The program is designed for start-ups that have created services or solutions for the financial sector, offer insights and advice to customers or help identify customer needs.

BMO Harris Bank, part of North America’s BMO Financial Group, and Chicago-based tech hub 1871, have launched WMN•FINtech, a mentoring program for women-led start-ups, tackling a perceived gender gap in the tech sector.

Applications will be accepted through May 11. Eligible start-ups should have a woman founder or cofounder and be US-based. Up to five of them will be selected.

The organizations say there is a pressing need to give female entrepreneurs and technologists more openings, citing figures showing that only 20 per cent of global start-ups raising their first funding round in 2019 had a female founder (source: Crunchbase, 2019 Diversity Report). 

The program is designed for start-ups that have created services or solutions for the financial sector, offer insights and advice to customers or help identify customer needs. WMN•FINtech will provide selected start-ups with a three-month mentoring program with guidance from industry experts at BMO Harris Bank; a four-month membership and working space at 1871; a curriculum focused on teaching enterprise sales cycles; vendor management; information security and risk and regulatory requirements; and the opportunity to pitch venture capital investors for feedback, mentoring, continued connections and/or funding.

Participants will be able to use 1871's new "PYROS" initiative, a 13-week series of workshops, seminars and one-to-one mentoring built for founders to help them gain and grow customers and investor traction. 

The program includes a pitch day designed for start-ups to gather feedback from and network with BMO senior executives. Participants may also have a potential future opportunity to pilot their product with BMO

"Women face unique challenges when running any business, especially start-ups," Niamh Kristufek, head of US business banking for BMO Harris Bank, said.