MaRS forms international fintech partnership with CUBO in São Paulo

MaRS, home to Canada’s first dedicated FinTech cluster, is partnering with Brazil’s first fintech innovation hub

TORONTO and SÃO PAULO, September 10, 2015 – MaRS announced today a global partnership with Cubo Coworking Itaú (“CUBO”), a new innovation hub based in São Paulo, Brazil. CUBO will be joining MaRS’ Financial Technology (“FinTech”) cluster, which connects entrepreneurs in emerging payments, peer-to-peer transactions, alternative lending and crypto-currencies with the financial services sector.

CUBO, a joint venture between Itaú Unibanco, one of Brazil’s largest banks and the São Paulo branch of Redpoint eVentures, is located in Vila Olimpia, São Paulo. The 5,000-square-metre space will accommodate up to 250 entrepreneurs over six floors.

This international collaboration is aimed at strengthening business networks, talent development and programs across both hubs.

“By working together, Canada’s largest FinTech hub at MaRS and São Paulo’s newest FinTech hub are creating opportunities for ventures in both jurisdictions to grow globally,” said Adam Nanjee, Head, MaRS FinTech. “Adding CUBO to MaRS’ network of international partners provides our startups with a landing space in South America and connects our financial services partners with fintech entrepreneurs around the globe.”

“We’re delighted to connect our new incubator in the heart of São Paulo’s thriving fintech community with MaRS FinTech,” said Flávio Pripas, Managing Director, CUBO. “CUBO’s mission to connect, inspire and educate aligns perfectly with MaRS. We want to help our startups and entrepreneurs succeed by connecting them with critical resources, which is why we’re aligning with Canada’s first dedicated FinTech hub.”

The partnership also strives to bring innovative solutions to market, mobilize and increase access to investment capital and drive job creation in both Canada and Brazil.

“Ontario is Canada’s hub for banking and financial technologies,” said Michael Chan, Ontario Minister of Citizenship, Immigration and International Trade. “This partnership will go a long way to help Ontario tech companies find opportunities in the Brazilian market and to create lasting partnerships with Brazilian companies.”

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 cluster connects the financial services sector with startups developing next-generation technology in emerging payments, financial services, peer-to-peer transactions and alternative lending.

About CUBO
CUBO is a joint venture between Itaú and Redpoint eVentures. It is an innovation hub based in São Paulo that will foster the Brazilian startup ecosystem by inspiring, educating and connecting great people. CUBO will promote the intersection of entrepreneurs, mentors, academic research, investors and corporations increasing the potential for successful ventures to emerge.

About Itaú
Itaú Unibanco is the largest Latin American bank and one of the largest banks on the planet, with approximately 96,000 employees and operations in 20 countries throughout the Americas, Asia and Europe. They are a universal bank with a range of services and products serving the most varied client profile – both individuals and companies of all sizes, from major transnational groups to local micro-entrepreneurship. They are recognized for their governance practices and their management, which is focused on the generation of economic, social and environmental value.

For more information, contact:
Lara Torvi
MaRS Discovery District

Fernanda Botelho
Itaú Unibanco
55 11 5019 8884