F|T: The FinTech Times – Wealthsimple Scores Canadian FinTech First, Plans New Products
Plus: Mastercard to make crypto trading easier.
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Wealthsimple first FinTech startup approved by Bank of Canada for direct settlement (BETAKIT)
“Approval is monumental for our business, but beyond that it will change the financial services landscape in Canada,” Wealthsimple CEO Michael Katchen wrote in a LinkedIn post published Tuesday morning. “This decision helps level the playing field with incumbents.”
Michele Romanow’s Clearco raises $30 million, hires CFO, as troubled unicorn seeks stability in tech recession (THE GLOBE AND MAIL)
Clearco disclosed in a Canadian securities filing this month that it has raised $17.1 million. Romanow said the financing, in the form of a convertible debenture, represents the first closing of what is intended to be a US$30 million round of financing from existing investors.
ChainSafe Closes $25.7M CAD Series A to Build Blockchain-Agnostic Web3 Tools (BETAKIT)
“What makes us very unique at ChainSafe is that from day one we’ve been focused on building out for a multi-chain, interoperable world,” ChainSafe Systems co-founder and CEO Aidan Hyman told BetaKit in an interview. “It’s something that, especially when we started, wasn’t a very normal thing.”
Stripe takes steps to cut workforce (FORBES)
Potential cuts, which Stripe does not have to disclose as layoffs because they would be performance-based, could affect hundreds of workers at the dual company headquartered in Dublin and San Francisco, which has more than 8,000 employees.
SingleKey buys competitor Naborly to take the risk of renting (BETAKIT)
Naborly, which started in Toronto before moving south of the border, offers tenant credit and background screening services across Canada and the United States. According to SingleKey, the acquisition of Naborly will give the startup “the first all-in-one management solution for Canadian landlords and tenants.”
Payment technology firm Super Apps to list in US via $1.1bn SPAC deal (REUTERS)
Before the deal with the Technology & Telecommunication Acquisition Corporation ends, Super Apps will buy 60% of fintech firm MobilityOne’s stake in OneShop Retail. The proceeds from the merger will be used to expand the number of employees, Super Apps said. The combined company will be listed on Nasdaq and is called TETE Technologies Inc.
With HQ half a world away, how does Xero’s Canadian hubs stay connected? (BETA KIT)
Speaking to BetaKit, Smith explained how Xero’s hubs stay connected, how employees adapt to global business decisions, and what it means to “be a Xero” around the world.
BetaKit Keynote Stage returns to SAAS NORTH 2022 (BETAKIT)
Like last year, SAAS NORTH’s main stage will be renamed the BetaKit Keynote Stage for the entire two-day conference, with content co-programmed and moderated by BetaKit.
Mastercard Will Help Banks Offer Cryptocurrency Trading (CNBC)
The payments giant plans to announce a program on Monday that will help financial institutions offer cryptocurrency trading, the company told CNBC.
Mastercard will act as a “bridge” between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks, according to the company. Mastercard and Paxos will handle regulatory compliance and security – two main reasons banks cite for avoiding the asset class.
Mortgage startup Perch raises $4 million with continued backing from the venture arm of the National Association of Realtors (BETAKIT)
Second Century Ventures is a return investor in Perch after the firm participated in $1 million in startup funding secured in October 2021. At the time, Perch also joined Reach Canada, an accelerator program created by Second Century Ventures and supported by NAR.
Investors continue to pour money into NFT and blockchain gaming projects (PROTOCOL)
Crypto winter doesn’t seem to be scaring away investors in the burgeoning NFT and blockchain gaming space. According to a new report from investment bank Drake Star Partners, crypto-related gaming companies accounted for about half of last quarter’s private funding, or about $1.2 billion.
Super Advisor Secures $2 Million to Give Financial Advisors Independence (BETAKIT)
Led by a pair of former Purpose Advisor Solutions employees, Super Advisor aims to give financial advisors the tools they need to go their own way and build, manage and scale their independent businesses.
