Digital Transformation: Microsoft Azure Cloud Platform to be Used by Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce (CIBC) (TSE: CM), a multinational banking and financial services corporation headquartered in Toronto, Ontario, has entered a multi-year deal to use Microsoft Azure as its main Cloud platform.

The partners noted in the announcement that Microsoft Azure should help CIBC with enabling quicker, real-time, data-driven decision-making, in order to seamlessly deploy and scale new tech innovations.

Azure will reportedly support the migration of many different applications to the Cloud, and provide scalable computing power for CIBC’s enterprise-grade data lake and AI-enhanced platform. The bank said it will also be getting access to various Microsoft (NASDAQ: MSFT) training programs and certifications in order to support its Cloud talent development.

Christina Kramer, Group Head, Technology, Infrastructure and Innovation, CIBC, stated:

“We’re building and investing in leading-edge technology to accelerate our bank’s transformation – our investment in cloud technology is a cornerstone of these efforts. With Microsoft’s Azure platform, we will be better positioned to help clients achieve their ambitions, through client-facing services such as digital banking and global remittances, as well as furthering innovative work in areas such as AI and machine learning.”

Financial institutions across the globe are focused on their digital transformation strategies, a trend that has accelerated due to the COVID-19 outbreak and resulting socio-economic challenges. In addition to offering seamless digital banking services, companies in Canada and in other jurisdictions are developing solutions that can accommodate the surge in e-commerce activities.

In a post-COVID world, consumers are engaging in digital commerce transactions more than ever before, because physical stores had been shut down or lockdown measures made it difficult to make purchases at brick-and-mortar locations.

Fintech industry participants have capitalized on these trends and developments. As reported recently, Toronto-headquartered Clearco — which was previously doing business as Clearbanc — has secured $215 million in growth equity through a round that was recently led by the SoftBank Vision Fund 2. The firm is now focused on its global expansion efforts.

Established in 2015, the firm has secured over $681 million in capital, to date (according to Crunchbase data).

In April 2021, Clearco acquired $100 million in equity and $250 million in debt financing – which valued the business at nearly $2 billion. Also in April, the company confirmed its rebranding to Clearco.

Clearco was notably one of the first firms in what has become a fast-evolving alternative finance sector, providing revenue-based advances to early-stage ventures or startups operating primarily in the digital commerce, software-as-a-service (SaaS) and mobile apps ecosystem.

Clearco’s management confirmed that they’ll use the proceeds from the round to expand their global footprint which is something many in the industry have been focused on doing, especially after the COVID outbreak.

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