CIBC invests in start-up Pollinate; launches paytech service for Canadian SMEs, Tyl
Canadian banking heavyweight CIBC has partnered with start-up Pollinate to launch Tyl by CIBC, a digital-first payment acceptance and merchant services platform for small and medium-sized enterprises (SMEs) in Canada.
Tyl, which is already used in other global markets, enables payments acceptance, provides point-of-sale technology, and helps users administer loyalty programmes. SMEs can receive payments in-person and online and get transaction information and insights through a central hub.
The platform also offers seamless integration into CIBC business banking services, the bank says.
As part of the deal, the bank is making a strategic financial investment in Pollinate, joining Insight Partners, NatWest, National Australia Bank, Mastercard, Fiserv and EFM Asset Management with an ownership stake in the company.
“Tyl by CIBC is a strategic investment in our commitment to help Canadian business owners achieve their ambitions through modern, digital technology, and the best of data-led insights, payments, and banking services through one simple and intuitive platform,” says Laura Dottori-Attanasio, group head, personal and business banking, CIBC.
There are over one million SMEs in Canada.
Founded in 2017 and based in London, UK, Pollinate provides banks with a cloud-based toolkit to serve small businesses. Last March, it raised $50 million in Series C funding for its North American expansion, bringing its total funding to $218 million across three rounds.