MaRS announces FinTech partnership with Interac
TORONTO, August 18, 2015 – MaRS Discovery District today announced a new strategic partnership with Interac Association and Acxsys Corporation (“Interac”), the organizations behind Interac, Canada’s largest debit payment service. Interac is joining MaRS’ Financial Technology (“FinTech”) cluster to connect with leading startups developing next-generation technology in emerging payments, peer-to-peer transactions, alternative lending and crypto-currencies.
“The participation of Canada’s largest debit payment organization in MaRS FinTech cluster will further strengthen Toronto’s leadership as a global hub for financial services innovation,” said Adam Nanjee, Head, MaRS FinTech. “Through their expertise, Interac can offer our startups valuable perspective on the Canadian and global payments industries.”
As part of MaRS FinTech, Interac will work with MaRS’ growing community of financial technology entrepreneurs and collaborate with them on new technologies in emerging payments and transactions.
“As Canada’s domestic debit brand, we are excited to strengthen our commitment to home-grown innovation through our partnership with MaRS,” said Mark O’Connell, President and CEO at Interac. “In a time of rapidly advancing payments technology, our participation in the innovation ecosystem at MaRS enables us to engage with the brightest minds from Canada’s FinTech startups while exploring the latest innovative and secure payment solutions.”
MaRS, home to Canada’s first dedicated FinTech cluster, offers high-growth financial technology startups a sophisticated and comprehensive set of resources, as well as access to extensive capital, customer and partner networks. This partnership supports MaRS FinTech entrepreneurs by offering a range of opportunities, including product feedback, sales opportunities and business advisory.
Interac’s partnership follows a distinguished group of financial services and technology companies to join the cluster. Earlier this year, CIBC, PayPal, Moneris and UGO partnered with MaRS. MaRS is also collaborating with Startupbootcamp FinTech, a program led by the UK-based accelerator to help FinTech ventures expand globally.
Interac is Canada’s leading payment brand that operates an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 12 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada through Interac Debit and the US, and online through web based services – Interac Online for online purchases, and Interac e-Transfer for person-to-person payments. In addition, Interac Flash, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud. Visit www.interac.ca.
About MaRS Discovery District
MaRS Discovery District (@MaRSDD) in Toronto is the one of the world’s largest urban innovation hubs supporting a new generation of makers and innovators who aim to make the world a better place by creating solutions that address key societal challenges. It is a community that encourages entrepreneurial thinking through education programs and events, and helps startups launch, grow and scale. MaRS supports over 1,000 ventures that, in turn, employ over 5,000 people. In the last three years, MaRS ventures have raised $1.3 billion in capital and earned $640 million in revenue.
MaRS’ Financial Technology (FinTech) cluster connects the financial services sector with startups developing next-generation technology in emerging payments, financial services, peer-to-peer transactions and alternative lending.
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