The Royal Bank of Canada is merging its tech banking and innovation arm, RBCx, with its group for acquiring and investing in technology platforms, RBC Ventures.
Banking will power technology businesses with products and services to help them scale; capital will invest, administer, and manage funds for VCs and companies with a focus on the tech, life sciences, and climate sectors; platform will help portfolio companies and banking clients scale with marketing, operations, design, and technology expertise; and ventures will consist of a portfolio of technology businesses focused on building new capabilities for RBC.
Sid Paquette, head, RBCx, says: “We aren’t just offering banking products to the tech industry, we are connecting founders with other founders, providing access to financing through our fund finance group, investing in and scaling our internal Ventures innovation portfolio, supporting companies on their growth journey with our platform group, and helping tomorrow’s change makers scale globally.”