CIBC is to invest in Pollinate, a merchant acquiring startup founded by former Monitise chief Alastair Lukies, and to roll out its Tyl payment terminals across canada.
Pollinate offers a cloud-based platform that allows banks to offer a one-stop shop for SMEs, from access to capital, the ability to take payment, digital loyalty schemes, marketing tools and insights. The system is already in use by NatWest in the UK and NAB in Australia.
CIBC is joining Insight Partners, NatWest, National Australia Bank, Mastercard, Fiserv, and EFM Asset Management with an ownership stake in the company.
Pollinate closed its last $50 million funding round in March last year.
Laura Dottori-Attanasio, group head, personal and business banking, CIBC, comments: "Tyl by CIBC is a strategic investment in our commitment to help Canadian business owners achieve their ambitions through modern, digital technology, and the best of data-led insights, payments, and banking services through one simple and intuitive platform. Canada has over one million small-and medium-sized enterprises, and our new platform will meet their changing needs as we emerge from the pandemic and focus on growth."