Toronto’s MaRS forms fintech partnership with Brazilian innovation hub Cubo

MaRS announced today a global partnership with Cubo Coworking Itaú, a new innovation hub based in São Paulo, Brazil. CUBO will be joining MaRS’ Financial Technology (“FinTech”) cluster, which connects entrepreneurs in emerging payments, peer-to-peer transactions, alternative lending and crypto-currencies with the financial services sector.

CUBO, a joint venture between Itaú Unibanco, one of Brazil’s largest banks and the São Paulo branch of Redpoint eVentures, is located in Vila Olimpia, São Paulo. The 5,000-square-metre space will accommodate up to 250 entrepreneurs 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 around the globe.”

“We’re delighted to connect our new incubator in the heart of São Paulo’s thriving fintech community with MaRS FinTech,” said Flávio 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.”

The partnership also strives to bring innovative solutions to market, mobilize and increase access to investment capital and drive job creation in both Canada and Brazil.

“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.”

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