The Canadian Imperial Bank of Commerce (CIBC) has launched a new full-service business unit called CIBC Innovation Banking to help grow startups in North America.

The new venture will cater to the North American technology and innovation clients by providing strategic advice and funding to their operations.

Besides providing advisory expertise and financing solutions, CIBC Innovation Banking will also offer cash management, deposit, personal wealth and capital markets services to its clients.

Additionally, CIBC has also acquired the loan assets of Wellington Financial Fund to strengthen its commercial banking team and capabilities.

Based in Toronto, Wellington Financial offers growth capital to early and mid-stage technology companies and it will join the CIBC Innovation Banking following the acquisition.

Commenting on the launch of CIBC Innovation Banking, CIBC managing director and head of global investment banking Roman Dubczak said: “Developing, growing and implementing new technology is critical to driving the innovation economy. At CIBC, we are embracing the opportunity to help early and mid-stage technology companies compete and accelerate growth in this fast-evolving and growing sector.”

CIBC group head of Canadian commercial banking and wealth management Jon Hountalas said: “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 specialises in servicing clients in this important sector on both sides of the border.

“As part of that focus, we are pleased to welcome Wellington Financial, a leading venture lender, to CIBC.”

With nearly 11 million personal banking, business, public sector and institutional clients, CIBC provides a full range of solutions and services through its digital banking network across Canada, the US and around the world.