MaRS announced today a global partnership with CUBO, a fintech innovation hub based in São Paulo, Brazil.
CUBO will be joining MaRS’ Financial Technology cluster, which connects entrepreneurs in emerging payments, peer-to-peer transactions, alternative lending and crypto-currencies, with the financial services sector. Others, including CIBC and Interac, have joined the cluster.
CUBO has a 5,000 square metre space that will accommodate 250 startups over six floors.
This international collaboration is aimed at strengthening business networks, talent development and programs across both hubs.
“By working together Canada’s largest FinTech hub at MaRS and São Paulo’s newest FinTech hub are creating opportunities for ventures in both jurisdictions to grow globally,” said Adam Nanjee, Head, MaRS FinTech. “Adding CUBO to MaRS’ network of international partners provides our startups with a landing space in South America and connects our financial services partners with fintech entrepreneurs across the globe.”
São Paulo ranks as the 12th best city for tech startups according to Compass.
“We’re delighted to connect our new incubator in the heart of São Paulo’s thriving fintech community with MaRS FinTech,” said Flavio Pripas, Managing Director, CUBO. “CUBO’s mission to connect, inspire and educate aligns perfectly with MaRS. We want to help our startups and entrepreneurs succeed by connecting them with critical resources, which is why we’re aligning with Canada’s first dedicated FinTech hub.”
“Ontario is Canada’s hub for banking and financial technologies,” said Michael Chan, Ontario Minister of Citizenship, Immigration and International Trade. “This partnership will go a long way to help Ontario tech companies find opportunities in the Brazilian market and to create lasting partnerships with Brazilian companies.”
CUBO is a joint venture between Itau and Redpoint Ventures. Itau Unibanco is the largest Latin American bank.