Finance Montréal, a financial sector industry group, announced the launch of a new program, aimed at encouraging the growth of financial technology startups in the city.
The official launch Montréal FinTech Station is expected to happen in summer 2018. In the first year, organizers plan to build their network and recruit participating startups. A physical space, which should accommodate 20 to 30 startups, will be open in fall 2019.
The FinTech Station will support companies working in their space by offering a package of services. However, it will not in invest in the startups
The centre hopes to foster partnerships between participants and incumbent financial institutions.
The program will receive USD 10.5 million in funding from the provincial government. Of that, USD 1.5 million was earmarked in the March 2017 budget, while the other USD 9 million — over five years — was in the 2018 budget. That will be matched by private-sector funding, organizers said.
The program will be aimed at startups that have been in business less than five years and have sales under USD 5 million. However, they will be required to have a product and at least one customer.
