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Nuvei enters $1.7 billion CAD deal to acquire US payments tech firm Paya (BETAKIT)
On Monday, Nuvei announced its intent to purchase Paya for $9.75 USD per share as the former looks to expand in the US and enter new verticals. Nuvei said it expects to finance the acquisition with a combination of cash on hand, and an existing as well as a new $600 million USD credit facility.
Stripe cuts internal valuation by 11%, implying $63 billion valuation (THE INFORMATION)
Stripe has cut the internal value of its shares by about 11%, implying a valuation of $63 billion, according to a person familiar with the matter. It’s at least the third time since June that the payments startup has cut its internal valuation, following a smaller cut in October, and brings the total reduction to about 40% in the past six months.
WonderFi releases public statement following Coinsquare merger report (BETAKIT)
In a public statement, WonderFi neither confirms nor denies BNN Bloomberg’s Coinsquare crypto merger report, saying it's both looking at potential acquisitions and being acquired. This comes days after Coinsquare moved to terminate its previously agreed upon deal to buy CoinSmart.
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FTX says it has located more than $5 billion in cash, liquid assets (THE WALL STREET JOURNAL)
The bankrupt cryptocurrency exchange also said it is hoping to sell additional investment holdings with a book value topping $4.6 billion.
Coinsquare moves to terminate CoinSmart acquisition deal (BETAKIT)
“The notice of termination took the CoinSmart board and management by surprise as they had been given assurances by Coinsquare that the final regulatory approvals would be obtained this week,” CoinSmart co-founder and CEO Justin Hartzman told BetaKit.
Properly pivots away from home sale guarantee as real estate market dips (BETAKIT)
A digital real estate brokerage, Properly differentiated itself in the Canadian market by promising listing homeowners a “near-instant offer” on their homes, with the option to sell directly to Properly. Having since “paused” its home purchase guarantee, Properly now looks more like a typical digital real estate brokerage.
Coinbase to slash 20% of workforce in second major round of job cuts (CNBC)
The exchange plans to cut 950 jobs, according to a blog post published Tuesday morning. Coinbase, which had roughly 4,700 employees as of the end of September, already slashed 18% of its workforce in June citing a need to manage costs and growing “too quickly” during the bull market.
Interac’s CTO on how to hire for technical roles (BETAKIT)
Speaking with BetaKit, Henderson explained how he approaches technical hiring from a process perspective and his advice for other CTOs or heads of talent looking to recruit.
Crypto.com cuts 20% jobs amid ‘significant damage’ to industry from FTX (TECHCRUNCH)
This is the second major layoff at the Singapore-headquartered Crypto.com, which cut 250 jobs in mid-last year — though a report suggested that more than 2,000 people were either let go or left at their own will.
JP Morgan says startup founder used millions of fake customers to dupe it into an acquisition (FORBES)
The financial giant is suing the founder of a Mark Rowan-backed startup it acquired, claiming the fintech, Frank, had sold the financial giant on a “lie.”
BMO, Georgian partner on access fund as venture firm secures nearly half of second alignment fund (BETAKIT)
SEC filings dated October 11, 2022 show that Georgian has secured $466 million USD of its target to date.
LendingClub cuts 14% workforce to pare costs (REUTERS)
Tech firms and Wall Street titans have axed thousands of jobs recently to rein in expenses as the U.S. Federal Reserve's hefty interest rate hikes and the fallout of the Ukraine war raise the odds of the economy tipping into a recession.