The bank has set up a nine-person team to provide debt financing to tech startups. Devon Dayton, one of BMO’s managing directors for the group, declined to confirm the final scope of the team once it finished hiring. The bank wants to reach companies from the early stage to initial public offerings. (Globe and Mail)

Talking point: BMO is the latest Big Five bank entering the increasingly competitive market to lend money to Canadian tech companies. BMO already counts tech companies as clients, so this could simply be a consolidation of existing clients in a new group, although the bank has brought in experienced personnel like Dayton. The move comes on the heels of Silicon Valley Bank’s Canadian banking licence, which was awarded in March. Venture debt is becoming a more attractive option to entrepreneurs; speaking to The Globe in early January, Real Ventures partner Janet Bannister said the firm’s portfolio companies are increasingly taking on debt, while banks are hoping to work with companies that can grow to be the next Shopify.