F|T: The FinTech Times – Canada’s Open Banking is “insecure and terrifying”

fintech times

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.


Wealthsimple secures $750 million CAD, claims $5 billion valuation (BETAKIT)

The news comes during an already busy 2021 for Wealthsimple, including a launch of a cash app, a trading frenzy, and a sale of its US book of business.


Bill.com is set to acquire Utah billion-dollar software startup Divvy (FORBES)

Bill.com, a cloud software-based platform that helps small and midsize businesses with back-office financial operations, is Divvy’s expected buyer, two sources tell Forbes.


FinTech startups frustrated with glacial pace of Canada’s open banking consultations (BETAKIT)

Canada’s FinTech startups are still waiting for a framework that would lay out the rules of the road for consumer-directed finance – especially as the Government of Canada introduces legislation to regulate FinTech companies that offer payment services in the country.


Galaxy Digital to buy BitGo in crypto sector’s first $1 billion deal (WALL STREET JOURNAL)

The deal coincides with a surge in interest and a nearly yearlong rally in the crypto sector whose market value has surged to $2 trillion.


Nuvei to acquire Simplex for $250 million USD (BETAKIT)

This is Nuvei’s second acquisition since going public on the Toronto Stock Exchange (TSX) in September. The fourth quarter of 2020 represented the strongest period of growth for Nuvei in its company history.


How startups can manage cashflow (BETAKIT)

Speaking with BetaKit, Xero Canada Country Manager Faye Pang shared her advice on how startups can properly set up their cash flow management.


Toronto council approves $20M deal with U.S. tech company PayIt, but some competitors crying foul (CBC)

The city says the service provided by U.S.-based PayIt will streamline how residents pay their property taxes, parking tickets and other municipal services – but it may not gain the expected adoption.


Information Venture Partners closes third fund, raising $124 million CAD (BETAKIT)

Information VP also recently added former Georgian investor Jane Podbelskaya as principal and promoted Alex Tong from associate to principal.


How to better leverage SR&ED refunds to accelerate startup growth (BETAKIT)

Boast.AI’s Russ Armstrong explains how using Quarterly Advanced Refunds on SR&ED claims can dramatically accelerate startup growth.


Fluence Technologies raises $12.5 million CAD, swaps CEOs to fuel next phase of growth (BETAKIT)

The startup currently serves mid-market companies across North America and Europe, and aims to use some of the new funding to grow its customer base in Europe.


Willful signs partnership with insurance giant Allstate following launch in Québec (BETAKIT)

Erin Bury, CEO and co-founder of Willful, told BetaKit the partnership is aimed to increase the distribution of Willful’s offering. This comes after the company acquired competitor WillowBee as well as raising $800,000 in seed financing.


PayShepherd secures $700,000 to expand its contractor billing solution across Canada, US (BETAKIT)

“We’ve all been in our users’ shoes at some point in our careers, so the technology we’ve built is for them.”


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Josh Scott

Josh Scott

Josh Scott is a BetaKit staff writer who loves to tell Canadian business and tech stories. His coverage is more complete than his moustache.