TD Bank Launches Innovation Partners Banking Platform for Technology Companies

TD Innovation Partners’ leadership team is comprised almost entirely of former SVB and former RBCx leaders.

TD Bank has launched TD Innovation Partners (TDIP), a full-service banking platform for technology entrepreneurs.

TD's new service aims to offer tech founders tailored private banking and lending services, as well as access to TD Wealth's private banking and wealth management solutions. The new service will compete with RBCx, RBC's innovation banking group launched in 2021, and Silicon Valley Bank (SVB), which was shut down by regulators last year, shaking up the tech ecosystem.

“With more than one million corporate banking customers across Canada, TD plays an active role in supporting business owners and helping them achieve their financial goals,” Barbara Hooper, head of TD's Canadian corporate banking group, said in a statement. “Our TDIP team is ready to support the next generation of innovative companies every step of the way.”

In fact, all but one of TDIP's leaders have leadership experience at either SVB or RBCx: Led by Shez Samji, former managing director and head of business development at SVB, the team also includes Mark Kiyonaga, former director of credit solutions at SVB, and former SVB vice presidents Michelle Sablan and Tom Roden, while TDIP's associate directors Thomas Bird and Alida Kanani were both vice presidents at RBCx before joining TD in recent months.

Related: Private Open Banking Update: TD Signs Plaid, Xero Signs Flinks

At TDIP, we are focused on elevating and curating the banking experience for technology companies and their founders so they can spend more time creating and growing their businesses,” Samji said in a statement.

TD Bank has come under scrutiny recently, with the Toronto Star reporting in May that the bank is under at least two money laundering investigations by the U.S. Department of Justice. The Star reported that one investigation alleged that TD Bank was the main institution used by Chinese drug traffickers to launder $653 million in fentanyl sales.

Earlier this month, Bloomberg reported that employees at a TD branch in Florida accepted multiple $200 bribes to help launder millions of dollars to Colombia. The bank also faces a class-action lawsuit alleging that TD misrepresented systemic deficiencies in its anti-money laundering measures.

Feature image courtesy of TD.

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