Toronto-based Canadian Imperial Bank of Commerce (CIBC) is opening a startup-focused office in downtown Bellevue.
The office, announced Wednesday, is part of the bank's CIBC Innovation Banking arm, which lends capital and offers advice to growing startups. A CIBC spokesperson said the office is currently in Skyline Tower at 10900 NE Fourth St. but will likely move to a larger space in the coming weeks.
“The startup ecosystem in Seattle has seen an incredible economic boom in recent years, and this new office opening signals our team’s commitment to supporting the future advancement and acceleration of innovation in this market,” John Flemming, managing director of the Bellevue CIBC office, said in a news release.
CIBC announced Flemming's appointment in conjunction with the office announcement. Flemming was most recently a team leader for Wells Fargo's middle-market technology banking group. According to his LinkedIn page, Flemming spent more than 15 years at Wells Fargo.
The spokesperson said Flemming is looking to add a second team member.
CIBC launched CIBC Innovation Banking in 2018 when it acquired Wellington Financial, a privately held investment firm that was founded in 2000. CIBC Innovation Banking's services include venture debt, working capital lines and term loans, and it has offices in cities like Toronto, New York City, London, Menlo Park, California, and Austin, Texas. Its portfolio includes the social media management platform Hootsuite and the company data site Crunchbase.
CIBC, founded in 1867, has 11 million customers and 45,000 employees. The bank has $837.7 billion in total assets.
“We’re excited to have John come aboard our team to open the Seattle office and bring the CIBC Innovation Banking brand and product suite to the greater Pacific Northwest,” Mark McQueen, president and executive managing director at CIBC Innovation Banking, said in a news release.
