Canadian lender BMO has launched a new group, which will advise firms and offer them financial assistance at all stages of their lifecycle.
The new Technology & Innovation Banking Group will support technology and innovation firms in the start-up stage, after exit or during stock market flotation.
It will offer customised financing solutions and advice and support firms in building cross-border business.
The group will work alongside the teams of BMO Capital Markets and Wealth Management.
It will be headed by Andre Salvi, who previously spearheaded tie-ups with fintechs for BMO.
He will be assisted by managing directors Devon Dayton and Deirdre Bergin.
BMO Financial Group president of North American personal and business banking Cameron Fowler said: “The technology sector is transforming our country and ensuring the continued success of these companies will be important to helping Canada reach its full economic potential.
“BMO has a strong North American banking business, and customer relationships are at the heart of this strength.
“We’re here to help entrepreneurs bring new ideas to market, drive innovation and enable established enterprises to reach their full potential and scale.”
Several Canadian lenders are currently making inroads in the area of technology.
In March 2018, CIBC Innovation Banking- the technology lending unit of CIBC – offered $50m in growth capital to social media management platform Hootsuite.