Royal Bank Merges Its Canadian Tech Banking Unit With Venture Arm Under RBCx BrandThursday, September 22, 2022
RBCx and RBC Ventures come together to create a leading tech banking and innovation platform in North America
Newly launched RBCx has been built to support tech companies at all stages of growth, with a full-service platform that powers bold ideas, founders, and the innovation economy
Vancouver, BC, September 22, 2022--(T-Net)--Royal Bank of Canada (RBC) announced today that RBCx, the bank's tech banking and innovation arm, and RBC Ventures, the innovation group that builds, acquires, invests, or partners with technology platforms to create solutions for Canadians, have joined together as a single group under the RBCx brand.
The combined organization will support Canada's tech trailblazers and aspiring entrepreneurs to compete harder and grow faster on the global stage while driving RBC's beyond banking strategy, according to the company.
RBCx will bring innovators together across four groups that will combine to back bold ideas, founders, and companies, across all stages and sizes of growth.
RBCx says it will offer competitive solutions across all stages of growth for tech companies and visionary entrepreneurs. The combined operational focus of core banking products and services, fund finance including direct investments, venture investments, partnerships and acquisitions, and a platform group of specialists and technologists, is unmatched by any competitor globally.
"We've built a platform unlike any other, a global leader, that will support tech entrepreneurs and our employees' bold ideas, one that will redefine what a bank can do," said Sid Paquette, Head, RBCx. "Our team of industry specialists will leverage RBC's extensive experience, network, and capital, pairing that with customizable bespoke solutions for each individual client to help them grow, and reach their full potential. The new structure will allow our Ventures innovation group the freedom to pursue daring ideas and build new capabilities as part of one of the world's largest financial institutions."
"With approximately 4,000 tech and innovation clients and a comprehensive network of RBCx advisors across the country, the commitment to Canada's tech sector and innovation industries has never been stronger".
"RBCx's competitive solutions, together with RBC's extensive experience, networks, and capital, will help our tech clients and portfolio of businesses in Ventures solve tomorrow's big problems and build the next generation of disruptive businesses", said the bank in a release.
"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," said Paquette.
"During this challenging time in our industry, it's critical for our startup community to have access to industry veterans, like-minded founders, and a broad network of advisors who can help steer them through this cycle. RBCx is now the platform that can help startups do that."
In addition to supporting a portfolio of innovative tech businesses like Mydoh, Dr. Bill, and Ownr, RBCx's Banking, Capital, and Platform groups offer a complete product suite of financing options, access to a comprehensive partner marketplace, strategic advisory services, support in marketing, design, technology operations, and more.
RBCx powers bold ideas, founders, and technology companies. We know building great businesses takes more than just finance, which is why our four pillars - Banking, Capital, Platform, and Ventures - combine to make us the go-to backer of Canadian innovation. We use our deep expertise to support businesses of all sizes and stages, and leverage RBC's extensive experience, networks, and capital to solve tomorrow's big problems.
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