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Deloitte has announced the 2023 winners of its Technology Fast 50, a list meant to highlight Canadian companies demonstrating rapid revenue growth.
There was a considerable presence of FinTech companies on the Fast 50 this year, with Dapper Labs topping the list at a whopping 16,910 percent.
Calgary-based Neo Financial took first place in the Companies-to-watch category with a 81,732 three-year growth rate.
Coatue Cuts Value of OpenSea Stake by 90% as Fund’s Returns Sag (THE INFORMATION)
One of OpenSea’s biggest investors has marked down by 90% its stake in the struggling non-fungible-token marketplace, implying that the former crypto darling is now valued at $1.4 billion or less on paper.
Coatue Management, a New York–based hedge and venture fund, slashed the value of its $120 million stake in the company to $13 million as of the second quarter of this year, according to a document viewed by The Information.
Cavelo secures $5-million Inovia-led seed round to help financial services firms protect their data (BETAKIT)
Kitchener-Waterloo-based cybersecurity startup Cavelo has closed $5 million CAD in seed financing to fuel its United States (US) expansion plans as it looks to bring more financial services firms to its platform.
Cavelo has built a platform that scans, identifies, classifies, and reports on data that companies might want to protect in the event of a breach, such as credit card and passport information.
Did you know 89% of workers and decision-makers are onside for hybrid work?
As more knowledge workers and even customer-facing staff adapt to the new way of working, leaders are concerned about sustaining productivity and avoiding burnout.
This shift to hybrid work is not only straining the capacity of IT teams and budgets but also introducing new security risks that can’t be ignored.
What can you do to solve the challenges and take advantage of the rewards of hybrid work over the long term?
Download the article featuring a conversation with a hybrid work expert discussing best practices to ensure that businesses in 2023 are getting hybrid work right for the long term.
Conservatives table bill on open banking, pressuring Liberals to move forward with stalled legislation (THE GLOBE AND MAIL)
The Conservatives introduced a private member’s bill Thursday in the House of Commons that calls on the federal government to move ahead with its delayed rollout of an open banking system. The government had previously promised an early-2023 launch for open banking, but has not yet put forward an implementation plan. The bill, if passed, would require Finance Minister Chrystia Freeland to release such a plan.
Wealthsimple's Hanna Zaidi joined the BetaKit Podcast last week, saying she believes “a lack of political will” is preventing financial change in Canada.
Tax Court disqualifies government loan spending from SR&ED, with potentially devastating implications for Canadian tech (BETAKIT)
In late May the Supreme Court of Canada dismissed an appeal application seeking to overturn an earlier decision by the Tax Court, which deemed below-market federal loans a form of government assistance, excluding them from being used in conjunction with SR&ED.
As such, Canadian organizations may see some of what previously qualified for SR&ED benefits no longer eligible for the widely used tax incentive program if those expenses were paid for via a low or no-interest loan from a federal institution. According to the Canada Revenue Agency (CRA), SR&ED provides more than $3 billion in tax incentives to 16,000 businesses annually.
Former NYSE President in Talks to Reboot FTX Exchange
(THE WALL STREET JOURNAL)
A company run by former New York Stock Exchange President Tom Farley is among three suitors vying to buy the remnants of FTX, as the auction for the collapsed cryptocurrency exchange founded by Sam Bankman-Fried reaches its final stages.
Bullish, the crypto exchange run by Farley, FinTech startup Figure Technologies and crypto venture-capital firm Proof Group are competing to buy FTX, according to people familiar with the matter. The winner could restart the exchange after its planned exit from bankruptcy next year.
Despite year-over-year gains in the representation of women and visible minorities at Canadian venture firms, senior-level diversity in the industry is still lagging, according to a new report from BDC Capital.
BDC Capital’s report found that overall, diversity at the senior levels of the private asset industry remains low—almost half of venture firms are entirely male owned, while eight percent are entirely visible minority owned and two percent are entirely woman or Indigenous owned. Only 31 percent of venture firms reported having gender parity.
Andreessen Horowitz Leads $60 Million AI Fintech Investment
Black Ore Technologies Inc., a startup building artificial intelligence tools for the financial services industry, is emerging from stealth with a $60 million funding round, the company plans to announce Tuesday.
On Tuesday, the startup announced its first product, called Tax Autopilot. The tool uses AI to study federal and state tax codes and regulations in order to simplify the tax preparation and review processes for accountants, the company said.
Government of Alberta proposes changes to clear path for tech firms to use ‘software engineer’ title (BETAKIT)
The Government of Alberta has tabled changes designed to enable technology companies in the province to use the ‘software engineer’ title to attract and retain skilled talent.
Engineers Canada and the country's provincial and territorial engineering regulators sent a letter to Alberta Premier Danielle Smith expressing strong opposition to the government's decision to change the province's Engineering and Geoscience Professions Act.
The top US consumer finance regulator is seeking new powers to oversee technology companies that offer digital wallets and payment applications, in a move that would intensify scrutiny over companies such as Google and Apple.
The proposal issued by the Consumer Financial Protection Bureau on Tuesday would subject non-bank companies that offer digital payments to a regulatory scheme similar to that for banks or credit unions.
Toronto-based cryptocurrency and Web3 firm Tokens.com has reduced its headcount by approximately 40 percent and is considering the potential sale of parts of its business.
Tokens.com has also cancelled some of its services that were previously outsourced. This, in addition to its 40 percent staff reduction, has already eliminated approximately $1.6 million CAD from its operating overhead, according to the company.
Celsius Network, One of Crypto’s Biggest Collapses, Ends Bankruptcy Case (THE WALL STREET JOURNAL)
Celsius Network, the crypto platform that touted itself as safer than a bank, won court approval to end its bankruptcy case and release most of its remaining cryptocurrency back to hundreds of thousands of customers whose funds have been trapped since last year.
Amid a prolonged period of high inflation, rising interest rates, and economic uncertainty, tech stocks have fallen and capital has become scarce.
This week, at least four Toronto Stock Exchange-listed firms announced their financial results: Vancouver software company Thinkific Labs, Québec City-based artificial intelligence platform Coveo, Vancouver FinTech firm Mogo, and Montréal-based payments company Nuvei. Their earnings reports offer insight into how some Canadian tech companies are working to meet investor expectations.