The Montréal FinTech Station will officially launch later in summer 2018. However, organizers plan to spend the first year building connections and recruiting startups to participate.
Moreover, it plans to open a physical space, which will accommodate 20 to 30 startups in fall 2019.
The FinTech Station will not invest in the companies working there, instead it plans to offer a package of services to participating companies.
The centre hopes to foster partnerships between participants and incumbent financial institutions.
The program will receive USD 10.5 million in funding from the provincial government. Of that, USD 1.5 million was earmarked in the March 2017 budget, while the other USD 9 million — over five years — was in the 2018 budget. That will be matched by private-sector funding, organizers said.
The program will be aimed at startups that have been in business less than five years and have sales under USD 5 million. However, they will be required to have a product and at least one customer.
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