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.
OneVest secures $5 million to help companies like Neo Financial launch wealth management products (BETAKIT)
OneVest wants to make it easier for banks and FinTech startups alike to roll out digital wealth management experiences and services. The Calgary and Toronto-based company has secured $5 million CAD in seed funding led by Luge Capital with support from National Bank’s NAventures, OMERS Ventures, Panache Ventures, and other investors to accelerate the growth of its wealth management platform.
Robinhood Cutting 9% of Full-Time Staff as ‘Hyper Growth’ Ebbs (BNN BLOOMBERG)
The firm went through a period of rapid hiring as it expanded in 2020 and the first half of 2021, leading to “some duplicate roles and job functions, and more layers and complexity than are optimal,” Chief Executive Officer Vlad Tenev said Tuesday in a statement.
Square Loans initially launched as Square Capital in 2014. Prior to launching in Canada, Square Loans was made available in the United States (US) and Australia. The payments company claims that it has provided more than $9 billion USD in financing to more than 460,000 businesses.
Payment Startup Bolt Sued by Its Most Prominent Customer (BNN BLOOMBERG)
Bolt Financial Inc., the payments startup known for its founder’s inflammatory Twitter threads claiming Silicon Valley is run by “mob bosses,” is being sued by its most prominent customer.
LAST CHANCE – Calling all SaaS companies 📢
Do you want to grow and scale your business faster, but lack the best practices and tools? 🤔
Take part in this quick Sage Intacct x BetaKit survey to share your thoughts and learn insights from your peers on financial reporting. 💰📈
The survey only takes 3 minutes to complete and closes on May 15th. Check out the survey and stay tuned for a report and future content based on the results.
The funding is being led by Teachers’ Venture Growth, the rebranded venture fund the Ontario Teachers’ Pension Plan Board (a prolific investor for years in tech), with previous backers Index Ventures, Valar Ventures, Creandum and Redalpine also participating. (Index led its Series C in 2020; Valar led a round in 2018). This is a major round for the startup: Taxfix has raised around $330 million since being founded in 2016.
Inside the scandal at Flutterwave, Nigeria’s fintech champion (REST OF WORLD)
Former employees allege bullying, mismanagement and serious administrative errors at the startup, which is valued at more than $3 billion.
Investors in the financing include new investors Circle Ventures, crypto brokerage Genesis, and the Stellar Development Foundation, the non-profit behind the Stellar network. Side Door Ventures also joined existing partners 3iQ, Borderless, and others who participated in the round.
What a goal! OneFootball kicks in $300 million to create new digital fan experiences on blockchain (TECH EU)
Germany’s football media platform OneFootball has raised $300 million in funding to support its future global growth and expansion into Web3. The extra cash will drive OneFootball’s investments in Web3, boost platform and user growth, fund further product development and support an expansion of the OTT streaming portfolio.
On the #CIBCInnovationEconomy podcast, Lapierre explained how feedback became critical to her success with TealBook and her response to critics who say she listens to too much feedback.
Crypto Industry Can’t Hire Enough Lawyers (WALL STREET JOURNAL)
The cryptocurrency industry is ramping up efforts to recruit more legal talent as it faces increased regulatory pressure while looking to be accepted by and become part of mainstream finance.
The acquisition is being funded by Great Hill Partners and Ten Coves Capital, the latter of which is a DadeSystems investor. As part of Versapay’s acquisition of DadeSystems, Ten Coves is rolling its stake into Versapay.
Plaid Co-Founder Takes Aim at Rickety Banking Tech (WALL STREET JOURNAL)
Even the flashiest FinTechs have to rely on banks to do their financial grunt work. William and Annie Hockey think Column can be their bank of choice.
The Ontario Securities Commission (OSC) has unveiled seven companies that will be part of its OSC TestLab. This initiative aims to help businesses to test technologies that can help Ontario-registered securities businesses, and contribute to better investor outcomes.
Haroon Mokhtarzada launched Truebill after realizing he was paying $40 a month for home security for a house he no longer occupied. He and his two brothers, who are Truebill’s co-founders, also discovered that they were unknowingly paying for subscriptions they didn’t really need. That’s why they created a whole business around canceling subscriptions.