F|T: The FinTech Times – Canadian FinTech is in the tank, but this challenger bank thinks it can stay afloat with scale

Dan Eberhard, founder and CEO Koho
Dan Eberhard, founder and CEO of Koho. Courtesy Koho
Plus: Canadian tech companies continue to hire despite downturn.

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‘There’s a storm coming, but we’re on a good boat.’ Daniel Eberhard talks Koho’s readiness for an economic downturn (BETAKIT)

In the last few years, Koho has established its financial stack, beefed up its leadership team, and raised $210 million in Series D financing. While it is in no way impervious to tech headwinds, and recently made efforts to tighten its belt, Koho is still growing its revenue by 150 percent year-over-year.

All of this, Eberhard believes, puts the startup in a good position to navigate potentially rocky waters ahead.

Stripe Valuation Marked Down 64% By T. Rowe Price Global Tech Fund (PYMNTS)

According to regulatory filings, Stripe’s valuation was marked down 64% to $23.04 per share as of June 30 by the $4 billion T. Rowe Price Global Technology Fund, following the prior price recorded at the end of 2021.

Insurtech startup Relay Platform acquired by US-based cyber insurance provider At-Bay (BETAKIT)

Founded in 2019, Relay provides an online platform for brokers and agents to add speciality lines to their clients proposals. Users fill a unified application form that is used to collect quotes instantly or through an email process, and create proposals automatically.

CSI, a decades-old fintech solutions vendor, agrees to be acquired for $1.6B (TECHCRUNCH)

“For more than 57 years, CSI has been known as a leader in innovation and customer service. Centerbridge and Bridgeport have deep experience in technology and financial services as owners and operators,” CSI CEO David Culbertson said in a press release.

Flow Ventures partner Bryan Watson lands at Venbridge as SVP of business development (BETAKIT)

In his new role at Venbridge, Watson will help attract companies interested in obtaining alternative lending, including through grants, SaaS revenue financing, and digital media tax credit financing.

Startups push back on proposal to give Ontario regulators new authority over crypto (THE LOGIC)

Wealthsimple, Shakepay and Dapper Labs count among the companies that say the draft Capital Markets Act gives the Ontario Securities Commission too much latitude to determine whether certain cryptocurrencies are securities.

Canadian tech companies continue to hire despite downturn – here’s an (incomplete) list (BETAKIT)

Over 300 companies have now added their job listings, indicating a strong and continued desire to hire #CDNtech talent.

FTX grew revenue 1,000% during the crypto craze, leaked financials show (CNBC)

The crypto exchange’s revenue soared more than 1,000% from $89 million to $1.02 billion in 2021. Its profitability, like many start-ups, depends on how you measure it. Operating income was $272 million, up from $14 million a year earlier. FTX saw net income of $388 million last year, up from just $17 million a year earlier.

The many hurdles life sciences startups must overcome to commercialize (BETAKIT)

A lot of fantastic innovations find their origins in lab environments, but a working experiment doesn’t easily translate to a commercialized product. Speaking with BetaKit, Muggah shared some common hurdles that life sciences startups face as they move from functioning ideas to marketable products.

Real estate platform Reali shutting down operations (CTECH)

Reali raised a $100 million Series B led by Zeev Ventures with participation from Akkadian Ventures, Signia Ventures, and others, just one year ago. The real estate and fintech company also announced at that time that it is raising another $75 million in equity and $25 million in venture debt.

Bench taps current president and CFO, Jean-Phillipe Durrios, as new CEO (BETAKIT)

“When searching for a new CEO for Bench, the candidate that stood out was the one that was on our team already,” said Shawn Abbott, co-Founder at Inovia Capital, Bench board member, and chair of the search committee.

How much would you pay for this? NFT market in the dumps after exploding in popularity last year (THE GLOBE AND MAIL)

After exploding in popularity last year, the NFT market is in the dumps. Sales volume plummeted from US$5.7-billion in January to $903-million in July, according to data tracking firm DappRadar, while transactions fell about 50 per cent to 5.9 million. Not even “blue chip” NFT projects – so named because the founders have a track record, or, at the very least, a plan – are immune.

Blossom Social selected for Google’s latest Women Founders accelerator cohort (BETAKIT)

Blossom Social, along with Emaww and MedEssist, is part of the third installation of Google’s Women Founders program. Vancouver-based Blossom Social claims to be building Canada’s first social brokerage, a platform for mobile-first stock trading and an online social network, for Canadian investors to share portfolios, trades, and insights.

Philippine Fintech Startup PayMongo’s CEO Takes Leave Of Absence, Breaks Silence On Company Investigation (FORBES)

The Company has taken active steps to address the complaint filed by a former employee against Francis Plaza,” PayMongo said in a statement to Forbes Asia on Monday. “Our Committee on Decorum and Investigation is in the middle of its inquiry into the matter, and ensures that it will be credible, independent, and fair to all concerned.”

Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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