Toronto non-profit Innovate Financial Health (IFH) has been acquired by Montreal’s Fintech Cadence.
Founded in 2017, Fintech Cadence is on a mission to develop Canada’s future fintech leaders. Since their creation, they have launched the first fintech-focused incubator but have grown to include a 12-week Fintech Certificate and the Formathon, Canada’s biggest fintech competition.
To date, Fintech Cadence has engaged with over 150 teams and supported over 100 early-stage startups who have collectively raised $3.5 million and created over 300 jobs in Canada.
The acquisition of IFH enables Fintech Cadence to better support the growth and acceleration of startups in their pipeline tackling some of the most pressing barriers to financial health facing Canadians today.
“Fintech Cadence started 4 years ago with the aim of developing the fintech ecosystem from the grassroots level. Now, we are at a point where we need to not only elevate Montreal or Toronto but bring the fintech industry across Canada together” says Layial El-Hadi, Executive Director at Fintech Cadence.
Innovate Financial Health’s flagship program is the IFH Lab, a 6-month program that provides selected startups with access to capital, mentors, and workshops specific to the challenges that mission-driven fintechs face. Their first cohort ran from January to June 2020 and included four startups, altruWisdom, PolicyMe, Quber, and ZayZoon.
Since the start of the program, these companies have raised $6.8 million+ in additional capital, added 20+ team members, and most importantly have helped thousands of Canadians improve their financial lives – from understanding their financial situations based on specific life events to accessing affordable life insurance to building emergency funds, to avoiding costly payday loans and overdraft fees.
The next cohort of the IFH Lab will run from May to October 2021 and applications are open. Startups can indicate their interest in applying here.
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