UK fintech firms are being offered the chance to win an all-expenses-paid trip to Canada, where they will spend three weeks working in a Canadian incubator.

Toronto-based Digital Media Zone (DMZ), which operates out of Ryerson University is looking to find three seed-stage startups through its Next Big Idea Contest, which was announced today.

The three winners will be enrolled in a custom programme that is designed to help UK companies target the North American financial services sector. Specifically, DMZ claims it will help them refine their product and market strategy for North American clients and consumers.

London is widely considered to be a world leader when it comes to producing innovative fintech companies. In the first six months of this year over £300 million in venture capital money was invested in UK fintech firms.

Valerie Fox, executive director at DMZ claimed Toronto is one of the top 10 startup ecosystems in the world and the second largest financial centre in North America.

“In partnership with the Ontario International Marketing Centre (UK), we are strongly committed to supporting the growth of innovative, seed-stage companies in the financial technology sector,” she said.

Aaron Rosland, counsellor for the High Commission of Canada in London, said: “The Next Big Idea Contest wants to bring three of the UK’s most innovative fintech companies to Toronto for a working visit at the Digital Media Zone and the opportunity to expand their business to the North American market.”

The contest closes 30 November. Startups can submit their entries here.  

DMZ is the top-ranked university business incubator in Canada and is ranked fifth in the world, according to the 2014 UBI Index. Previously it has hosted entrepreneurs from the likes of Israel, China and India.

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