F|T: The FinTech Times – Vitalik Buterin at the crypto hut

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.

When other lenders collapse, Ledn bets a conservative approach will help startups survive crypto winter (BETAKIT)

“What has become clear after everything that has happened is that not everything [crypto] lending platforms are created equal, Ledn co-founder and chief strategy officer (CSO) Mauricio Di Bartolomeo told BetaKit in an interview.

“When times are good, you don’t ask the right questions,” Di Bartolomeo said. “And when times get bad, it’s unfortunately too late to ask the right questions.”

CEO of Power Corp. defends investments in financial technology companies amid sector downturn (THE GLOBE AND MAIL)

Power Corporation of Canada CEO Jeffrey Orr is defending the company’s investments in financial technology startups, despite a slowdown in the sector that has resulted in a dramatically lower valuation for the company’s biggest fintech bet, Wealthsimple.

Talk of Regulation, Market Conditions Collide with Sparkling Behavior at the Blockchain Futurist Conference (BETAKIT)

The setting allowed attendees to rent corporate cabanas, relax by a pool, park yachts outside and use a local helicopter service to fly in. One of the conference’s global attendees was overheard boasting that they had recently rented a $5 million Airbnb for their company.

Vista Equity Partners buys automated tax compliance company Avalara for $8.4 billion (TECHCRUNCH)

Founded in 2004, Seattle-based Avalara works with companies including Zillow, Pinterest and Roku, helping to automate many of the time-consuming processes involved in managing taxes in each market they operate.

Market watch: Nuvei, Propel, Payfare and Mogo (BETAKIT)

“Our strength this quarter was driven by our disciplined investments for sustainable growth, which continue to improve our financial profile, as well as strong revenue growth, cash generation and a solid balance sheet,” said Philip Fayer, Nuveis’ chairman and CEO.

What goes up must come down: A journey through Klarna’s valuation history (SIFTED)

Klarna has long been the poster child for European startup success. Founded in a small back-office in Stockholm by three young students in 2005, it had attracted funding from US VC heavyweight Sequoia by 2010. But last month the tide changed for the BNPL giant, as a dramatic downturn led to Klarna’s valuation was reduced to $6.7 billion — a drop of 85 percent from the previous year.

Wagepoint acquires KinHR to offer employee management software (BETAKIT)

According to Wagepoint, KinHR will be rebranded to People by Wagepoint. The platform is set to offer features such as an employee directory, time off management, new hire onboarding, document storage and electronic signatures, as well as ongoing employee performance management tools such as employee goals and reviews.

Tornado Cash Crackdown Shows Limits to Regulation of Cryptocurrency Services (THE WALL STREET JOURNAL)

The Treasury Department on Monday imposed sanctions on Tornado Cash, a popular cryptocurrency platform known as a mixer because it mixes funds from different users and redistributes them, hiding their origin.

Market Watch: E Inc, Goeasy (BETAKIT)

E Inc. is adjusting its strategy in the face of macroeconomic challenges, as Goeasy builds up its rotating facility.

Biggest Startup in Africa Fights Multiple Allegations in IPO Runup (BNN BLOOMBERG)

Africa’s largest startup Flutterwave Inc. is battling allegations of financial impropriety and personnel harassment from Lagos to Nairobi as it considers moving forward with plans to list the company on the stock market.

CIBC latest Big Six bank to partner with a FinTech on private open banking API (BETAKIT)

By using MX’s application program interface (API) technology, CIBC said its 11 million customers no longer need to share their bank information to connect their bank information with third-party applications that work with MX, such as personal financial management, budget tracking, and credit building tools.

Balance Unveils Tools to Streamline Regulatory Compliance for FINTRAC Reporting (FINTECH.CA)

Balance is Canada’s largest digital asset custodian with nearly $1 billion worth of assets under custody. Balance serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers and corporate entities and foundations.

Ant-backed Dana bags $250 million from Sinar Mas, Alibaba (BNN BLOOMBERG)

The five-year-old company will use the funds to invest in new technology and roll out more financial services in one of the world’s fastest-growing fintech markets, CEO Vince Iswara told Bloomberg News. The value of digital payments in the country has already exceeded both credit and debit card transactions in Indonesia, according to Bank Indonesia data.