Fintech Cadence receives $400,000 government grant to help Québec Fintechs build and scale

April 5, 2022 Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Voices No comments

Betakit | Charles Mandel | Apr 5, 2022

Fintech Cadence has received a $400,000 grant from the federal government’s Canadian Economic Development for Quebec Regions (CED).

The money will enable Fintech Cadence to extend the reach and scope of one of its flagship projects, the Fintech Hub.

Fintech Cadence is a nonprofit FinTech incubator, and its Fintech Hub helps startups build and scale. While the incubator works with early stage startups from across Canada, its focus is on the Québec region. The Fintech Hub works with pre-Series A startups that are developing financial product and service technology in Canada.

See: Quebec and Desjardins invest $1.1 million in WALO who helps kids develop healthy financial habits

The non-refundable grant will be used to expand Fintech Candence’s hub, and will help support 125 entrepreneurs and startups, according to the incubator.

The CED is a federal partner in Québec’s regional economic development, and provides funding and support for small and medium-sized enterprises and economic non-profit organizations in all regions of Québec.

The Fintech Hub will also receive support from industry. Fintech Cadence announced that Meridian, Ontario’s largest credit union, will act as a program partner, and the law firm Osler, Hoskin & Harcourt LLP will join as a legal service provider partner. The incubator said it would announce more partners soon.

Fintech Cadence offers coaching, legal and accounting support, and peer-to-peer support among its services.

“At Fintech Cadence, we believe Quebec has all the elements for a world-class fintech ecosystem,” said Fintech Cadence executive director Layial El-hadi. “The Fintech Hub will help the market realize its full potential by offering inclusive, accessible, and top-tier support to ambitious and talented fintech founders.”

See: Fintech Canada Directory

According to Accenture, Québec contains approximately 15 percent (103 startups) of Canada’s 700-plus FinTechs, which would make it the third-largest hub for FinTech innovation in the country after Ontario and British Columbia.

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