In an exciting collaboration aimed at transforming workplace savings, Bank of Montreal (BMO) has teamed up with Calgary-based FinTech startup Link to introduce the BMO-Link Workplace Savings Platform.
This new Software-as-a-Service (SaaS) digital platform provides an innovative solution for employees to manage their retirement savings plans, helping businesses simplify benefits administration.
The partnership represents BMO’s commitment to pioneering digital solutions in the Canadian financial landscape, making it easier for companies to offer modern retirement savings options to their staff.
A Seamless, Flexible Approach to Employee Savings
The BMO-Link Workplace Savings Platform allows employees to contribute to various employer-sponsored plans such as Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and Deferred Profit-Sharing Plans (DPSPs). What sets this platform apart is its ability to enable users to create personalized ETF portfolios that provide diversification, liquidity, flexibility, and low fees—features that BMO claims make this the first platform of its kind in Canada offered by a major financial institution.
Simplifying Workplace Savings for All
Designed to streamline the often-complex world of workplace savings, the platform guides users through essential financial questions such as investment timeline, risk tolerance, and personal financial goals. Based on these answers, the system recommends the most suitable ETF portfolios for the individual. This user-centric approach ensures that both employees and employers can focus on growth without getting bogged down by administrative tasks.
As part of its robust offering, the platform automatically handles crucial functions such as payroll deductions, matching contributions, and portfolio rebalancing, ensuring that employees’ retirement savings grow without the usual manual intervention.
Supporting the Next Generation of Canadian FinTech Innovation
The collaboration builds on a deeper relationship between BMO and Link, which began in May 2023 when BMO acquired a minority stake in Link. This strategic investment was aimed at supporting Link’s growth and the development of its “best-in-class” technology.
Brian McClennon, CEO of Link, emphasized that the new platform is designed to modernize how Canadian businesses handle workplace savings, particularly for smaller companies that have previously faced challenges in offering affordable, efficient savings plans for their employees.
Bringing Big Tech to Smaller Businesses
Founded in 2016, Link originally focused on helping smaller businesses—often those without existing savings plans or struggling with high fees—by providing more accessible, cost-effective retirement solutions. Having raised $9 million CAD in pre-seed and seed funding rounds, followed by a $2.5 million Series A investment from Canaccord Genuity Group in 2021, Link’s innovative approach is poised to make a significant impact on Canada’s financial tech ecosystem.
Navigating Market Challenges with Innovation
This announcement comes at a time of heightened uncertainty in the markets, with global financial volatility driven by factors like U.S. President Donald Trump’s trade war and sweeping tariffs that initially rocked tech stocks, including BlackBerry, Lightspeed, and Shopify. However, the decision to pause tariffs brought a resurgence in the stock market, further underlining the need for stable, forward-thinking financial solutions like the BMO-Link platform.
Looking Ahead: A New Era for Canadian Retirement Savings
As BMO and Link prepare to expand the availability of their groundbreaking platform, the financial services industry is watching closely. This partnership not only demonstrates the power of collaboration between major institutions and startups but also signals a new era for employee retirement savings in Canada.
With the BMO-Link Workplace Savings Platform, Canadians now have access to a more streamlined, accessible, and efficient way to plan for their financial futures, potentially setting the stage for a broader transformation in the way workplace savings plans are managed across the country.
Stay tuned to Maple News Wire for more updates on Canada’s innovative financial solutions, tech trends, and market developments as we continue to bring you the latest news shaping the future of our economy.
