Royal Bank of Canada (RBC) is merging its RBC Ventures partnership group with its RBCx technology banking and innovation arm in a bid to capture more business from entrepreneurs at all stages of their startups’ growth.
Sid Paquette, who has led both RBCx and Ventures since April, will head the combined business, the Toronto-based bank said in a statement. The new RBCx will remain part of Royal Bank’s personal and commercial banking business, headed by Neil McLaughlin.
The merger creates a single entity that can provide startups with everything from banking services and assistance from a group of specialists and technologists who can help them scale their businesses to access to capital including venture investments and even outright acquisitions. RBCx has about 4,000 technology clients across Canada, and RBC Ventures has supported startups including the Dr.Bill medical-billing software, the Ownr business-launching service and the Mydoh money-management app for kids.
RBCx, through partnerships and investments, provides Royal Bank with new technologies that can assist its other businesses, and helps it reach broader pools of customers to whom it can cross-sell other products, the bank has said.