Startup in Residence and its partners understand the legal, technical and development challenges that entrepreneurs building practical, fast and secure payment solutions can face. The program’s goal is to support these entrepreneurs so they can go further and be ready for the venture capital stage to speed up their growth in a big way.
With Real time payments set to roll out in Canada in 2023, financial institutions and fintech companies are constantly looking for new ways to provide top quality products and services that are instant and secure. The data from Payments Canada shows just how important it is to create solutions that fit our fast paced world:
- 80% of Canadians want more practical payment solutions
- 50% of Canadians are ready to stop using cash and 66% would stop writing cheques if there were better options
- 83% of Canadians who use e-wallets find them practical
- Businesses are starting to use online transfers more and more and this payment method is growing 50% faster than any other
The targeted startups must have solutions that improve Canadians’ payment experience. Some of the priorities are focused on:
Real-time payment solutions
Open banking systems
Payments solutions with a positive social impact:
Payment solutions that minimize digital exclusion and/or Payment solutions that promote citizen-led and community initiatives
Payment solutions that use AI to help make informed choices
Payment solutions that serve the circular economy (cash flow)
Payment solutions that facilitate and improve the consumer payment experience
Eligibility Criteria
- Operate a business incorporated in Canada
- Be registered to participate in the challenge according to the rules set by Startup in Residence
- Have at least a working prototype of your solution
- Have not received any pre-Institutional investment financing (VC etc.)*
- Have at least one co-founder working full time in the startup
- Have large sale growth ambition and potential
- Have a founding/management team interested in hands-on coaching, and who have IT and entrepreneurial skills
Benefits
- Up to 3 paytechs will receive a $15,000 grant and a potential investment up to $250,000 investment through Startup in Residence’s Accelerator
Application Deadline: May 24th 2022
For More Information: Desjardins Paytech Fintech Accelerator Program