Toronto-Dominion Bank (TD) announced an agreement on Thursday to join Sunnyvale, Calif.-based Plug and Play Tech Center, a global technology accelerator, as a corporate collaborator in its financial technology (fintech) program. TD will be the first Canadian bank to join the tech accelerator, the bank says.
“This is a fantastic opportunity that enables TD to work closely with top fintech start-ups from around the world,” said Colleen Johnston, group head of direct channels, technology, marketing and real estate for TD, in a statement.
The Plug and Play FinTech program runs twice a year and connects a group of global start-ups with financial services institutions involved in its program.
As part of the current program, TD, along with other financial services institutions, will work with 23 start-ups by providing mentorship and business development support to help them develop a working prototype. At the end of the 12-week program, the start-ups pitch their ideas to investors and bank executives at Plug and Play’s FinTech EXPO.
Plug and Play Tech Center, founded in 2006, is the world’s largest global technology accelerator and venture fund, with more than 350 startups and 300 corporate partners. Companies involved with Play and Play Tech Center have raised more than $3.5 billion in funding, with successful “portfolio exits” including Danger, DropBox, Lending Club, PayPal, SoundHound, and Zoosk.
Photo copyright: Bloomberg