CIBC Innovation Banking unit launched to help grow startups

Source: CIBC

Today, CIBC (TSX: CM) (NYSE: CM) introduced CIBC Innovation Banking, a full-service business that delivers strategic advice and funding to North American technology and innovation clients at each stage of their business cycle, from start up to IPO and beyond.

CIBC Innovation Banking brings extensive experience and a strong, collaborative team that extends across commercial banking and capital markets in Canada and the U.S.

“Developing, growing and implementing new technology is critical to driving the innovation economy. At CIBC, we are embracing the opportunity to help early and mid-stage technology companies compete and accelerate growth in this fast-evolving and growing sector,” said Roman Dubczak, Managing Director and Head, Global Investment Banking, CIBC. “We’re committed to becoming one of North America’s leading client-focused banks in the innovation ecosystem.”

In addition to tailored advisory expertise and financing solutions, CIBC Innovation Banking clients benefit from cash management, deposit, personal wealth and capital markets services to help grow their business and succeed in the North American innovation economy.

To further deepen its capabilities and complement CIBC Bank USA’s existing commercial banking team that focuses on this growing sector, CIBC also announced today that it has acquired the loan assets of Wellington Financial Fund V LP (“Wellington Financial”) as part of CIBC Innovation Banking. Wellington Financial joins CIBC Innovation Banking bringing aboard its strong team, proven track record and relationships.

Based in Toronto with U.S. presence in New York City and Menlo Park, Wellington Financial is a leading, privately-held provider of growth capital to early and mid-stage technology companies. Founded in 2000, Wellington Financial has deep expertise in venture lending in Canada and the U.S. across five different institutionally-backed funds.

“We have a well-established and highly connected CIBC Innovation Banking team that spans across our bank, including our U.S. Commercial Banking team in Chicago, and specializes in servicing clients in this important sector on both sides of the border,” said Jon Hountalas, Senior Executive Vice-President and Group Head, Canadian Commercial Banking and Wealth Management, CIBC. “As part of that focus, we are pleased to welcome Wellington Financial, a leading venture lender, to CIBC. Mark McQueen and the Wellington team bring an exceptional client focus and specialized experience and capabilities that will further strengthen our business and ability to serve clients.”

“CIBC shares our razor sharp focus on what is now a core sector of the North American economy,” said Mark McQueen, President and Executive Managing Director, CIBC Innovation Banking. “We are excited to join the team and look forward to continuing to serve the needs of entrepreneurs and venture capital funds with a broad range of capital solutions to grow their businesses and compete in a dynamic industry. CIBC represents the perfect partner for our team and the tech ecosystem as a whole.”

CIBC has a culture dedicated to innovation from investing in specialized talent, to establishing a Technology Lending Program and building Digital and Data labs to achieve strong outcomes for its clients. By pairing this culture with its capital, CIBC will continue serving the entrepreneurs and businesses that play a key role in driving the North American economy.

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