Interac backs Toronto fintech cluster

Interac backs Toronto fintech cluster

Toronto's new financial technology cluster has signed up one of the country's biggest fintech players, debit payment group Interac, as a strategic partner.

Launched earlier this year, the cluster at the Mars Discovery District innovation hub in downtown Toronto aims to help the city become a major fintech player and connect established technology and banking leaders with startups.

Interac follows Cibc, PayPal, Moneris and mobile wallet outfit Ugo in supporting the venture, promising to work with entrepreneurs developing technology in areas such as emerging payments, peer-to-peer transactions, alternative lending and crypto-currencies.

Mark O’Connell, president and CEO, Interac, says: "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."

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