INV Fintech has secured BMO Harris Bank as a member of its accelerator and technology innovation platform, INV announced today. INV Fintech, the sister accelerator to Bank Innovation, fosters innovation through information sharing, relationship building and collaborations between startups and financial institutions.
“We look forward to collaborating with BMO as we work with the next generation of innovators,” said Rodrigo Suarez, principal of INV Fintech. “The bank’s support for the program and its interest in collaborating with participants is perfectly aligned with our core objectives.”
A Chicago-based subsidiary of Bank of Montreal, BMO Harris, the 27th-largest bank in the nation with $109 billion of assets, has been working with early and late-stage startups through partnerships with accelerators and direct relationships. It recently announced a small business-focused challenge with DMZ in Toronto and expanded its innovation program with Chicago’s 1871 Center for Technology and Entrepreneurship.
“We value fintech and big tech partnerships as a source of innovation, a catalyst for improving our customer experience and a pillar for open banking,” said Ben Schack, head of US digital partnerships at BMO. “We’re excited to join INV Fintech to broaden our reach and exposure to innovative startups. We hope to add value to the INV Fintech ecosystem by providing expertise and support to the companies that participate in the program.”
Currently halfway through its seventh class, INV Fintech has helped more than 50 fintech startups grow their businesses and pursue partnership opportunities with financial institutions and technology companies. BMO joins Fiserv, TIAA, BB&T and other corporate members of INV Fintech’s accelerator program.