch & learns from successful Canadian startups, and free service provider credits. Participants will be able to choose which opportunities fit their goals, and will have one-on-one support from the Hub Lead to help them align their engagement with their growth goals.
This model will allow startups to access the relevant support that they need when they need it. Earlier startups may choose to take extensive advantage of the breadth of services from business fundamentals workshops to office hours and service credits. Later stage companies can come into the program to access specific support – like preparing for a raise or navigating the regulatory landscape. They may focus on office hours with some key specialized coaches and peer sessions where they can talk with other founders tackling the same milestones.
All elements of the program are completely virtual and operate on a rolling enrollment basis. Periodic check-in points help ensure the startups stay on track with their goals and determine if continued engagement beyond an initial 18 month enrollment period would add value. Workshops and peer learning sessions will cover everything from business model development, financing and fundraising basics, customer discovery, marketing and growth strategy, and talent acquisition. Startups will also get access to discounted rates on ecosystem events and conferences.
El-Hadi says that the Fintech Hub is open to any pre-series A startup that can benefit from what’s on offer and the commitment to make the most of a supported self-lead program with the rich opportunities for capacity building, connections and network development that Fintech Cadence has to offer.
Along with CED’s support, the Fintech Hub will also be supported by industry and at this time, the organization is happy to announce Meridian will be coming in as a Program Partner and Osler, Hoskin & Harcourt LLP will be coming in as a Legal Service Provider Partner. More partners will be announced soon.
About Fintech Cadence
Fintech Cadence is a non-profit organization dedicated to serving early-stage fintech companies from across Canada through their many programs and events. Their mission is to build fintech products that create value for Canadians by developing future fintech leaders. Their work is informed by a three-tier mandate of educating fintech talent, supporting startups, and fostering collaboration amongst Canada’s fintech ecosystem of financial institutions, VCs, incubators and accelerators, and universities.
About Canada Economic Development for Quebec Regions (CED)
CED is a key federal partner in Quebec’s regional economic development. With its 12 business offices, CED accompanies businesses, supporting organizations, and all regions across Quebec into the economy of tomorrow, one that is greener, more inclusive, and more innovative. As a facilitator helping to bring the right partners together around a given project, CED goes beyond just funding promising projects. CED represents an expertise, a network, and investments that support innovation, competition, and growth among businesses and Quebec’s regions to ensure our economy prospers in the long term.