FedDev Ontario Announces Support for Innovative Philanthropy-Driven Software Company
Waterloo - Bardish Chagger, Minister of Small Business and Tourism and Member of Parliament for Waterloo, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced up to $730,000 to help a Waterloo-based software developer market its philanthropy-driven technology to financial institutions across North America.
Formulating Change Inc. has developed ChangeIt, a software platform that revolutionizes charitable giving. It provides customers with an option to round up credit or debit card purchases to the nearest dollar, seamlessly donating money to charitable organizations of their choice. The company has already secured agreements with financial institutions such as BMO Canada and the Royal Bank of Canada.
Funding for this project will help accelerate Formulating Change Inc.'s go-to-market strategy by hiring a sales team to market ChangeIt to financial institutions in Canada and the United States, all of which will be able to offer the platform to their customers.
The Government of Canada's repayable contribution is through FedDev Ontario's Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
Formulating Change Inc. is leveraging $1.46 million in angel investment from members of the MaRS Angels and Golden Triangle Angel Network (GTAN).
The company expects to create 10 jobs and maintain 12 jobs in the Waterloo region over the course of the project.