One of Canada’s big five banks is making it easier for their tech and innovation clients to grow and achieve financial independence.
CIBC has introduced Innovation Banking, a full-service business that offers advice and funding to North American technology and innovation clients. The service will be available to any kind of business stage, from startup to IPO.
The bank is quick to focus on the fact that this service extends to anyone in North America, not just Canadians.
“We have a well-established and highly connected CIBC Innovation Banking team that spans across our bank, including our U.S. Commercial Banking team in Chicago, and specializes in servicing clients in this important sector on both sides of the border,” said Jon Hountalas, group head of Canadian commercial banking and wealth management at CIBC.
CIBC has also announced they have acquired Wellington Financial, a technology-oriented bank institution based in Toronto. Wellington’s CEO Mark Mcqueen will become president and executive managing director of CIBC Innovation Banking. The bank was founded in 2000 and focused on delivering capital to early- and mid-stage companies and controls a $300 million fund.
New companies that CIBC Innovation banking invests in will have access to features like cash management, personal wealth management, capital markets, and more. The technology investment space is becoming more competitive and lucrative than ever, as many companies look for seed and Series funding while larger companies eye massive IPOs.
“CIBC shares our razor-sharp focus on what is now a core sector of the North American economy,” said Mark McQueen, the new executive managing director of CIBC Innovation Banking. “We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry.”
The entire 16 person Wellington Financial team will be joining CIBC and will stop raising outside funds.
CIBC is no stranger to working with and entering the tech world. Last year the bank launched their global money transfer digital assistant Remi, as well as leveraging Borrowell to offer mobile credit scores.