News Releases

• The program provides immersive support sponsorship, empowering women founders to scale their fintech companies and break barriers in financial services.
• Since its launch in 2018, WMNfintech graduates have raised over $35 million in capital and created more than 200 jobs.
• The 2024 cohort addresses pressing challenges in cybersecurity, financial wellness, AI, operational efficiency and digital transformation, showcasing the impact of women-led innovation.

CHICAGO, Sept. 26, 2024 /CNW/ - BMO and 1871, a nonprofit global innovation hub, are today celebrating five women founders who have immersed themselves in the rigorous WMNfintech program over the past three months. The cohort received coaching, access to industry insights, and the value of BMO and 1871's powerful innovation ecosystem. Their efforts culminated in the acceleration of their business growth and the creation of solutions that will drive financial inclusion and solve key industry challenges.

As North America's largest nonprofit fintech accelerator focused on women-founded and women-led startups, WMNfintech is a catalyst for change, helping women entrepreneurs drive innovation and make a tangible impact in financial services.

"Completing the WMNfintech program is a testament to the resilience and ingenuity of these women entrepreneurs," said Andrew Harrison, Head of U.S. Digital Partners at BMO. "From learning responsible AI model validation, to the personal implications of cyber security response, we are pushing the boundaries of fintech. Each founder is contributing to meaningful change within financial services, and we're proud to support and guide them as they continue to scale their businesses. BMO is committed to driving progress for the most powerful eco-system for women-founders by eliminating barriers to inclusion and empowering the next generation of innovators."

"At 1871 we are actively committed to building a more inclusive and diverse community in order to provide those who are underrepresented a pathway into technology & innovation leadership," said Betsy Ziegler, CEO, 1871. "The WMNfintech program provides female founders invaluable benefits, creating unique opportunities for growth. For BMO and 1871, the goal is to drive a "founder first" program to accelerate women-founded fintech companies."

2024 WMNfintech Cohort:

• Addition Wealth (New York City)
  Founder: Amy Chou
  A financial wellness platform focused on democratizing access to personalized financial expertise. Through strategic partnerships with companies and financial institutions, Addition Wealth empowers individuals to make smarter financial decisions and optimize their money management. 
  
  
• Fillip Fleet Inc. (Calgary)
  Founder: Alice Reimer
  A fuel and vehicle expense management platform that gives businesses full control over their operations. Fillip's solution streamlines the process, reduces risks of fraud, and provides valuable insights into vehicle-related expenditures, transforming how companies manage transportation costs.
  
  
• OrdrSmart (Chicago)
  Founder: Prarthana Gupta
  A platform revolutionizing the product sampling process for manufacturers, OrdrSmart helps companies reduce costs, minimize errors, and optimize revenue by modernizing the sampling lifecycle. The platform enables manufacturers to digitize and centralize their sampling operations for greater efficiency and compliance.
  
  
• Proov.ai (Tel Aviv)
  Founder: Maya Urman Bahar
  An AI-powered regulatory compliance platform that automates model validation for financial institutions. Proov.ai enhances data governance, ensures fairness, and promotes transparency across AI and financial models, helping businesses stay compliant while fostering innovation.
  
  
• Protexxa (Toronto)
  Founder: Claudette McGowan
  A B2B SaaS cybersecurity platform that identifies and addresses personal and business cyber vulnerabilities using artificial intelligence (AI). Protexxa aims to bridge the gap between individual cyber hygiene and organizational risks, promoting a safer, more resilient digital economy.

Empowering Women to Lead in Fintech

The WMNfintech program equips women founders with the resources and knowledge they need to scale and succeed in a competitive industry. The program provides:

• Comprehensive support: Tailored curriculum covering essential topics such as enterprise sales, information security, and regulatory compliance.
• Exclusive access: Direct mentorship from industry leaders, and opportunities to pitch their innovations to BMO partners, potential investors, and stakeholders.
• Networking and resources: A six-month membership at 1871, giving participants access to workspace, technology advisors, and a robust support network of innovators and partners.

WMNfintech 's growing impact

Since launching in 2020, women-led fintechs who have come through the program have raised more than $35 million in capital and created over 200 jobs. Additionally, BMO has expanded its national fintech network, developed proofs of concept, partnerships, and investments in both the fintech space and previous WMNfintech participants.

Commitment to Zero Barriers to Inclusion

BMO's WMNfintech program is a critical component of the bank's broader commitment to Zero Barriers to Inclusion, a strategy focused on creating opportunities for underserved groups. By fostering diversity and inclusion in fintech, BMO is driving systemic change that will have a long-term impact on financial services and beyond.

BMO is dedicated to celebrating, empowering, and propelling women forward through various initiatives including:

• BMO's Celebrating Women program provides grant funding directly to women entrepreneurs.
• BMO's Zero Barriers to Business program for women-owned businesses provides access to capital, education, and partnerships for business owners.
• Partnership with the WNBA's Chicago Sky and the NWSL's Angel City FC, as well as a proud partner of FIFA Women's World Cup 2023™.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

About 1871

1871, a nonprofit global innovation hub, exists to inspire, equip, and support early-stage, growth-stage, late-stage, and corporate innovators in building extraordinary businesses. 1871 is home to ~500 early-stage startups, ~250 growth and late-stage companies, and ~60 corporates, and is supported by an entire community focused on accelerating their growth and creating jobs in the Chicagoland area. The member experience includes virtual and in-person access to workshops, events, mentorship, and more. The nonprofit organization has 350 mentors available to its members, alongside access to more than 200 partner corporations, universities, education programs, accelerators, venture funds, and others. Since its inception in 2012, more than 1,050+ alum companies are still active, have created over 14,700 jobs, and have raised more than $3.7 billion in follow-on capital.

SOURCE BMO Financial Group