The combined entity will provide tech firms and entrepreneurs in Canada with core banking products and services, financing including direct and venture investments, partnerships and acquisitions, and a platform group of specialists and technologists
RBC to combine RBCx and RBC Ventures. (Credit: Frugal Flyer on Unsplash)
Royal Bank of Canada (RBC) is combining its acquiring and investing group RBC Ventures and its banking technology unit RBCx into a single group under the RBCx brand.
The combined entity will support Canada’s tech firms and entrepreneurs in four areas, including banking services, capital, platform, and ventures.
It will provide tech firms with advanced banking products and services, along with investing, administering, and managing funds for VCs and companies.
With the new entity’s platform, a team of specialists will help portfolio companies and banking clients to scale with marketing, operations, design, and technology expertise.
Its ventures will include a portfolio of advanced technology businesses focused on creating new capabilities for RBC.
RBCx head Sid Paquette said: “We’ve built a platform unlike any other, a global leader that will support tech entrepreneurs and our employees’ bold ideas, one that will redefine what a bank can do.
“Our team of industry specialists will leverage RBC’s extensive experience, network, and capital, pairing that with customizable bespoke solutions for each individual client to help them grow, and reach their full potential.
“The new structure will allow our Ventures innovation group the freedom to pursue daring ideas and build new capabilities as part of one of the world’s largest financial institutions.”
According to the Canadian lender, RBCx has around 4,000 tech and innovation clients and a comprehensive network of advisors across the country.
Its competitive solutions, together with RBC’s experience, networks, and capital, would support tech clients and a portfolio of businesses in ventures.
In addition, RBCx’s banking, capital, and platform groups will provide a complete product suite of financing options, partner marketplace, and advisory services.
Paquette added: “We are connecting founders with other founders, providing access to financing through our fund finance group, investing in and scaling our internal Ventures innovation portfolio, supporting companies on their growth journey with our platform group, and helping tomorrow’s change makers scale globally.
“During this challenging time in our industry, it’s critical for our startup community to have access to industry veterans, like-minded founders, and a broad network of advisors who can help steer them through this cycle. RBCx is now the platform that can help startups do that.”