The bank said the addition of the office, which will focus on providing growth capital to U.K.-based startups and their investors, will increase CIBC Innovation Banking’s offices worldwide to 12 locations. (The Logic)
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The bank said the addition of the office, which will focus on providing growth capital to U.K.-based startups and their investors, will increase CIBC Innovation Banking’s offices worldwide to 12 locations. (The Logic)
Talking point: Canadian banks have been increasingly focused on providing financial products for the tech industry. CIBC launched its innovation-banking vertical just three years ago, providing loans and other financial products to companies in the technology, life-sciences and cleantech industries. The expansion follows RBC’s announcement last week that it will begin offering venture debt—financing geared toward smaller, venture-backed startups—to Canadian companies through its specialized tech-banking wing, RBCx. Startups are increasingly relying on debt to fuel their growth, with Canadian venture-debt investments totalling $292 million in the first half of 2021.
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