The data science and engineering hub in Toronto, Canada, will help BFS Capital in building new financial products for small businesses

BFS Capital

BFS Capital’s new office in Toronto, Canada (Credit: BFS Capital)

Small business lender BFS Capital has opened a data science and engineering hub in Toronto, Canada, to accelerate the development of digital financial products for small businesses across the globe.

Located in Toronto’s downtown core at University and King, the hub will enable BFS Capital to use the city’s advanced data science and machine learning talent for the development of next-generation financial products, the company said.

BFS Capital’s new hub will work on key areas such as technology, data science, customer operations and digital marketing.

The company stated that the hub will operate as a start-up within BFS, which has been involved in commercial lending to small businesses for more than a decade.

BFS Capital CEO Mark Ruddock said: “Toronto is fast becoming an epicenter of data science, artificial intelligence and technology and is an ideal place to expand our team and capitalize on our vision for intuitive, user-centric and digital-first financial services.

“After having spent the past few years leading organisations overseas, I’ve been incredibly impressed by the rise of Toronto into one of the top technology centres in the world.”

Hub in Toronto, Canada will generate 50 jobs

The hub will employ up to 50 people. The company will hire a cross-functional team of developers, UX designers, data scientists, software developers and engineers, and business operations professionals.

BFS Capital chief technology officer and chief product officer Fred Kauber said: “Toronto is now ranked one of the top cities in North America for tech talent and is one of the global markets we serve. We’re investing here in order to further our mobile-first digital transformation and bring a seamless experience to our small business customers.”

BFS Capital chief risk officer Eric Weiner said: “Building a data science team with the right skills is critical to driving business value. This new workspace gives us a centralized capability for data and advanced analytics so that we can create our digital future.”

Weiner will relocate from BFS Capital’s Coral Springs, Florida, headquarters to Toronto.

Earlier this year, the company announced that it had issued more than $2bn in financing to more than 20,000 small businesses across the US and Canada and through its UK subsidiary Boost Capital.