Finance Montreal has launched a new accelerator program through its Station FinTech initiative and in cooperation with venture development firm Highline Beta. The Station FinTech Montreal Accelerator is seeking startups in FinTech and InsurTech from across Canada that are developing products and technologies for payments and transfers.
First Cohort of New Accelerator Focused on Payment Technology
The fourth-month program is set to begin on June 14th, 2021, with applications closing on May 23rd. Station FinTech states that their aims for the program are to encourage the development of “a true ecosystem program to help startups and big companies connect” in giving startups the opportunity to work closely with Montreal’s well-established FinTech sector.
As a Finance Montreal Initiative, the accelerator is based in Montreal but accepts applications from startups anywhere in Canada. The initial payment technology iteration of the accelerator is only the first of what is planned to be a longstanding program. Each run of the accelerator is called a thematic cohort, with other themes to be explored in the future.
The specific areas that the Station FinTech Montreal Accelerator is looking for startups in are payment anywhere technologies, digitalization of small businesses, vertically-focused payment systems, and innovative subscription models. The organization is seeking startups that already have a product on the market, with some signs of traction.
Montreal’s Thriving FinTech Sector Ideal Base for Program
Finance Montreal seeks to develop solutions to the challenges unique to Quebec’s financial industry. Montreal, and Quebec overall, is a major center for FinTech, with many organizations in the sector-based there. The accelerator seeks to bridge the gap between agile FinTech startups and larger, established companies in order to develop innovation within the industry.
The Chief Executive Officer of Finance Montreal, Jacques Deforges, says that “Finance Montréal aims to foster synergy between its members and startups and continues to work to promote and accelerate innovative projects,” adding that “Finance Montréal is proud to launch this unique initiative to stimulate development alongside Highline Beta.”
Startups to Receive Coaching and Guidance from Industry Experts
As with many other current accelerator programs, the majority of operations will be handled remotely. Startups chosen for the program will receive four months of milestone-driven guidance, catered to their specific needs. Coaching on plan development, fundraising, and corporate engagement strategy will be provided by industry experts.
Highline Beta is also offering all startups chosen the option to sell two percent of their equity for a minimum investment of $25,000, or potentially more. The program will allow startups to develop corporate connections through various events, pitches, and sessions with advisors. CEO of Highline Beta, Marcus Daniels, says, “We are very happy to join forces with Finance Montréal and to deploy our corporate accelerator & investment model.”
The accelerator’s initial iteration will finish in October 2021, with startups involved to present their progress through the program during Demo Day at Finance Montreal’s Canada FinTech Forum. The hope is that the program will enable pre-seed and seed-stage startups to establish themselves in the FinTech industry more firmly.