F|T: The FinTech Times – Stripe looks to raise another $6 billion

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How Silicon Valley Bank Shutdown Could Affect Canadian Tech (BETAKIT)

The run on Silicon Valley Bank (SVB) has ended almost as quickly as it began, with news on Friday that the bank has been shut down by regulators, who have taken control of deposits.

This dramatic and rapid demise of one of technology’s most prominent financial institutions is likely to have ripple effects across not only Silicon Valley, but Canadian technology as well.

SCOOP: Stripe Raises $6B to Resolve Taxes, Expiring Employee Shares, Delays IPO (NEW)

Stripe is raising $6 billion at a $50 billion valuation, sources tell Newcomer.

Venture capital firms Thrive Capital, General Catalyst, Andreessen Horowitz and Founders Fund are participating in the round, sources say. Goldman Sachs is helping to fill out the round by raising money from private wealth clients.

Synctera Secures National Bank Funding, Partnership to Bring Banking-as-a-Service Platform to Canada (BETAKIT)

Synctera is making its BaaS platform available to Canadian companies in partnership with National Bank. The startup said it expects to launch its first FinTech customers in the market within a “couple of quarters” and be fully operational by the end of the year.

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AI-Powered Lender Abound Scores $601M to Drive Open Banking Forward (CRUNCHBASE)

The platform, like other open banking startups, uses banking data obtained from major banks’ APIs and builds new avenues for credit loans. Abound guarantees personal loans without the use of credit scores. Instead, it sifts through bank transactions and uses artificial intelligence to create risk profiles for each customer.

Toronto venture funding sees a ‘return to sanity’ in 2022 (BETAKIT)

Toronto’s venture funding in 2022 may have fallen from a record 2021, but still far outpaced 2020 and 2019, signaling a “return to sanity” for the city’s tech sector. Meanwhile, Waterloo Region saw a continued decline in venture finance activity through 2022, culminating in a four-year low deal volume.

FinTech Wave Financial lays off 50 employees (THE LOGIC)

Toronto-based FinTech company Wave Financial, which was acquired by H&R Block in 2019, reduced its workforce by 50 employees.

Intuit, Highline Unveil 2023 Cohort of Joint FinTech Accelerator (BETAKIT)

Carbonhound, NetNow, Requity Homes, Spruce, Chexy, goPeer, LenderBidding and Parachute were selected for the fourth edition of the Prosperity Accelerator.

The four-month program is focused on startups with products designed to improve consumers’ financial well-being.

Railsr, the UK-based fintech once valued at nearly $1B, enters bankruptcy protection under new consortium owner (TECHCRUNCH)

This sale and bankruptcy state ends a difficult period of uncertainty at Railsr. Previously, sources told TechCrunch that Railsr was in talks to be acquired by Flutterwave, the pan-African finance company that was valued at more than $3 billion in a fundraising last year, though a deal never materialized.

Ten things worth reading on International Women’s Day (BETAKIT)

For International Women’s Day, BetaKit has updated the following list with new talking points, educational tools and support resources. BetaKit has also updated the list of programs and organizations that support Canadian women in technology.

Toronto proptech Pineapple Financial files for US$17M IPO on Nasdaq early market (THE LOGIC)

Toronto-based proptech company Pineapple Financial has filed for a $17.25 million IPO on the Nasdaq, making it one of the few Canadian innovation finance firms venturing into the public markets despite the current economic headwinds.

Six months after petition launched, federal minister calls market share plan ‘essential’ for Global Talent Stream visas (BETAKIT)

The plan requires participating companies in the Global Talent Stream to demonstrate how their hiring of international talent has “positive impacts” on the local labor market.

It’s an aspect of the program that some in the Canadian startup community see as a time-consuming barrier built into a program meant to streamline the hiring of talent from abroad.

Dapper Removes ACH Withdrawal Option, Citing Circle (COINDESK)

Non-fungible token (NFT) studio Dapper Labs says it can no longer process with the Automated Clearing House (ACH) as Circle, its payment partner, has removed the functionality.

Dapper says it will continue to support wire withdrawals, reducing the fee to $9 and USDC.