- The program provides immersive support sponsorship,
empowering women founders to scale their fintech companies and
break barriers in financial services.
- Since its launch in 2018, WMNfintech graduates have
raised over $35 million in capital
and created more than 200 jobs.
- The 2024 cohort addresses pressing challenges in
cybersecurity, financial wellness, AI, operational efficiency and
digital transformation, showcasing the impact of women-led
innovation.
CHICAGO, Sept. 26,
2024 /PRNewswire/ - BMO and 1871, a nonprofit
global innovation hub, are today celebrating five women founders
who have immersed themselves in the rigorous WMNfintech
program over the past three months. The cohort received coaching,
access to industry insights, and the value of BMO and 1871's
powerful innovation ecosystem. Their efforts culminated in the
acceleration of their business growth and the creation of solutions
that will drive financial inclusion and solve key industry
challenges.
As North America's largest
nonprofit fintech accelerator focused on women-founded and
women-led startups, WMNfintech is a catalyst for change,
helping women entrepreneurs drive innovation and make a tangible
impact in financial services.
"Completing the WMNfintech program is a testament to the
resilience and ingenuity of these women entrepreneurs," said
Andrew Harrison, Head of U.S.
Digital Partners at BMO. "From learning responsible AI model
validation, to the personal implications of cyber security
response, we are pushing the boundaries of fintech. Each founder is
contributing to meaningful change within financial services, and
we're proud to support and guide them as they continue to scale
their businesses. BMO is committed to driving progress for the most
powerful eco-system for women-founders by eliminating barriers to
inclusion and empowering the next generation of innovators."
"At 1871 we are actively committed to building a more inclusive
and diverse community in order to provide those who are
underrepresented a pathway into technology & innovation
leadership," said Betsy Ziegler,
CEO, 1871. "The WMNfintech program provides female founders
invaluable benefits, creating unique opportunities for growth. For
BMO and 1871, the goal is to drive a "founder first" program to
accelerate women-founded fintech companies."
2024 WMNfintech Cohort:
- Addition Wealth (New York
City)
Founder: Amy Chou
A financial wellness platform focused on democratizing access to
personalized financial expertise. Through strategic partnerships
with companies and financial institutions, Addition Wealth empowers
individuals to make smarter financial decisions and optimize their
money management.
- Fillip Fleet Inc. (Calgary)
Founder: Alice Reimer
A fuel and vehicle expense management platform that gives
businesses full control over their operations. Fillip's solution
streamlines the process, reduces risks of fraud, and
provides valuable insights into vehicle-related expenditures,
transforming how companies manage transportation costs.
- OrdrSmart (Chicago)
Founder: Prarthana Gupta
A platform revolutionizing the product sampling process for
manufacturers, OrdrSmart helps companies reduce costs, minimize
errors, and optimize revenue by modernizing the sampling lifecycle.
The platform enables manufacturers to digitize and centralize their
sampling operations for greater efficiency and compliance.
- Proov.ai (Tel
Aviv)
Founder: Maya Urman Bahar
An AI-powered regulatory compliance platform that automates model
validation for financial institutions. Proov.ai enhances data
governance, ensures fairness, and promotes transparency across AI
and financial models, helping businesses stay compliant while
fostering innovation.
- Protexxa (Toronto)
Founder: Claudette
McGowan
A B2B SaaS cybersecurity platform that identifies and addresses
personal and business cyber vulnerabilities using artificial
intelligence (AI). Protexxa aims to bridge the gap between
individual cyber hygiene and organizational risks, promoting a
safer, more resilient digital economy.
Empowering Women to Lead in Fintech
The WMNfintech program equips women founders with the
resources and knowledge they need to scale and succeed in a
competitive industry. The program provides:
- Comprehensive support: Tailored curriculum covering
essential topics such as enterprise sales, information security,
and regulatory compliance.
- Exclusive access: Direct mentorship from industry
leaders, and opportunities to pitch their innovations to BMO
partners, potential investors, and stakeholders.
- Networking and resources: A six-month membership at
1871, giving participants access to workspace, technology advisors,
and a robust support network of innovators and partners.
WMNfintech 's growing impact
Since launching in 2020, women-led fintechs who have come
through the program have raised more than $35 million in
capital and created over 200 jobs. Additionally, BMO has expanded
its national fintech network, developed proofs of concept,
partnerships, and investments in both the fintech space and
previous WMNfintech participants.
Commitment to Zero Barriers to Inclusion
BMO's WMNfintech program is a critical component of the
bank's broader commitment to Zero Barriers to Inclusion, a strategy
focused on creating opportunities for underserved groups. By
fostering diversity and inclusion in fintech, BMO is driving
systemic change that will have a long-term impact on financial
services and beyond.
BMO is dedicated to celebrating, empowering, and propelling
women forward through various initiatives including:
- BMO's Celebrating Women program provides grant funding directly
to women entrepreneurs.
- BMO's Zero Barriers to Business program for women-owned
businesses provides access to capital, education, and partnerships
for business owners.
- Partnership with the WNBA's Chicago Sky and the NWSL's Angel
City FC, as well as a proud partner of FIFA Women's World Cup
2023™.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North
America by assets, with total assets of $1.4 trillion as of July
31, 2024. Serving customers for 200 years and counting, BMO is a
diverse team of highly engaged employees providing a broad range of
personal and commercial banking, wealth management, global markets
and investment banking products and services to 13 million
customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
society.
About 1871
1871, a nonprofit global innovation hub, exists to inspire,
equip, and support early-stage, growth-stage, late-stage, and
corporate innovators in building extraordinary businesses. 1871 is
home to ~500 early-stage startups, ~250 growth and late-stage
companies, and ~60 corporates, and is supported by an entire
community focused on accelerating their growth and creating jobs in
the Chicagoland area. The member experience includes virtual and
in-person access to workshops, events, mentorship, and more. The
nonprofit organization has 350 mentors available to its members,
alongside access to more than 200 partner corporations,
universities, education programs, accelerators, venture funds, and
others. Since its inception in 2012, more than 1,050+ alum
companies are still active, have created over 14,700 jobs, and have
raised more than $3.7 billion in
follow-on capital.
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SOURCE BMO Financial Group