L-SPARK, Canada’s largest Software as a Service (SaaS) accelerator, has partnered with Stripe, the leading technology company building economic infrastructure for the internet, to facilitate Canadian SaaS startup growth globally. The startups from the L-SPARK accelerator program will gain access to merchant payment technology and will be able to better manage their businesses online with the help of Stripe’s online payment platform.
Canada has produced some of the top leaders in today’s SaaS marketplace, such as Shopify and Freshbooks. Yet, early stage Canadian SaaS companies often struggle to scale into globally competitive firms that generate large revenue. Already the premiere destination for Canadian SaaS startups, L-SPARK’s partnership with Stripe signifies the accelerator is doubling down on its efforts to help SaaS startups build and scale globally.
“This is an exciting partnership. As one of the first accelerators in Canada to become a partner, and as the premiere SaaS accelerator, this partnership opens up a lot of potential for our companies.” said Leo Lax, Executive Managing Director of L-SPARK. “SaaS companies depend on a reliable and global online payment system. Stripe provides not only a global facility, but a great partner for growth. We are honored and excited to become a Stripe partner.”
Stripe designs economic infrastructure on the internet, and businesses of all sizes use its software to accept payments and manage their businesses online. With Canadian eCommerce revenue expected to rise from roughly $30 billion CAD in 2018 to over $36 billion by 2021, the need for an online payment system for startups is vital.
Stripe’s merchant payment processing technology will become readily available to startups in the L-SPARK accelerator cohort. It gives these growing Canadian SaaS companies access to a world leader in online payments and helps to facilitate business relationships on the global market. For L-SPARK, partnerships with global leaders like Stripe increase the value the accelerator can offer its portfolio of companies, and the startups will benefit from the development of a working relationship with a global corporation.
“Partnering with L-SPARK in Canada will help us further our push for the removal of online commerce barriers around the world,” said Alex Litwin, Account Executive at Stripe, “This collaboration, we hope, will help Canadian companies start up and scale up more quickly across the globe.”