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Home 🌿 Marijuana Business News 🌿 Why Industry Giants and Disruptive Startups Are Working Together 🌿Why Industry Giants and Disruptive Startups Are Working Together
Big banks are starting to partner with the very fintech companies that formed to replace them
Financial technology startups have typically been portrayed as a band of T-shirt-clad geeks poised to snatch food off the dinner plates of the button-collared bankers. So it may have come as a surprise to some when, rather than going head-to-head with the Bay Street behemoths, so-called fintech companies started partnering with the very incumbents they had set out to upheave.
Over the past year, chief executives at some of Canada’s biggest banks have acknowledged the competitive threat posed by tech-savvy entrants.
At Royal Bank’s annual meeting last spring, CEO Dave McKay noted the importance of collaborating with early-stage companies—“even the ones trying to disrupt us.” Since then, CIBC has waded into online lending through its partnership with Montreal-based upstart Thinking Capital, while Scotiabank has invested in Kabbage, a U.S.-based lender that serves small- to medium-sized businesses....
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