F|T: The FinTech Times – Layoffs continue to hit Canadian FinTech

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Conquest Planning Raises $24M to Expand AI Financial Advisor Solution to US, UK Markets (BETAKIT)

The round closed in late 2022 and was led by Fidelity International Strategic Investors, which also invested in Conquest’s previous funding rounds. Portage is also returning to invest in Conquest, along with new investors BNY Mellon and Royal Bank of Canada (RBC).

Confirm cuts 19% of workforce; shares tank on earnings miss (CNBC)

Affirm said in June 2022 it had 2,552 employees, meaning the layoffs affect about 485 people.

Koho lays off 14 percent of employees (BETAKIT)

Around 42 full-time, part-time and contract employees were affected. Koho’s number of employees is now 300 people after the downsizing.

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PayPal CEO Dan Schulman Retires (THE WALL STREET JOURNAL)

PayPal’s board has not yet chosen a successor. Mr. Shulman said he would help with the leadership transition and remain on the board.

As Unregulated Crypto Players Collapse Around The World, Netcoins Expand To US (BETAKIT)

Netcoins is one of the 11 crypto trading platforms currently registered with securities regulators in Canada. The company is also one of the first and only regulated Canadian crypto firms to expand into the US to date.

‘Sam? Are you there?!’ The bizarre and brutal final hours of FTX (FINANCIAL TIMES)

What follows is the most detailed account yet of FTX’s final days. It is based on interviews with people with first-hand knowledge of events, as well as court documents and extensive internal messages and emails, which have been minimally edited for length and clarity.

Thinkific, WonderFi, VerticalScope face leadership changes after layoffs (BETAKIT)

Thinkific, WonderFi and VerticalScope are the latest companies to publicly announce executive departures as the tech sector struggles with a volatile market.

Canada’s Hut 8 Mining merges with US Bitcoin to tackle crypto slump (REUTERS)

The companies are consolidating after a sharp fall in valuations for the crypto sector that has seen high-profile collapses in recent months.

Canadian Web3 Council urges Senate to examine how to “effectively harmonize” digital asset regulations (BETAKIT)

The Canadian Web3 Council’s membership includes some of the largest crypto, blockchain and FinTech startups in Canada. Its membership includes Wealthsimple, WonderFi, Dapper Labs, Ledn and Shakepay. The Council’s goal is to accelerate the growth of Web3 technology in Canada through policy innovation.

Kraken Pays $30 Million Fine, Shuts Down US Crypto Betting (THE VERGE)

The SEC settlement sends a clear message about crypto interest and lending programs.

Levr.ai Closes $1 Million in Pre-Funding to Simplify Loan Applications (BETAKIT)

“I’ve seen many qualified businesses struggle to get funding,” Levr.ai co-founder and CEO Kaylan Pepin said in a statement. “Even worse than the complex loan application process is the lack of software tools available to manage active business loans. We are building Levr.ai to solve these problems.”

Coinbase CEO Armstrong dismisses rumors of possible US SEC ban on crypto stakes (BNN BLOOMBERG)

Coinbase Global Inc.’s CEO Brian Armstrong escalated his war of words with the US Securities and Exchange Commission, warning that he had heard rumors that the agency wants to “get rid of” crypto stakes from retail investors.

CoinSmart will seek financial compensation from Coinsquare after collapse of acquisition agreement (BETAKIT)

While CoinSmart has accepted that the deal will no longer continue, the startup reiterated its stance that Coinsquare “had no legal basis” to terminate the transaction. CoinSmart said it plans to pursue the case further in court.

Merge or Perish: 25 Struggling Fintech Startups (FORBES)

Many once-promising financial startups are cash-strapped; others have broken business models.