RBCx managing director Tony Barkett told The Logic the bank has recently received approval to launch the product, as first reported by BetaKit, which allows venture-backed startups to access additional capital through debt financing. (The Logic, BetaKit)

Talking point: It’s the fifth product that RBCx has launched in the last 12 months, Barkett said, adding that its goal is to cater to tech companies at any stage of growth. “This is just one part of our overall solutions that we’re providing our clients,” he said. RBCx, which launched in June, is an effort by Canada’s largest bank to further integrate itself into the country’s innovation ecosystem, with services ranging from consulting services to specialized financial products for tech companies. Canadian startups are increasingly relying on venture debt to spur growth, with that type of financing in 2021 on pace to surpass last year’s total, according to a Canadian Venture Capital & Private Equity Association report.

(This article has been updated to reflect that BetaKit first reported the news)