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BMO and DMZ partner to launch four-month Next Big Idea in FinTech program

BMO and DMZ partner to launch four-month Next Big Idea in FinTech program

Posted by PanamericanWorld on April 20, 2016

BMO and the DMZ have announced a partnership to identify — and support — the next big Canadian FinTech startup.

The program, called The Next Big Idea in FinTech, will provide six startups with a four-month placement at the DMZ, an opportunity to pilot their technology with BMO, as well as connections with venture capital firms.

“The evolving needs of customers are driving a push for innovation and an acceleration of the development of new technologies,” said Cameron Fowler, group head of Canadian personal and commercial banking at BMO. “Talented entrepreneurs need opportunities, resources and the right environment for their ideas to succeed. We look forward to collaborating with DMZ and these new leaders of Canada’s innovation industry.”

After four months, each of the six startups will present their company to a panel of judges, and BMO will invest in the winning technology with the goal of incorporating it into their roster of products and offerings.

Applications for the program are being accepted until May 20, and the program is looking for incorporated startups (excluding Quebec) across Canada, and a functional prototype. The solution can be focused in verticals like payments, peer lending, risk analysis, and asset management — at the same time, startups that can demonstrate impact in another sector, with a clear application for banking and finance, are also invited to apply.

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