- BMO & 1871's WMNfintech is North
America's largest fintech industry program for women-founded
and women-led startups
- More than 15 percent of women fintech founders across
North America have participated in
WMNfintech
CHICAGO, Aug. 15,
2022 /CNW/ - BMO Financial Group and 1871 today named
the five companies presenting at its 2022 WMNfintech Program,
after an immersive 4-week educational programming known as
PYROS and fintech amplified learning workshops delivered by
BMO leaders. WMNfintech is North
America's largest nonprofit fintech industry program for
women-founded and women-led startups. The program is designed to
bridge the gender gap in the startup and tech community by giving
more women entrepreneurs the opportunity to bring innovative
technologies and products forward.
Since launching, women-led fintechs in the program have raised
more than $29M in capital and created
over 170 jobs. Additionally, over 15 percent of all women fintech
founders in North America have
come through BMO's doors since 2018 and become a valuable part of
our ecosystem. This year, the following five women-led companies
were chosen to participate in the 2022 cohort of WMNfintech:
Sign-Speak (New York,
NY)
Sign-Speak is a real-time AI Sign Language recognition software
that allows for sign language to be translated into English
and vice versa, enabling businesses everywhere to communicate with
their Deaf and Hard of Hearing clients and employees more
effectively.
• Yamillet Payano, CEO
and Co-Founder
Xeni (New York,
NY)
Xeni solves the massive problem of payments in the travel industry
with a Web 3 native accounting system that includes onramp and
offramp for payment and settlement to lower payment and settlement
costs, reduces fraud and chargebacks, and simplifies accounting and
accounts reconciliation.
• Rachel Spektor,
President
Debtle (Sheboygan,
WI)
Debtle is a cloud-based software that automates, improves, and
simplifies the negotiation and settlement of overdue invoices
through a safe and consumer-friendly platform.
• Stephanie Hoskins,
Co-Founder
Second Keys (Memphis,
TN)
Second Keys is a real estate software company built by property
managers for property managers. It has all the standard features of
a property management platform: accounting; rent collection;
maintenance tracking and proprietary AI-powered maintenance; and an
expense and ROI predictor.
• Amber Hayes, CEO
Grounded Technologies (New
York, NY)
Grounded Technologies helps banks grow. They are a middleware layer
that provides regulated balance sheet growth through core deposits
and loans as well as low-code, no code customizable banking
products.
• Danae Vachata,
Founder and CEO
"We're thrilled to join our longtime partner BMO Financial Group
in welcoming the members of our third cohort of WMNfintech, who
will pitch their impressive technologies and products," said
Betsy Ziegler, CEO of 1871. "These
five women-led startups are building extraordinary businesses that
will shape the future of the financial sector, and we're proud to
provide the resources, mentorship, and support they need to
thrive."
"The WMNfintech Program is an incredible opportunity for
these women-led fintechs to gain well-deserved exposure with our
business leaders and ecosystem partners. It's a chance to showcase
how their technology and products are solving crucial financial
challenges," said Andrew Harrison,
Head, U.S. Digital Partnerships, BMO Financial Group. "This year's
cohort have all discovered innovative ways to deliver value for our
commercial clients and help them run their business easier. BMO is
thrilled to support and contribute to the continued success of
these exceptional women-founded and women-led startups as we finish
the program's third year."
This week's events begin with a Founder's Roundtable today, a
dinner with program leadership on Wednesday,
August 17, and the opportunity to showcase their insights to
BMO executives and ecosystem partners on Thursday, August 18.
WMNfintech strongly aligns with BMO's commitment for an
inclusive society and work to eliminate barriers to inclusion. It
represents another example of BMO's Digital First strategy, focused
on building a digitally-enabled, future-ready bank that drives
progress for its customers, unlocks the power of its people and
delivers loyalty, growth and efficiency.
BMO is committed to supporting the advancement of women both
within the bank and beyond, including through:
- $1.2 million in funding to SheEO
– a not-for-profit company which offers financial support to
businesses led by women and non-binary people. BMO's financial
commitment will allow SheEO to fund all 2021 venture applicant
companies.
- BMO Empower – a series of long-term commitments to advance
inclusive economic recovery in the United
States, pledging $5 billion
over the next five years to address key barriers faced by minority
businesses, communities and families.
Learn more about BMO's support for women entrepreneurs, its
Purpose to Boldly Grow the Good in business and life, and
1871 by visiting bmoforwomen.com.
About 1871
1871 is Chicago's technology hub and the #1 ranked
private business incubator in the world. It exists to inspire,
equip, and support early stage, growth scalers and innovators in
building extraordinary businesses. 1871 is home to ~450 technology
startups, ~300 growth stage companies, and ~1,500 members, and is
supported by an entire ecosystem focused on accelerating their
growth and creating jobs in the Chicagoland area. The member
experience includes virtual and in person access to workshops,
events, mentorship, and more. The nonprofit organization has 350
mentors available to its members, alongside access to more than 100
partner corporations, universities, education programs,
accelerators, venture funds and others. Since its inception in
2012, more than 650 alumni companies are currently still active,
have created over 11,000 jobs, and have raised more than $1.65
billion in follow-on capital.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial
services provider - the 8th largest bank, by assets,
in North America. With total assets of $1.04
trillion as of April 30, 2022, and a team of diverse and
highly engaged employees, BMO provides a broad range of personal
and commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
1 15 percent of all women fintech founders in
North America have participated in
the WMNfintech Program according to data collected from Crunchbase
on women-founded or women-led Fintechs founded from 2017 to
2022
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SOURCE BMO Financial Group