F|T: The FinTech Times – Wealthsimple co-founder steps back in C-suite shake-up
Plus: Canada’s new crypto rules: follow or leave.
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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 grant 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.
There was only one fintech unicorn minted in the first quarter (TECHCRUNCH)
Global fintech funding totaled $15 billion in the first quarter of this year, up 55% from the fourth quarter, but $6.5 billion of that was Stripe.
Stripping out Stripe’s round and sticking to $8.5 billion, when comparing this quarter to first quarters in years past, the funding is the lowest it’s been since 2019.
Yield Exchange Raises $700,000 CAD to Simplify Access to Guaranteed Investment Certificates (BETAKIT)
Vancouver-based FinTech startup Yield Exchange, which offers an online marketplace for guaranteed investment certificates (GICs), has secured $700,000 CAD in pre-funding.
Despite the volatility of current fundraising conditions, Yield Exchange said the round was oversubscribed, as it originally aimed to raise $500,000.
Osler’s market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than USD 6 billion.
This comprehensive report is a must-read for founders, entrepreneurs, investors and advisors considering transactions in 2023 and beyond.
Read the Deal Points report now.
Canada’s new crypto rules push trading platforms to comply or leave (BNN BLOOMBERG)
Canadian securities regulators in February gave a 30-day deadline for unregistered crypto trading platforms operating in the country to commit to a so-called pre-registration obligation. Companies are required to follow tougher rules to segregate customer funds and prohibited from offering margin or leverage to users in Canada.
Yung Wu will leave as CEO of MaRS at the end of 2023 as the innovation center begins its search for its next leader (BETAKIT)
Over the past five-plus years, Wu has led MaRS through the pandemic, helping MaRS launch its flagship scale-up program, a climate impact program, biotech accelerator, cleantech accelerator, Graphite Ventures, a $100 million private venture capital fund, and opening a new campus at the water’s edge.
Apple wants to be “top of wallet” with a new savings account, says an expert. Here’s how the 4.15% offer ranks among the best rates (CNBC)
As the Federal Reserve continues to raise interest rates, some online banks have moved to offer the highest returns on savings. Now Apple has entered the competition with a new savings account that offers an interest rate of 4.15%.
Raghwa Gopal resigns as head of Innovate BC, and starts the search for a new head (BETAKIT)
Innovate BC has announced that Raghwa Gopal, its President and CEO, will retire in August.
Gopal was appointed to lead Innovate BC in 2019 after the organization’s previous CEO, Shirley Vickers, stepped down at the beginning of that year.
How London lost its luster for fintechs (FINANCIAL TIMES)
Fintech entrepreneurs say that despite the right noises from the government, much more is needed to ensure the UK retains its pre-eminence in fintech, from unlocking further funding to reforming listings.
Calgary Police Force, Chainalysis Partnership Aims to Reduce Cryptocurrency Fraud (BETAKIT)
One of the largest blockchain data platforms globally is partnering with the Calgary Police Force to combat cybercrime following an increase in complaints from Calgarians about cryptocurrency scams.
With Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to supporting cryptocurrency and blockchain-related investigations.
Actor Ryan Reynolds adds payments company Nuvei to portfolio of business interests (FINANCIAL POST)
Montreal-based payments company Nuvei Corp. has joined Aviation Gin, Mint Mobile and Wrexham Football Club in Canadian actor Ryan Reynolds’ investment portfolio.
“While a lot of people are fleeing fintech, this is a company worth running against,” Reynolds said, calling the move “Canada-flexing.”
Crypto exchange Bittrex violated federal laws, SEC alleges in lawsuit (COINDESK)
Bittrex worked with crypto issuers to “delete … ‘problematic statements'” that the SEC would investigate, the regulator said in a press release Monday, including price predictions and statements suggesting an “expectation of profit.” The SEC also claims that Bittrex should have registered as an exchange, clearing agency and broker, since it provided the services to all three types of entities.