F|T: The FinTech Times – Competition Intensity

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New research maps competitive intensity in Canada’s banking and payments sector (BETAKIT)

“The pace of innovation in the regulatory railings of Canada’s banking and payments sector has not been promising,” write Vass Bednar and Keldon Bester.

Canada has long been on the fringes of an open banking regime, and the modernization of Canada’s payments infrastructure has lagged behind a number of its international peers. Wealthsimple co-founder and CEO Michael Katchen said this about the research: “now is the time to enable competition and build more affordable financial services.”

Crypto darling Helium promised a “people’s network.” Instead, the leaders got rich. (FORBES)

Davis is one of thousands of people who bought into Helium’s promise, collectively spending roughly $500 million on hotspots they thought would pay steady dividends. But so far, citizens of the People’s Network have seen vanishingly small crypto rewards. After waiting more than six months for her $500 hotspot to arrive at her home in Houston, Davis has mined a single token in three months — about $5.

“I could have spent my money elsewhere and actually had some income,” said the 52-year-old realtor, “not lost it after I pay my utility bill.”

RBCx and RBC Ventures merge (BETAKIT)

In a not entirely unexpected move, Royal Bank of Canada (RBC) announced the merger of RBCx and RBC Ventures. The news formalizes the merger following the announcement in April that RBCx CEO Sid Paquette would lead both groups.

RBCx is the technology banking and innovation arm of Canada’s largest bank, while Ventures builds, buys, invests or partners with technology platforms. Going forward, the new unit will operate as RBCx.

Klarna makes second round of cutbacks (SIFTED)

The company’s CEO, Camilla Giesecke, announced that the organization had to make further cuts in some of its departments “to reflect the more focused nature of today’s Klarna”. The message was sent to around 500 Klarna employees, across three departments including IT and recruitment, according to SvD.

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Coinsquare Acquires CoinSmart As Consolidation Of Canadian Crypto Traders Continues (BETAKIT)

Toronto-based cryptocurrency startup Coinsquare has struck a deal to acquire CoinSmart, creating what it claims will be one of Canada’s largest trading platforms for cryptoassets.

Meanwhile, spatial analytics startup Cognitive 3D has closed $2.5 million in seed funding as fellow Vancouver company TerraZero — a metaverse firm owned by Netcoin parent Bigg Digital Assets — plans to go public on the TSXV via RTO.

Kraken’s Powell steps down, incoming CEO says culture won’t change (FORTUNE)

The shake-up is significant as Powell has been an influential figure in the crypto scene since Bitcoin’s early days, growing Kraken from a small startup to a major exchange with a reputation for product innovation. But while a popular figure in crypto circles, Powell has also become a controversial figure due to his unconventional positions on topics such as diversity, abortion and vaccines.

Startup curriculum: how Dal Innovates embraced innovation education in Atlantic Canada (BETAKIT)

Halifax’s Dalhousie University (“Dal”), through its award-winning Dal Innovates program, works to provide this education with several programs that encourage and support graduates considering or otherwise joining the innovation economy.

SMB-Focused Pie Insurance Raises $315M Series D (TECHCRUNCH)

The funding more than doubles Pie’s total capital raised since inception in 2017 to over $615 million. The company claims it is the largest funding round for any US-based P&C (Property & Casualty) insurer this year.

DealMaker Acquires FundAmerica’s Book of Business from Prime Trust (BETAKIT)

Toronto-based capital raising platform DealMaker has taken over the book of business of crowdfunding platform FundAmerica from parent company Prime Trust, doubling the startup’s customer base and consolidating its position in the US.

Meanwhile, fellow Toronto startup FrontFundr, which itself offers a crowdfunding platform, has launched its own fundraising campaign after seeing record growth amid the market downturn.

SEC Claims Entire Ethereum Falls Under US Jurisdiction (DECRYPT)

When the SEC filed a federal lawsuit Monday against crypto-influencer Ian Balina for his failure to register a cryptocurrency as a security before launching an initial coin offering (ICO) in 2018, everything seemed off at first: The SEC has, for years, filed civil lawsuits against individuals and organizations for rolling out unregistered ICOs.

Eagle-eyed observers then read a little further into the fine print.

How to navigate the tangled web of government start-up grants (BETAKIT)

Despite the billions of dollars in grants available, many startups don’t seek them out due to application complexity, confusion in finding them to begin with, or a mix of both.

This is something the Cisco Grants Support Program is working to solve. The Grants Office helps startups of all sizes navigate the grant funding landscape in Canada and apply for relevant grants.

PolicyMe Unveils $18 Million in Series A Funding to Tackle the Canadian Insurance Market (BETAKIT)

Toronto-based insurtech startup PolicyMe has announced $18 million CAD in Series A funding from existing investors and insurance industry players to move beyond just life insurance and selling D2C.

Meanwhile, fellow Toronto startup Verifast has announced a $3.5 million seed round to expand previous tenant screening to verify identities and financial details for other areas, such as mortgage underwriting.

Revolut Confirms Exposed Cyber ​​Attack Personal Data of Tens of Thousands of Users (TECHCRUNCH)

“We have immediately identified and isolated the attack to effectively limit the impact and have contacted the affected customers,” Revolut spokesperson Michael Bodansky said. “Customers who have not received an email have not been affected.”

Amazon, Square launch buy now, pay later options in Canada (BETAKIT)

Amazon partnered with American payment network Affirm, while Square launched its integration with Afterpay. The launches mark the latest BNPL offerings to be introduced in the country, following a number of other services recently made available to Canadian consumers.