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As other lenders collapse, Ledn bets conservative approach will help startup survive crypto winter (BETAKIT)
“What’s become evident after all that’s happened is that not all [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,” said Di Bartolomeo. “And when times get bad, it’s unfortunately too late to ask the right questions.”
Power Corp. CEO defends investments in financial technology companies amid sector downturn (THE GLOBE AND MAIL)
Power Corporation of Canada’s chief executive officer, Jeffrey Orr, is defending the company’s investments in financial technology startups, despite a downturn 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 glitzy behaviour at Blockchain Futurist Conference (BETAKIT)
The setting allowed attendees to rent company cabanas, lounge by a pool, park their yachts outside, and use a local helicopter service to fly in. Overheard by one of the conference’s global attendees was a boast that they had recently rented a $5 million Airbnb for their company.
Vista Equity Partners to acquire automated tax compliance company Avalara for $8.4B (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 enhance our financial profile, as well as strong revenue growth, cash generation and a solid balance sheet,” said Philip Fayer, Nuvei’s chair 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 tiny back-office in Stockholm by three young postgraduates 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 down round saw Klarna’s valuation cut to $6.7bn — an 85% drop from a year earlier.
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 like employee objectives and reviews.
Tornado Cash Crackdown Shows Limits of Regulating Cryptocurrency Services (THE WALL STREET JOURNAL)
The Treasury Department on Monday imposed sanctions against Tornado Cash, a popular cryptocurrency platform known as a mixer because it blends funds from different users and redistributes them, obscuring their origin.
Market watch: E Inc, Goeasy (BETAKIT)
E Inc. adjusts its strategy in the face of macro-economic challenges, as Goeasy bulks up its revolving facility.
Biggest Africa Startup Battles 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 pushing ahead with plans to list the company.
CIBC latest Big Six bank to partner with a FinTech on private open banking API (BETAKIT)
By using MX’s application program interface technology (API), CIBC said its 11 million clients will no longer need to share their banking credentials to connect their banking information with third-party applications that partner with MX, such as personal financial management, budget tracking, and credit-building tools.
Balance Unveils Tool That Streamlines Regulatory Compliance For FINTRAC Reporting (FINTECH.CA)
Balance is Canada’s largest digital asset custodian with almost $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 tech and roll out more financial services in one of the world’s fastest-growing fintech markets, Chief Executive Officer 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.