BMO Financial Group
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BMO Financial Group
The DMZ at Ryerson University

The DMZ at Ryerson University

April 20, 2016 07:00 ET

BMO Financial Group Launches "Next Big Idea in Fintech" With the DMZ at Ryerson University

Partnership Will Support Innovation Program for Top National Fintech Startups

TORONTO, ONTARIO--(Marketwired - April 20, 2016) - Around the world, financial services technology is evolving rapidly and the pace of change is accelerating. Canada has become a leading source of new ideas, and BMO Financial Group wants to ensure that the next big idea gets the support it needs to make it a reality and benefit Canadian consumers.

BMO today announced a partnership with the DMZ at Ryerson University that will help identify those innovative minds that will create these new technologies, and then provide support to their start-up enterprises.

The program, called "BMO Presents: The Next Big Idea in Fintech," will provide up to six selected startups with:

  • A four-month placement at the DMZ, the leading university-based incubator in North America;
  • An exclusive opportunity to pilot their technology with BMO; and
  • Introductions to venture capital groups that may be willing to take the startup to the next level.

"The evolving needs of customers are driving a push for innovation and an acceleration of the development of new technologies," said Cameron Fowler, Group Head, Canadian Personal and Commercial Banking, BMO Financial Group. "Talented entrepreneurs need opportunities, resources and the right environment for their ideas to succeed. We look forward to collaborating with DMZ and these new leaders of Canada's innovation industry."

Fintech companies from across Canada are invited to apply before May 20 for one of the six placements, which will be awarded to the companies judged to be most likely to benefit from a period of incubation at the DMZ. After four months, each of the six startups will present their company to a panel of judges, mentors and industry leaders to earn an opportunity to test their market-validated product, service or solution. BMO will invest in the winning technology, with the goal of incorporating it into their roster of products and offerings.

"Ryerson and BMO have a history of successful partnerships, and we are especially proud to launch BMO Presents: The Next Big Idea in Fintech program to provide Canadian fintech startups with the stellar support needed to drive growth," said Abdullah Snobar, Executive Director at the DMZ. "At a time when technology in the financial sector is growing rapidly, the DMZ is committed to fueling the success of emerging entrepreneurs through invaluable partnerships such as the one with BMO."

Applications to BMO Presents: The Next Big Idea in Fintech program are due by May 20, 2016. For more information, eligibility and to apply, visit fintech.nextbigideacontest.com.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $699 billion as of January 31, 2016, and close to 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

About the DMZ at Ryerson University

The DMZ is one of Canada's largest business incubators. The top-ranked university incubator in North America and third in the world, the DMZ is a hub of innovation, collaboration and commercialization. Since opening in April 2010, the DMZ and Ryerson Futures Inc. - its affiliated accelerator program - have incubated and accelerated 240 startups, which have collectively raised more than $168 million in funding and fostered more than 2,152 jobs. For more information about the DMZ, visit www.ryerson.ca/dmz.

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