RBC Ventures Merges with Technology Banking and Innovation Arm

FP | Kevin Orland | Sep 21, 2022

Image: Unsplash/Andrew Gook

Royal Bank of Canada is merging its RBC Ventures partnership group with its RBCx technology banking and innovation arm in a bid to capture more business from entrepreneurs at all stages of their startups’ growth.

• Sid Paquette, who has led both RBCx and Ventures since April, will head the combined business, the Toronto-based bank said in a statement Wednesday. The new RBCx will remain part of Royal Bank’s personal and commercial banking business, headed by Neil McLaughlin.
• The merger creates a single entity that can provide startups with everything from banking services and assistance from a group of specialists and technologists who can help them scale their businesses to access to capital including venture investments and even outright acquisitions.

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• RBCx has about 4,000 technology clients across Canada, and RBC Ventures has supported startups including the Dr.Bill medical-billing software, the Ownr business-launching service and the Mydoh money-management app for kids.

“This is really the first time that these sorts of skills have been integrated into one practice,” Paquette said in an interview.

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