F|T: The FinTech Times – Canada’s Real-Time Rail delays are an unmitigated disaster

Broken piggy bank
Plus: Shopify is offering open banking solutions (but not in Canada).

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Rollout of Canada’s Real-Time Rail payment system delayed again as project undergoes second review this year (BETAKIT)

Payments Canada has announced that the launch of the country’s forthcoming Real-Time Rail (RTR) payment system has been delayed once more.

The organization cited “current delivery delays, unrelated to the exchange technology components,” adding that it is also conducting another review.

Shopify partners with Volt to offer open banking solutions (but not in Canada) (BETAKIT)

Shopify is partnering with United Kingdom-based FinTech startup Volt to offer open banking capabilities that Canadians can’t take advantage of amid seemingly endless delays in implementing this country’s open banking framework.

When reached for comment on the most recently announced RTR delays, Koho CEO Daniel Eberhard noted that Shopify and Volt are unlikely to attempt offering a similar solution in Canada because the framework still isn’t in place.

“The most pernicious payments myth in Ottawa is that competition is somehow opposing systemic stability,” Eberhard told BetaKit. “There is not a single Canadian company that could have competitively bid for this work. Unless something dramatic changes, Canada can expect to be relegated to the sidelines within 10 years.”

Hello, What? Nasdaq Pays $10B For Adenza (CRUNCHBASE)

In one of the biggest acquisitions of the year so far, Nasdaq will reportedly acquire privately held software company Adenza for $10 billion in a mix of cash and shares according to a release.

Adenza develops risk-management and related regulatory software for the financial services market, and is therefore a logical fit for Nasdaq. The company will be acquired by Nasdaq from Thoma Bravo, a software investment firm.

Wealth management startup OneVest raises $17 million CAD Series A (BETAKIT)

OneVest, the startup that offers what it calls a wealth-as-a-service platform, has raised $17 million CAD in Series A funding.

OneVest partners with companies and operates as the back end for various FinTech services and claims it helps companies launch those products more easily and quickly. The startup plans to expand to the US and partner with major banks and wealth-management firms.

Binance Under Investigation in France for 'Aggravated' Money Laundering (COINDESK)

Binance's French unit is under investigation by local authorities for the "illegal" provision of digital asset services and "acts of aggravated money laundering," the Paris public prosecutor's office told CoinDesk.

The world's largest crypto exchange is already facing a lawsuit from the U.S. Securities and Exchange Commission alleging failure to register as a trading platform and the sale of unregistered securities.

Micharity targets US expansion for its charitable fundraising platform with $7 million Series A (BETAKIT)

Toronto-based Micharity has sold its fundraising and customer relationship management (CRM) software to 4,200 small-to-medium-sized non-profits in the health-care, education, faith, and arts and culture spaces.

After years of comfortable growth, Micharity is now armed with $7 million CAD in Series A funding and raised ambitions.

“But the SEC let us go public” and other flawed arguments in Coinbase's defense (MOLLY WHITE)

Molly White digs into Coinbase's public relations strategy in its battle against the SEC and breaks down how each of its arguments will not help win this case.

Startup Train returns as Startupfest 2023 announces over $300,000 in prizes (BETAKIT)

Startupfest, a celebration of startups in Montréal, has announced the return of its train service, Startup Train, as well as over $300,000 in prizes.

Taking place from July 12 to July 14, Startupfest has revealed several major attractions this year, including investment prizes for startups and an express train for attendees to get to the event from the Toronto area.

Amy Wu, former head of FTX Ventures, joins Menlo Ventures (AXIOS)

Amy Wu, who most recently led FTX Ventures until the crypto exchange's collapse last November, has joined Menlo Ventures as an NYC-based partner focused on consumer startups.

While investing in "blockchain" is part of the areas assigned to Wu, don't expect overzealous investing.

Collision whispers, new AI officer, fundraising landscape the talk of Vancouver Startup Week 2023 (BETAKIT)

Vancouver Startup Week (VSW) finally returned to its in-person format and featured whispers of new Canadian tech events and the advent of a Chief AI officer in Vancouver.

Paro raises $25M to match freelance financial experts with firms (TECHCRUNCH)

In 2015, Michael Burdick and Dan Wywrot founded a startup — Paro — to deliver finance and accounting solutions to businesses through a network of freelance talent.

Now, the "Fiverr, but exclusively for accounting and financial work," announced it has raised $25 million in a Series C round led by Top Tier Capital Partners, bringing the startup’s total raised to $67 million.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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