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National Bank

Deck Calls National Bank Lawsuit Frivolous, Seeks Dismissal

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Montréal startup Deck is asking a Québec court to dismiss a lawsuit filed by its former employer, National Bank of Canada, calling the action “frivolous, abusive, and destined to fail.” The suit, brought by National Bank and its subsidiary Flinks, alleges Deck co-founders Yves-Gabriel Leboeuf and Frédérick Lavoie breached a non-compete agreement.

Deck argues it does not compete with Flinks, instead offering AI agents that retrieve password-protected data on users’ behalf. The founders are seeking dismissal of the claim and $60,000 plus legal fees. The allegations have not yet been tested in court.

Want to know more? Check out the source code on Betakit.

National Bank Sues Flinks Founders Over Non-Compete

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National Bank has sued Flinks co-founders Yves-Gabriel Lebœuf and Frédérick Lavoie for $5.7 million, alleging they violated non-compete clauses after the lender acquired a majority stake in the fintech in 2021.

The lawsuit claims the founders shifted focus to Deck, a startup National Bank says competes with Flinks’ data aggregation services central to its open banking strategy. Lebœuf disputes the allegations, saying Deck operates outside restricted areas and that National Bank authorized their work. Deck secured US$12 million in April. National Bank is seeking an order to halt Deck’s activity.

Want to know more? Check out the source code on The Logic.

National Bank and Platform Calgary Forge Strategic Alliance to Boost Tech Startups

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National Bank of Canada and Platform Calgary have united forces, dedicating $380,000 over four years to establish the “National Bank Investor Hub” at the Platform Innovation Centre.

This strategic alliance aims to strengthen ties between investors and Calgary-based tech startups.

The hub will serve as a centralized access point for investors, providing training and facilitating early-stage connections between startups and investors, thus fostering the growth of the local technology sector.

Want to know more? Check out the source code on Calgary.tech.

National Bank to Acquire Silicon Valley Bank’s Canadian Loan Portfolio

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Today National Bank revealed plans to acquire Silicon Valley Bank’s (SVB) Canadian branch’s commercial loan portfolio. The agreement covers sectors like Technology, Life Science, and Global Fund Banking, expanding the bank’s commercial loan diversity in Canada.

The portfolio contains around $1 billion in loan commitments, with $325 million still outstanding. Tuyen Vo, the head of National Bank’s Technology and Innovation Banking Group since 2019, will oversee the integration of these assets into the group.

Michael Denham, EVP of Commercial and Private Banking at National Bank, stated the acquisition strengthens their presence in Canada’s tech industry.

The closing, expected in the coming weeks, is subject to Ontario Superior Court of Justice approval under the Winding-up and Restructuring Act.

Want to know more? Check out the source code on BetaKit.