Lendified Inc., a Toronto-based alternative lender led by two former executives of a major bank, announced on Wednesday that it has joined the FinTech Cluster (FTC) at MaRS Discovery District, also in Toronto.
“With fintech truly exploding in Canada and around the globe, it is important for us to be part of the MaRS FinTech Cluster,” says Troy Wright, CEO of Lendified, in a statement. “We will have the opportunity to share our financial services experience, data and technology expertise with high-growth potential startups, as well as collaborate alongside other pioneering financial technology professionals.”
Wright founded Lendified, an online provider of capital to small businesses, this year after leaving Toronto-based Bank of Nova Scotia, where his roles included executive vice president of Scotiabank’s retail branches and CEO and president of the bank’s Mexican subsidiary. Kevin Clark, the startup’s president, also held leadership roles at Scotiabank, including positions as senior vice president and global head of sales for transaction banking and senior vice president of international corporate and commercial banking.
Lendified’s inclusion in MaRS’ FTC provides the company with access to technology expertise from other startups involved in the cluster as well as international assistance thanks to MaRS’ collaboration with fintech groups in the U.K. and Brazil.
“MaRS FinTech is pleased with the addition of Lendified into the portfolio of high potential startups within the cluster,” says Adam Nanjee, head of MaRS FinTech, in a statement. “Once again, this demonstrates the caliber of companies in Canada’s FinTech ecosystem. MaRS FinTech continues to bring together the highest potential FinTech startups and connect them with financial institutions and the venture capital community globally.”
The FTC has welcomed 100 startups since its launch in February. It most recently announced in October a partnership with Toronto-based TMX Group Ltd. that gives the exchange operator access to startups that are developing financial services technology focusing on big data, crypto currencies and capital markets.