Q|T: The FinTech Times – Who Is Changpeng Zhao, Canada’s Crypto King?
Plus: Bolt’s $1.5 billion deal to buy Wyre dies.
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With $20 million, Goldsky aims to make blockchain data easy to use (BETAKIT)
The data infrastructure platform for crypto teams intends to use the funding to rapidly scale its team.
Goldsky hopes the technology will enable it to exploit the reading and processing of crypto data quickly and efficiently, which the startup claims is currently a problem for companies.
Bolt’s $1.5 billion deal to buy Wyre-dies (AXIOS)
“Bolt and Wyre have agreed to continue their partnership as independent businesses,” the companies said in a statement. “Operating as independent organizations while remaining partners will allow both parties to focus on their respective core competencies to deliver value to customers.”
Insurtech ProNavigator Secures $10M to Drive US Expansion (BETAKIT)
After securing the capital this year, with a final closing on September 1st, ProNavigator has been working to accelerate its growth south of the border by opening a US headquarters in Raleigh, North Carolina.
Who Is Changpeng Zhao, Canada’s Crypto King? (MACLEAN’S)
Crypto entrepreneur Changpeng Zhao was named the richest Canadian at the beginning of 2022, with a net worth of $125 billion. But as his empire grew, so did his problems. Then came the crash.
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Composer Secures $6M USD to Help Retail Investors Adopt Sophisticated Trading Strategies (BETAKIT)
The all-equity round, which closed in August, was backed by a number of existing US-based investors in First Round Capital, Alumni Ventures Group (AVG) Basecamp, Draft Ventures and Packy McCormick’s Not Boring Capital. The fresh capital brings Composer’s total venture funding to date to over $11 million, from a group that also includes Toronto-based Golden Ventures.
Ratio bags $411M in equity, credits for flexible subscription payment models (TECHCRUNCH)
Co-founder and CEO Ashish Srimal founded Ratio in 2021 with CTO Mason Blake, and they’ve been heads down ever since working on the company’s concept, which is to help SaaS and technology companies tap into the $1.5 trillion recurring subscription market revenues.
Indigenous venture firm Raven Capital eyes US market as it secures $46M for second fund (BETAKIT)
“This is a very tough environment to raise [in]and a lot of investors are slowing down right now across the board,” Raven Capital managing partner Paul Lacerte told BetaKit in an interview.
“What we have found is in a way a unique value proposition [as the] first to market, and a fairly significant untapped desire on the part of investors to find ways to deploy capital into the Indigenous space, both in Canada and in the United States.”
Consensus for crypto-specific regulation grows (AXIOS)
“One of the recommendations was that regulators will issue new rules and guidance to address confusion, and close gaps related to existing financial regulations that apply to cryptocurrency. So it’s an acknowledgment that we see a need for work in this area,” said a senior administration official. “There is a clear recommendation that comes out of the studies that were done.”
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.
Denim, a fintech platform for freight brokers, raises $126 million in equity and debt (TECHCRUNCH)
“We witnessed a significant gap in the freight brokerage market, where legacy systems – i.e. paper checks, physical filing – were still in place, and developed an intuitive payment technology to streamline brokerage operations and attract the best carrier relationships through the platform.” said CEO and co-founder Bharath Krishnamoorthy.
Open Banking Working Group Failing to Address Critical Governance Standards Issues (BETAKIT)
Working group participants from the FinTech community and those familiar with the talks expressed concern that delaying governance decisions could bog down the system, leaving Canadians without recourse if their data or accounts are compromised. FinTech participants are also concerned that they will be left without recourse in disputes with other financial institutions.
In response, two FinTech trade associations have moved to address these concerns by developing or submitting their own reports on future governance options, BetaKit has learned.
Where is Do Kwon? Terra Ecosytem founder is not in Singapore (BNN BLOOMBERG)
Do Kwon, along with five others, faces arrest in South Korea. As recently as September 14, prosecutors in Seoul said he and the others, who are accused of violating the Capital Markets Act, were all in Singapore. After local police issued a statement Saturday, Kwon tweeted that he has nothing to hide and is “fully cooperating” with government agencies.
Southeast Asian fintech Fazz raises $100M Series C to serve businesses of all sizes (TECHCRUNCH)
The equity investment came from returning investors Tiger Global, DST Global, B Capital, Insignia Ventures Partners and ACE & Company, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator CEO Michael Seibel and GGV Capital Managing Partner Hans Tung. The debt facility is from Lendable.
