Fintech Cadence has launched the fourth cohort of their Innovate Financial Health Lab (IFH Lab) and applications are now open.
The IFH Lab is a 4-month, no-fee and no-equity program for pre-seed to seed stage startups leveraging technology to improve financial inclusion and financial resilience amongst Canadian consumers and SMEs.
Founded in 2019 as Canada’s first incubator specifically addressing the needs of impact driven fintech startups, the IFH Lab has supported 20 startups to date. Alumni of the program have gone on to raise over $54 million, including two series A rounds from 2020 alumni companies ZayZoon and PolicyMe. In total, IFH startups have generated 70+ jobs and reached over 100,000 Canadians with their products and services.
“We know that building a startup is hard and that fintech comes with its own unique challenges. Navigating regulations, building a strong network, finding the right people who can make things happen within large institutions, raising funding in an environment where many funders are tightening purse strings,” says Molly Willats, Head of Financial Health Strategy and co-founder of the IFH Lab program.
“Over four years of running this program, we’ve seen that those challenges are amplified and experienced in different ways by founders who are also building impact-focused enterprises. That’s why we built the IFH Lab. We give startups access to an expansive network of mission-aligned world class industry experts, mentors, partners, investors; and a network of peers who share their vision of a financial sector that is inclusive and accessible.”
Up to 8 startups will be selected to take part in the 4-month cohort starting at the end of July with an in-person 2-day kick off in Toronto.
Founders and their teams will take part in interactive workshops, fireside chats with leading fintech founders from across Canada, and mentorship from a committed network of industry experts to help set goals, track progress, and provide guidance.
The program operates in a hybrid format with three in-person engagements supplemented by virtual programming and one-on-one coaching.
The startups will have an opportunity to showcase their companies at the Demo Day in November 2023.