Toronto-based MaRS Discovery District announced on Tuesday that TMX Group Ltd., also of Toronto, will join MaRS’ financial technology (FinTech) cluster to connect with startups that are developing financial services technology focusing on big data, crypto currencies and capital markets.
“I am delighted to announce our strategic collaboration with TMX as we continue to grow MaRS’ FinTech cluster,” says Adam Nanjee,’ FinTech cluster lead at MaRS, in a statement. “As part of MaRS FinTech, TMX will join MaRS’ growing community of financial-technology companies and entrepreneurs, and, in doing so, learn from and build on new knowledge in financial services research.”
MaRS’ FinTech cluster provides financial technology startups with access to resources as well as domestic and international venture capital. The collaboration between MaRS and TMX Group will give these developing businesses an avenue to the “eXplore TMX Innovation Lab,” a design and development space built for creating products and services connected to technology and big data analytics for TMX Group’s clients.
“Our relationship with MaRS FinTech will connect TMX to Toronto’s growing financial tech ecosystem,” says Dave Orzel, head of eXplore TMX Innovation Lab, in a statement. “It is an exciting opportunity for our company to engage and participate in local innovation while developing new solutions for our clients.”
The collaboration between MaRS and TMX Group is the latest development in MaRS’s focus on financial technology companies. Montreal-based Thinking Capital Financial Corp., a Canadian online alternative lender for small and medium-sized businesses, announced on Thursday that it has joined MaRS Discovery District’s fintech cluster.