Inaugural Calgary Fintech Award offers $250,000 prize to fintech startups
Prize sponsor Dcbank calling on Calgary businesses to help boost award payout
You can talk about the need to diversify Calgary’s economy, or you can do something audacious to make that happen.
Tech innovation hub Platform Calgary, in partnership with Digital Commerce Bank, has launched the Calgary Fintech Award in which five private fintech company finalists will make
a pitch for a $250,000 nondilutive cash prize that goes straight to their balance sheet.
Dcbank has committed to sponsoring the award for four years, to the tune of $1 million. But the fintech’s co-founder, president and chief executive officer Jeffrey Smith is making his
own pitch to other Calgary businesses to help boost the prize package by joining in sponsorship of the award.
“I saw Calgary get hammered every time energy
prices collapsed,” Smith says.
“Calgary is a wonderful place to live and start a business and it offers plenty of economic advantages, and I want to see its economy diversify and grow the fintech pool, the way other fintechs such as Benevity and Neo Financial have done. But often the only thing standing between a great fintech idea and success is early-stage capital.”
Smith recalls his own search for early-stage capital when he launched his previous
venture, ATM operator Directcash Payments Inc., in 1997 — as he found himself jostling with other Calgary tech entrepreneurs making pitches to investors in Toronto.
“Instead of waiting for other businesses to sponsor the Calgary Fintech Award, and make more capital available to local fintech startups, we decided to simply commit to making this
happen,” Smith says.
“So many fintechs have built successful businesses in Calgary and we get paid really well to live here, so I’m making my pitch to them to add their support by sponsoring these awards and growing the prize offerings.”
Marcos Lopez is the former CEO of fintech Solium Capital (now Shareworks), sold to Morgan Stanley in 2019 for $1 billion. He notes that Calgary has an appetite for taking on risk, but that
the path for fintech startups to access early-stage capital isn’t always well marked.
“The Calgary Fintech Award is a lighthouse for startups to aim for, and to give them courage to pursue innovation,” he says. “Prizes such as this that offer earlystage capital can create sparks that may help attract later-stage capital and help these startups get off the ground and achieve escape velocity.”
Smith notes that all 25 competition finalists will benefit from interactive workshops, expert coaching and advisory sessions.
“This is an opportunity to showcase your company and get rewarded for it,” he says.
Applications for the competition close June 26.
To support the fintech community and boost the prize by becoming an award sponsor, please visit calgaryfintechaward.com.
This is an opportunity to showcase your company and get rewarded for it.”