F|T: The FinTech Times – Super and Neo evolve, Pillar and Billi close

Welcome to FinTech Times, a weekly newsletter covering the biggest FinTech news from around the world. If you want to read F|T before anyone else, be sure to subscribe using the form at the bottom of this page.

How Super Raised $85 Million USD After Rebranding From Snapcommerce (BETAKIT)

Toronto-born Super.com has raised $85 million USD in Series C funding, nearly six months after rebranding from Snapcommerce as it expands from travel and shopping discounts to financial services.

According to Super.com, the Series C round significantly increases the valuation of the company since it closed its Series B round of $107 million in additional currency in March 2021.

Binance Faces Growing Pressure As US Crypto Crackdown Intensifies (THE NEW YORK TIMES)

For years, the giant cryptocurrency exchange Binance has had a reputation for dodging regulators and skirting financial rules, all without significant consequences. Now the world’s largest crypto exchange is facing increasing legal pressure.

Neo Financial bets on embedded finance, D2C combination amid a tough consumer banking market (BETAKIT)

Neo Financial started in 2019 with a mission to imagine everyday banking products for consumers. As the startup has evolved, it has found itself working more and more with businesses to provide financial solutions.

If you ask Neo’s co-founder and CEO Andrew Chau, embedded finance has been part of Neo’s strategy since its inception.

A unique experience, Inventures is a high-energy forum of conversation, convergence and creative collision that attracts more than 3,000 investors, entrepreneurs and industry leaders. It is the place to discover new technologies, talent, capital, customers and markets.

Hosted by Alberta Innovates, Inventures brings the world’s brightest minds and boldest ideas together in Calgary for three extraordinary days of learning, sharing, inspiration and fun. The diverse program features eight curated program tracks with more than 150 sessions and 300+ speakers, including keynotes, expert panels, startup pitch events, networking opportunities and more.

Register for Inventures 2023 today.

Revolut’s valuation woes signal stormy horizon for less profitable neobanks (TECHCRUNCH)

Earlier this week, Revolut, a highly valued UK-based neobank, saw its value drop by around 46% in the eyes of one of its backers.

Revolut’s revaluation raises some questions: How much trimming is left to do in the fintech world? And is it likely that we will see something similar more generally in the neo-banking start-up sector?

Banking apps Pillar and Billi close as funding dries up for FinTech companies (BETAKIT)

Montréal neobank Pillar, backed by Diagram Ventures, and Victoria-based personal finance app Billi have both shut down in the past month, becoming the latest casualties of the downturn in venture capital investment.

OSFI chief says Silicon Valley Bank collapse was a wake-up call for Canadian banks (THE GLOBE AND MAIL)

OSFI chief Peter Routledge said the rapid fallout from three bank failures, the deposit run at First Republic Bank and the rescue of Swiss banking giant Credit Suisse AG prompt regulators to be prepared to act more quickly and reassess current standards as rising risks threaten the stability of the the international financial system.

How New Tools Will Change the Way Developers Learn to Build Software (BETAKIT)

Mark Paulsen, Global Director of Enterprise Advocacy at GitHub, shared with BetaKit the key trends he’s seeing globally, where Canada fits in, and why companies need to change their approach to developer skills training.

Coinbase Offers Fiery Response to SEC’s Threat of Enforcement (CNBC)

“Coinbase does not display, delete or affect trading of securities,” the company’s response said. The analysis SEC staff made to justify an enforcement action “appears to rest on superficial and incorrect analogies to products and services offered by others,” Coinbase wrote in a blog post from chief legal officer Paul Grewal.

Inside the reborn OneEleven (BETAKIT)

Toronto tech hub OneEleven has seen high executive turnover, an ill-fated national expansion, and in 2020, an abrupt shutdown that sent shockwaves through the local tech sector.

While questions remain as to why it went away in the first place, OneEleven is now well and truly back. How did it happen and what will the innovation hub look like in 2023?

Africa fell in love with crypto. Now it’s complicated (THE REST OF THE WORLD)

“I used to be bullish on crypto because I thought it could liberate Africans financially,” Chiamaka, who asked to be identified by a pseudonym, told the rest of the world. “Instead, it’s managed to do the opposite so far…at least to me and some of my friends.”

Wealthsimple co-founder Rudy Adler steps down as CMO as company makes management changes (BETAKIT)

Wealthsimple co-founder Rudy Adler has stepped down from his operational role as CMO. New addition Rubina Singh takes over as CMO. At the same time, Wealthsimple has replaced its CTO, brought in Diederik van Liere and moved Karney Li to chief architect.

Muslims Enter the Frame in Southeast Asia’s Fintech Boom (TECHCRUNCH)

To make services shariah-compliant, a new wave of fintechs do not charge interest, embrace profit-sharing and avoid alcohol and tobacco transactions.