F|T: The FinTech Times – “All in” on Kin

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.


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Incumbents, consumer complacency barriers to innovation in Canadian banking

At #ElevateTechFest, Meagan Simpson spoke with three FinTech disruptors about the barriers faced by startups looking to shake up Canada’s financial system


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Trust and identity in a digital world

Our lives are increasingly digital, and authenticating ourselves online — in other words, proving that we are who we say we are — has become a daily activity.


TechCrunch

Manila-based payments processing startup PayMongo raises $2.7 million in seed funding

Manila-based financial tech startup PayMongo has raised $2.7 million in seed funding to give merchants in the Philippines and other Southeast Asian markets simple ways to set up online payments.


BetaKit

Mike Katchen on why Wealthsimple avoided the traditional VC cycle to scale

At Elevate, BetaKit’s Douglas Soltys sat down with Wealthsimple’s Michael Katchen to talk about the mentality it takes to go from upstart to incumbent.


Bitcoin smart contract startup RSK buys Spanish social media platform Taringa

The acquisition will incentivize users to share content in exchange for cryptocurrency rewards via IOVLabs’ RIF token, which was released in November 2018 and has a market cap of $46 million, according to CoinMarketCap.


BetaKit

Knøx raises $8.25 million, launches new digital asset custody service

Knøx has raised an $8.25 million seed round and is launching a digital asset custody service for institutions and fiduciaries.


Mexico moves to implement fresh FinTech rules

Mexican financial regulator CNBV received 85 applications from companies looking to provide financial services, as it implements new regulations around FinTech companies.


BetaKit

Ted Livingston says Kik will not stop fighting until it has “no dollars left”

After a tumultuous week for Kik, CEO Ted Livingston took the stage at #ElevateMoney to talk about the regulatory fight against digital currencies.


London-based Fidel raises $18 million Series A to power its FinTech API

Fidel has announced an $18 million Series A round, its first major funding to make card payment data both more secure and more accessible, so that the FinTech ecosystem can develop faster.


BetaKit

Toronto-based Paycase files $500 million lawsuit against TMX Group

Paycase, which provides infrastructure and liquidity to global financial institutions, has filed a lawsuit with the Ontario Superior Court seeking $500 million.


TechCrunch

Summer wants to vanquish student loans for borrowers, and now has $10M to do it

Through its platform, borrowers can get a full 360-degree view of their current student loan situation, and begin exploring options for how to repay it in the most financially efficient way possible.


BetaKit

Element AI announces first product for the insurance market

Element AI has announced the Submissions capability for its Underwriting Partner product at InsureTech Connect 2019 in Las Vegas.


AI loan startup Kreditech raises $22M for global growth

Kreditech, an AI-based loan startup that targets emerging markets, has raised $22 million in its latest funding round, according to a report.


BetaKit

Wealthsimple ventures into the tax space with SimpleTax acquisition

Toronto-based Wealthsimple has acquired SimpleTax, a web-based tax preparation application.


Three overlooked trends in FinTech

The average consumer doesn’t typically see or interact directly with the underbelly of the financial system, leaving it relatively misunderstood and exceptionally undervalued.


BetaKit

Kik chat app shuts down as company goes “all in” on Kin

At least 100 employees and their families will be affected by the restructuring, Kik CEO Ted Livingston said.


TechCrunch

Mercury banks $20M for its banking service aimed at startups

Mercury, which describes itself as a bank for startups, has banked $20 million of its own in funding, a Series A that is being led by CRV with support also from Andreessen Horowitz, the VC that led its investor-heavy $6 million seed round earlier this year.


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Caitlin Hotchkiss

Caitlin Hotchkiss

Content coordinator, social media smartypants, wordsmith, Human Workflow™. Exists primarily on coffee, cat pictures, German dance metal, and pro wrestling. I will fight for your right to the Oxford comma.