TORONTO, November 8, 2018 – Today The Upside Foundation, a charity that makes it easy for early-stage, high-growth Canadian companies to give back in a meaningful way, announced the launch of a new corporate partnership program that will support the organization’s growth moving into 2019. Interac Corp. (Interac) has signed on as The Upside Foundation’s Innovation Sponsor, becoming the first corporate sponsor in the program. Following tremendous member growth and interest from Canadian companies in sharing their upside throughout 2017 and 2018, Interac’s support of The Upside Foundation will allow the charity to scale its operations to engage more companies across Canada in giving back to their communities.
“We’re so grateful for the generous support of Interac,” said Jennifer Couldrey, Executive Director at The Upside Foundation. “There’s so much opportunity for Canada’s dynamic technology community to invest in their communities while building great businesses. By signing on as our first corporate sponsor in the new program, Interac has shown true commitment to support the cause. With their help, we’re excited to see what the future of The Upside Foundation, and the future of corporate social responsibility for tech companies in Canada, has in store.”
The Upside Foundation has over 200 member companies, including Wealthsimple and Hubba, who have committed a small portion of company equity, which upon a future liquidity event, converts to a donation for the charity of their choice. The organization is deeply embedded in the Canadian technology community through its members, partners, and events. Interac’s sponsorship with The Upside Foundation will allow them to connect with hundreds of scaling tech companies. Interac uses technology to improve the financial lives of Canadians, with a focus on the future and modernization of payments. Innovation and collaboration are at the core of Interac, with the goal of supporting small businesses across Canada to operate more efficiently and driving the Canadian economy forward.
“We’re very excited about collaborating with The Upside Foundation—its commitment to supporting small businesses and enabling them to give back when they’re successful is something the Interac team is deeply committed to,” said Debbie Gamble, Chief Officer, Innovation Labs & New Ventures. “We’re looking forward to working closely with Jennifer to support The Upside Foundation’s member companies, rally around the start-up community in this way and inspire even more entrepreneurs to give back.”
Interac is committed to giving back to the community while supporting local innovation through sponsorships, new products, and charitable donations. The company recently joined with Communitech to launch an innovation lab in Kitchener-Waterloo, to tackle product and industry challenges, and help accelerate the development of the next generation of payment products and features for Canadians. Both The Upside Foundation and Interac are dedicated to helping the tech sector better understand how they are able to make an impact in their local communities, and together, they will work to teach entrepreneurs how social responsibility and charitable giving can be integrated into their businesses. Interac will also support The Upside Foundation’s member company CEOs as they work to grow and scale their businesses.
How Companies Can Take the Upside Pledge
The Upside Foundation encourages Canadian companies to join those who have already taken the pledge.
- Companies will need to fill out the online pledge form found on The Upside Foundation’s website and a representative will be in touch.
- Once the pledge form is received, companies will receive detailed instructions on how to contribute from an ESOP (employee stock ownership plan) or a simple legal form, with flexibility depending on the stage of the company.
About The Upside Foundation
The Upside Foundation is a charitable organization that enables early-stage, high growth companies to give back by donating equity in their company to Canadian charities. Over 200 companies have pledged stock options or warrants to The Upside Foundation, which upon a liquidity event convert to a donation to the company’s charity of choice.
To learn more about The Upside Foundation visit: www.upsidefoundation.ca
About Interac Corp.
Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada’s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.