Royal Bank of Canada Unveils RBCx for Tech Firms
The second-largest bank in Canada, Royal Bank of Canada (RY), unveiled RBCx on Tuesday, a full-service platform that aims to boost technology companies’ growth at every stage. RBCx will grant access to capital solutions, advisory services, and innovative products, from company formation to IPO and beyond.
RBCx Head Sid Paquette said, “Now more than ever, entrepreneurs need committed partners to help them navigate the hardest pain points of scaling a technology business. Created by one of Canada’s largest banks, RBCx is re-imagining how we can create meaningful value for our technology clients. In addition to a specialized banking platform, RBCx clients will have access to our market partnerships, innovative capital solutions, specialized operational talent and advice, and RBC’s multifaceted global footprint at their fingertips. We could not be more excited to embark on this journey and to be a meaningful partner for entrepreneurs.”
Specialists from the venture capital and tech finance sectors are joining the RBCx team. Among them are Tony Barkett and Tyler Kirk, who held senior executive positions in Canada and the U.S. at a global financial institution specializing in innovation financing and technology. (See Royal Bank of Canada stock analysis on TipRanks)
On Tuesday, National Bank Financial analyst Gabriel Dechaine kept a Buy rating on RY while raising the price target to C$140 (from C$137). This implies 10% upside potential.
The rest of the Street is cautiously optimistic on RY with a Moderate Buy consensus rating based on 6 Buys and 3 Holds. The RY average analyst price target of C$134.29 implies 5.5% upside potential to current levels.
TipRanks’ Smart Score
RY scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform the overall market.
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