Startup in Residence: Supporting Entrepreneurs in Payments Innovation
Startup in Residence and its partners understand the legal, technical, and developmental challenges that entrepreneurs face while building practical, fast, and secure payment solutions. The program’s goal is to support these entrepreneurs so they can advance to the venture capital stage and accelerate their growth significantly.
With real-time payments set to roll out in Canada in 2023, financial institutions and fintech companies are constantly seeking new ways to provide top-quality products and services that are both instant and secure. Data from Payments Canada highlights the importance of creating solutions that meet the demands of our fast-paced world:
- 80% of Canadians want more practical payment solutions
- 50% of Canadians are ready to stop using cash, and 66% would stop writing cheques if better options were available
- 83% of Canadians who use e-wallets find them practical
- Businesses are increasingly adopting online transfers, a payment method that is growing 50% faster than any other
The targeted startups must provide solutions that enhance the payment experience for Canadians. Some priority areas include:
- Real-time payment solutions
- Open banking systems
- Payment solutions with a positive social impact, such as:
- Solutions that minimize digital exclusion
- Solutions that promote citizen-led and community initiatives
- Payment solutions that use AI to help users make informed choices
- Solutions that support the circular economy (cash flow)
- Solutions that enhance the consumer payment experience
Eligibility Criteria:
- Operate a business incorporated in Canada
- Be registered to participate in the challenge according to the rules set by Startup in Residence
- Have at least a working prototype of your solution
- Have not received any pre-institutional investment financing (VC, etc.)
- Have at least one co-founder working full-time in the startup
- Demonstrate high growth potential and ambition
- Have a founding/management team interested in hands-on coaching, with IT and entrepreneurial skills
Benefits:Up to three paytech startups will receive a $15,000 grant and a potential investment of up to $250,000 through Startup in Residence's Accelerator.
Application Deadline: May 24th, 2022
For More Information: Desjardins Paytech Fintech Accelerator Program.
