The day after Bank of Nova Scotia upped its investment in Atlanta-based Kabbage and allow its Canadian and Mexican customers to obtain small business loans, the Toronto-based MaRS discovery district is expected to announce two more financial institutions have joined its fintech hub.
Manulife’s Lab of Forward Thinking and Moneris, the country’s largest credit and debit card processor, are expected to be added to the MaRS C Suite, as the hub is known. Before this, CIBC, which late last year teamed up with Thinking Capital, an online provider of loans to small business, was the sole member at C Suite. The suite acts as a bridge between corporate leaders and entrepreneurs.
The two firms joined because of their belief that collaboration accelerates the rate of innovation and is a better model than each firm working with its own developers and designers.
CIBC, which has had a partnership with MaRS for more than a year, claims its work at MaRs has led to two Canadian banking sector firsts: the CIBC Apple Watch app and Hello Home Mortgage app. That successful experience led CIBC to become the C Suite’s founding sponsor.
Postmedia Network, which owns the National Post, has a revenue sharing agreement with Mogo, a fintech company.