TD Bank targets tech companies of all sizes with new unit

TD Bank Group has launched a banking division focused on technology companies.

The Toronto company, which has $2 trillion in assets under management, on Tuesday announced the TD Innovation Partners platform, which will provide banking, lending and asset management services to Canada-based technology companies at all stages of growth.

“The TDIP team has the background and knowledge to serve software companies and large enterprises, but is also able to lend to early-stage companies and is industry agnostic,” Shez Samji, head of TD Innovation Partners, said in an email.

Shez Samji, head of TD Innovation Partners at TD Bank Group, says his team can be the “connective tissue” for founders.

The collapse of Silicon Valley Bank created a void for start-ups seeking venture debt and corporate banking services. TDIP offers banking, private banking services, business credit cards, investment products, capital raising, asset management, credit strategies including equity monetization and currency hedging. It also offers cross-border banking services into the United States.

“Our team understands the founder's journey and how challenging it can be,” Samji says. “When founders come to us with a business idea, our team becomes the connective tissue and is able to operate with the same urgency as our clients.”

The Toronto bank did not say when it would launch a similar platform in the United States.

“We are always thinking about the next phase of growth for TDIP,” Samji responded.

Morningstar equity analyst Michael Miller notes that some of TD's peers target startups and technology companies, such as Toronto-based CIBC's innovation banking unit, which lends to companies at all stages of growth.

He cites two key areas where banks can help the sector: flexible financing solutions for capital raised and the ability to scale banking relationships as the business scales.

“These clients will also benefit from a specialized team that is accustomed to working with companies that are likely to be cash flow negative, particularly when it comes to underwriting any type of financing or liquidity solution,” he said in an email.

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