Digital Commerce Bank (“DCBank” or the “Bank”) today announced that it has executed a Memorandum of Understanding with Platform Calgary (“Platform Calgary”) with respect to an initiative to launch an annual $1.0 million Fintech Award in Calgary (the “Fintech Award” or the “Award”). Through the partnership, the Bank will be the title sponsor of the Fintech Award, and together with Platform Calgary will aim to accelerate the growth of fintech startups and transform Calgary into a global hub for fintech innovation.
The Award is intended to provide a non-dilutive award of cash and additional services to startups working in fintech ($500,000 to the top applicant, and $250,000 each to the second and third runners up.) DCBank is leading the Award with a financial commitment of $1M over four years, and along with Platform Calgary are currently working to engage additional financial contributors and other partners to develop a world-class Fintech Award program for Calgary.
“We are excited to launch this innovative, non-dilutive annual fintech award together with Platform Calgary”, said Jeffrey Smith, the Bank’s President & CEO. “Digital Commerce Bank’s head office is in Calgary, and we believe Calgary offers businesses, employees and shareholders advantages that are beneficial, and this initiative will showcase Calgary’s unique opportunities.”
Set to start the application process in Q1 of 2022, the Award will also include opportunities for mentoring, programming and discounted services for participants.
“Platform Calgary is laser-focused on making Calgary a global hub for startups and innovation. Collaboration is at the core of how we work, and this visionary partnership with Digital Commerce Bank promises to be a game-changer for both our city and the trajectory of the award winners. Digital Commerce Bank and the team have shown that they know how to build high-growth businesses right here in Calgary, and we couldn’t be happier to help them pay it forward.” says Terry Rock, President and CEO at Platform Calgary.