The 6-month IFH Lab is a no-fee and no-equity program for 8 early stage startups who are helping to build a more inclusive and accessible financial system.
Toronto, Ontario--(Newsfile Corp. - May 27, 2022) - Non-profit incubator and ecosystem development organization Fintech Cadence kicked off the third cohort of their Innovate Financial Health Lab yesterday. The IFH Lab is a 6-month no-fee and no-equity incubator for pre-seed to pre-series A fintech startups. Companies in the program are using technology to help improve the financial lives of low-income and underserved Canadians by making financial products and services more affordable and inclusive.
The cohort was announced at a kick-off party at the Centre for Social Innovation attended by over 150+ guests. This included representatives from Canada's major financial institutions, community organizations such as Prosper Canada, some of Canada's top VCs and investors in the fintech space, government, and founders of several other Canadian fintech startups.
The IFH Lab receives funding from JP Morgan Chase, Meridian Credit Union, the Canadian Bankers' Association, and The City of Toronto.
This year, over 30+ startups applied from across 6 Canadian provinces. The 8 selected startups are: Billi Labs (BC), Chroma (BC), and Kunye, coCare, Flota, Requity Homes, Solvncii, and Walletifai (ON).
The Founders of the IFH Lab 2022 startup cohort kicked off their 6 month journey with the incubator this week in Toronto, ON
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Over the next 6 months the startups will take part in hybrid programming including workshops, founder chats, and a live demo day in November. The journey started this week with 3 days of intensive in-person content.
The IFH Lab is the first program in Canada focused on the intersection of fintech and financial health. After two successful cohorts, Fintech Cadence feels they've proven that there is a need from consumers, and an interest from investors and partners for companies that are bridging the gap between social impact and profit.
"We are incredibly proud of the work we are doing to support fintech startups in this vertical," say Fintech Cadence Executive Director Layial El-Hadi, "There is no longer a question of whether fintechs can play a role in supporting the financial health of Canadians, but rather the focus is on how can organizations like Fintech Cadence shed a light on the fintechs that are focusing on this objective and how can we create an ecosystem that encourages, supports, and helps them succeed and thrive."
The 12 startups that have gone through the program since 2020 have gone on to collectively raise over $11.1M in funding and have grown their teams by 50+ jobs. Past cohort companies include Alberta based ZayZoon, Toronto based PolicyMe, Quebec's WALO, which recently raised $1.1 Million, and Charlottetown, PEI's MIQ, recently one of four companies part of BKR Capital's first round of investments.
Further questions can be directed to communications@fintechcadence.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125370
